10 Amendments of Miguel VIEGAS related to 2016/2247(INI)
Amendment 30 #
Motion for a resolution
Recital -A (new)
Recital -A (new)
-A. whereas the Banking Union has further weakened Member States’ control over their banking systems, and this situation is particularly serious in the Member States which are more peripheral and worst hit by the economic and financial crisis;
Amendment 31 #
Motion for a resolution
Recital -A a (new)
Recital -A a (new)
-Aa. whereas the Banking Union, with its unique bank supervision and resolution methods, is a political way of enforcing the centralisation and capital concentration process in the European Union, and whereas it has been used to promote and carry out merger and acquisition operations in the banking sectors of a number of Member States and to concentrate deposits and investments in the hands of Europe’s financial behemoths, exacerbating the ‘too big to fail’ problem;
Amendment 32 #
Motion for a resolution
Recital -A b (new)
Recital -A b (new)
-Ab. whereas the Banking Union has given rise to a pan-European banking oligopoly, a development which runs counter to one of its supposed main objectives – combating the ‘too big to fail’ problem;
Amendment 33 #
Motion for a resolution
Recital -A c (new)
Recital -A c (new)
-Ac. whereas the Banking Union guarantees stability for big capital, ensuring that public funds continue to be channelled for purposes which serve big capital’s own interests;
Amendment 39 #
Motion for a resolution
Recital A
Recital A
A. whereas the establishment of the Banking Union hwas been a fundamentalone of the most important steps taken towardsfollowing the complereation of a genuinthe Economic and Monetary Union;
Amendment 69 #
Motion for a resolution
Recital C
Recital C
C. whereas the new resolution regime that entered into force in January 2016 represented a change of paradigm;, and whereas market participants need to fully understand and adapt to the new systemin practice it prevents Member States from nationalising banks regarded as systemically important (i.e. those covered by the single dispute settlement mechanism), whilst doing nothing to obviate the need for a Member State to inject money into a systemically important bank which runs into difficulties;
Amendment 87 #
Motion for a resolution
Paragraph -1 (new)
Paragraph -1 (new)
-1. Rejects the theory that the Banking Union will necessarily resolve the ‘too big to fail’ problem and strengthen the banking and financial sector; considers that the class-motivated nature of this project and the political- ideological approach it involves will not prevent the continued use of public money to bail out the banks’ major shareholders, nor will it stop banks engaging in financial manipulation or speculation;
Amendment 89 #
Motion for a resolution
Paragraph -1 a (new)
Paragraph -1 a (new)
-1a. Stresses that, given the importance of the financial system, and in view of current and recent experiences, capital concentration policies in the banking sector must be ended, and control of the banks and the financial system must be placed in public hands; takes the view that these two measures are prerequisites for guaranteeing that financial resources used to stimulate the economy foster the development of countries and improve the living standards of their people and workers;
Amendment 208 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Notes that the ‘too-big-to-fail’ issue still needs to be addressedBanking Union will not help to resolve the ‘too-big-to-fail’ issue, as it furthers concentration in the banking sector and, consequently, increases the number of institutions that are ‘too big to fail’;
Amendment 435 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls for the Banking Union and its mechanisms to be dissolved;