18 Amendments of Paul TANG related to 2022/2061(INI)
Amendment 15 #
Motion for a resolution
Citation 28 b (new)
Citation 28 b (new)
— having regard to the EU Tax Observatory Working Paper 'Tax Planning by European Banks' of December 2022,
Amendment 18 #
Motion for a resolution
Citation 30 b (new)
Citation 30 b (new)
— having regard to the Basel Committee on Banking Supervision standards on the Prudential treatment of crypto-asset exposures, of December 2022,
Amendment 24 #
Motion for a resolution
Recital A
Recital A
A. whereas the Banking Union (BU) currently consists of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM); whereas although the Deposit Guarantee Schemes Directive4 (DGSD) sets out high minimum standards in the area of deposit protection, the BU remains unfinished because thewhile lacking the establishment of its third pillar – the European deposit insurance scheme (EDIS) – has not yet been establishexposing the financial sector to risks that could be avoided; _________________ 4 Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes (OJ L 173, 12.6.2014, p. 149).
Amendment 86 #
Motion for a resolution
Recital J b (new)
Recital J b (new)
J b. whereas a more stable, competitive and convergent Economic and Monetary Union requires the completion of the Banking Union with its third pillar of a fully-fledged European Deposit Insurance Scheme, a deep and fully functional Capital Markets Union, a permanent euro area budgetary instrument, a revised fiscal framework and more effective cooperation and coordination on tax affairs;
Amendment 101 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Recalls that the Banking Union (BU) is an essential complement to the Economic and Monetary Union (EMU) and the internal market, which aligns responsibility for supervision, resolution and funding at EU level and forces banks across the euro area to abide by the same rule book; welcomes the significant progress made since the financial crisis of 2008 through the establishment of the SSM and the SRM; highlights that Europe’s banks are in a stronger position to withstand financial shocks, and resolution mechanisms are in place to ensure that failing banks can be wound up without the use of taxpayers’ money; calls for the completion of the Banking Union, most notably through the implementation of the European Deposit Insurance Scheme (EDIS);
Amendment 111 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that the EU should fairly and fully implement the Basel III reform in a timely manner; stresses the need for the EU to transpose the Basel agreement as close as possible to these standards, in order to remain a credible and reliable international partner; welcomes the European Parliament’s political agreement on the CRR and CRD;
Amendment 122 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the ECB has decided to raise its main interest rates from 0 % to 2 % for the main refinancing operation rate; points out that through this operation the Eurosystem will be paying out EUR 92 billion in interest to credit institutions during 2023; calls upon the ECB to end paying interest on mandatory minimum reserves;
Amendment 131 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Welcomes the climate stress test conducted by the SSM in 2022 and takes note of the targets set for 2024; reiterates its concern with financial exposures stemming from climate risks;
Amendment 142 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the ongoing work by the ECB on the digital euro; looks forward to the Commission’s legislative proposal and the ECB Governing Council’s decision on the digital euro; notes that the ECB1a points out in its working paper entitled ‘The economics of central bank digital currency’ of August 2022 that the digital euro can enhance banking competition, resulting in better interest rate transmission to the benefit of EU citizens; _________________ 1a https://www.ecb.europa.eu/pub/pdf/scpwp s/ecb.wp2713~91ddff9e7c.en.pdf
Amendment 143 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Welcomes the ongoing work by the ECB on the digital euro; looks forward to the Commission’s legislative proposal and the ECB Governing Council’s decision on the digital euro; points out that the digital euro must prioritise a high level of privacy, data protection, confidentiality of payment data, cyber resilience and security;
Amendment 153 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Highlights the role of the banking system in supporting the transition to a carbon-neutral economy; considers that the new geopolitical environment increases the urgency of this transition, most notably on clean energy production; underlines the utmost importance of making a socially just transition; reminds that the costs of this transition will be lower than the cost of inaction, as acknowledged by the ECB; encourages the ECB to assess the possibility of a differentiated rate for sustainable investments that contribute most to reducing inflationary pressures, such as those in energy efficiency and renewable energy production;
Amendment 166 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8 b. Restates the importance of a European safe asset in the euro area as a way to help stabilise financial markets and allow banks to reduce the exposure of their balance sheets to national sovereign debt; considers that NextGeneration EU provides high-quality, low-risk European assets, allowing for a rebalancing of sovereign bonds on banks’ balance sheets; highlights the importance of preserving the availability of safe assets in a permanent manner;
Amendment 168 #
Motion for a resolution
Paragraph 8 c (new)
Paragraph 8 c (new)
8 c. Welcomes the recent approval of the directive on improving the gender balance among directors of companies listed on stock exchanges, and related measures, following several years without progress; encourages all EU financial institutions to comply with the objectives of this legislation as soon as possible, thus contributing to gender balance in this sector;
Amendment 169 #
Motion for a resolution
Paragraph 8 d (new)
Paragraph 8 d (new)
8 d. calls on EU governments, institutions and bodies to achieve gender balance as soon as possible; reiterates the Parliament’s commitment not to take into account shortlists of candidates where gender balance has not been respected;
Amendment 176 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9 a. Notes the ECB review of its supervisory priorities for the next three years, which are (1) Strengthening resilience to immediate macro-financial and geopolitical shocks, (2) Addressing digitalisation challenges and strengthening management bodies' steering capabilities, and (3) Stepping up efforts in addressing climate change;
Amendment 184 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10 a. Stresses that banks under the ECB's supervision significantly reduced the payment of dividends following the ECB’s recommendation for suspension and limitation of said payments for 2020 and 2021, respectively; calls on the ECB to issue a similar recommendation taking into account the need for the financial sector to build up buffers and to prevent a deterioration of banks’ balance sheets;
Amendment 226 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Stresses the risks stemming from banks’ exposures to the shadow-banking sector; underlines the systemic risks resulting from interconnections and complexity, underpinning the ‘too big to fail problem’; calls on the Commission to assess the need to better regulate the shadow-banking sector and to put forward, where appropriate, legislative proposals;
Amendment 236 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that crypto-assets create new challenges for banks; welcomes the forthcoming adoption of the regulation on markets in Crypto-assets in this regardand the provisional agreement on the regulation on information accompanying transfers of funds and certain crypto-assets in this regard; notes the publication in December 2022 of the Basel standards for the prudential treatment of crypto-asset exposures; calls on the Commission to swiftly submit a legislative proposal to the European Parliament and the Council to adopt these standards into EU law, where appropriate;