13 Amendments of Fabio Massimo CASTALDO related to 2021/2184(INI)
Amendment 59 #
Motion for a resolution
Recital D
Recital D
D. whereas the lack of a common safe asset in the euro area entails that some financial institutions in the BU are heavily invested in the debt of their own home sovereign;
Amendment 104 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that one goal of the BU is the security of the banking system and the prevention of bank bailouts by taxpayers; supports efforts to strengthen the BUcomplete the BU with a European Deposit Insurance Scheme (EDIS); stresses that a solid BU will result in increased confidence in the banking sector and greater levels of protection for savers;
Amendment 123 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the relatively good performance of banks during the COVID- 19 crisis is related to the policies implemented by the Member States during the pandemic, as well as to temporary measures under Regulation (EU) 575/2013 (Capital Requirements Regulation); cautions against the structural changes in the banking sector that were triggered by the COVID-19 crisis, which include the strengthening of non-bank payment service providers and the significant increase in the use of digital platforms by financial institutions;
Amendment 153 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Notes that the EBA, the ECB and the SRB still see many problems in the banking system, such as high stocks of non-performing loans (NPLs), exposures to sectors which are sensitive to the COVID- 19 crisis, deficiencies in risk management, and discrepancies in the implementation of International Financial Reporting Standard 9 (IFRS 9); notes that the expected rise in non-performing loans (NPLs) has not materialised, and that the level of NPLs is the lowest on record in most Member States; underlines with concern that these problems are likely to increase after the withdrawal of the emergency measures, which calls for a gradual phase-out of policy support;
Amendment 179 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the banking sector is adapting to the challenges of digitalisation; calls on the financial supervisors to adjust their priorities in order to face the related changes; stresses the need for further investments, training, research and adequate regulations; appreciates the work on the digital finance package; considers that the priority should be customer safety, inclusiveness and technological neutrality; observes with interest the work on the digital euro, which should be a universal and inclusive means of payment that can be used without the need for the latest technology;
Amendment 193 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Considers it necessary to implement bank structural reform proposals ('ring-fencing') as soon as possible, with a clear separation between retail banking services and investment activities to reduce interdependencies and excessive risk-taking in the banking sector; deplores the lack of interest shown by the European institutions in proceeding with such reforms;
Amendment 210 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Considers the reduction of NPLs and of complex and illiquid financial instruments classified as level 2 and level 3 should remain a priority; warns that their number is likely to increase rapidly after the withdrawal of emergency support measures; draws attention to the importance of prudential compliance, early identification and proactive management of NPLsthe above-mentioned risks; cautions against the exposure of certain euro area- based financial institutions to the leveraged loan market;
Amendment 216 #
Motion for a resolution
Paragraph 11
Paragraph 11
Amendment 235 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that the transition to a low- carbon economy presents new challenges and risks related to the preference for sustainable investments; stresses the need for an in-depth analysis of the economic efficiency of sustainable investments in order to avoid a future bubble of green assets; calls for clear guidelines for banks based on economic data; stresses that Europe’s banks play an important role in limiting greenhouse gas emissions; deplores that, according to a 2021 report1a, the world’s biggest sixty banks have provided USD 3.8tn of financing for fossil fuel companies since the Paris climate deal in 2015; calls on financial regulators to ensure that banks publish credible plans to transition their loan and investment portfolios to net zero by 2050; _________________ 1a https://www.bankingonclimatechaos.org/
Amendment 268 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Draws attention to the dangers of a very loose monetary policy stimulating inflation; points out the need for the gradual tightening of monetary polic, as well as to the risk of premature tightening choking off the recovery;
Amendment 318 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the activities of the SRB in 2021, including the further completion of the Single Resolution Fund; takes note of the SRB’s work programme for the coming years, which includes making the effective resolution of all banks under the SRB possible by 2023, while catering to the needs of local community banks as a place for small savers, on the basis of the proportionality principle;
Amendment 366 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes the ongoing discussion of various concepts for the EDIS; calls for the swift adoption of an ambitious and time- bound roadmap to complete the Banking Union;
Amendment 372 #
Motion for a resolution
Paragraph 24
Paragraph 24