22 Amendments of Caroline NAGTEGAAL related to 2019/2130(INI)
Amendment 5 #
Motion for a resolution
Citation 10
Citation 10
— having regard to the European Banking Authority (EBA) report of DecNovember 20189 entitled ‘Risk Assessment of the European Banking System’5 ;5, _________________ 5 https://eba.europa.eu/eba-sees-further- improvesites/default/docume nts-in-eu-banks-resilience-but- highlights-challenges-connected-to- profitability-funding-and-operational-risk /files/document_library/Risk%20Analy sis%20and%20Data/Risk%20Assessment %20Reports/2019/Risk%20Assessment%2 0Report_November%202019.PDF
Amendment 14 #
Motion for a resolution
Citation 27 a (new)
Citation 27 a (new)
- having regard to the EBA report of November 2019 entitled 'Report on NPLs: Progress made and challenges ahead',15a _________________ 15a https://eba.europa.eu/file/233465/downloa d?token=xH5hxq39
Amendment 16 #
Motion for a resolution
Citation 27 b (new)
Citation 27 b (new)
- having regard to the joint advice of the European Supervisory Authorities (ESAs) to the European Commission of April 2019 on the need for improvements relating to ICT risk management requirements in the EU financial sector15b, _________________ 15bJC 2019 26, https://eba.europa.eu/file/102634/downloa d?token=ZR98JZp8
Amendment 18 #
Motion for a resolution
Citation 27 c (new)
Citation 27 c (new)
- having regard to the EBA report of October 2019 entitled 'Report on potential impediments to the cross-border provision of banking and payment services',15c _________________ 15c https://eba.europa.eu/file/178124/downloa d?token=7fFsD9og
Amendment 25 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas the completion of the Banking Union is a vital contributor to the international perception of the euro and its increased role in global markets;
Amendment 36 #
Motion for a resolution
Recital C
Recital C
C. whereas entrusting the ECB with the supervision of systemically important financial institutions has proven to be successful; whereas the ECB can exercise, where necessary, supervisory tasks in relation to all credit institutions authorised in, and branches established in, participating Member States;
Amendment 55 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Rrecalls the progress made regarding the implementation of the Banking Union, namely on risk reduction; stresses, however, that the Union and the banking sector must not become complacent and further progress has to be made, particularly onboth on risk reduction and risk sharing;
Amendment 60 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Recalls that the Banking Union is open to all Members States wishing to join; considers that the control and accountability of the Banking Union lies primarily with the participating Member States and institutions;
Amendment 70 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the support of the [incoming] President of the European Commission and the President of the ECB for the completion of the Banking Union and, more globalbroadly, the Economic and Monetary Union, through the creation of a fiscal capacity designed to provide the euro area with an adequate stabilisation function;
Amendment 88 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that bank profitability has increased steadily since 2012, with return on equity surpassing 6 % since 2017; highlights, however, that recent findings from the EBA state that banks' profitability has weakened and the challenges to profitability are not expected to abate in the short-term; underlines that the low risk and low interest rate environment has resulted in lower costs for provisions and losses; recalls the need to continuously evaluate the levels of financing to the economy and particularly to SMEs;
Amendment 135 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Recalls the political mandate given to Commission Vice-President Dombrovskis to deliver an economy that works for people; stresses that the objective of all prospective measures or reforms should be to contribute to the stability or proper functioning of the Banking Union to the benefit of the citizen and the real economy;
Amendment 140 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7 b. Underlines that the EU banking sector hosts a plethora of banking models; stresses that all future measures and reforms should take due consideration of the diversity of the EU banking sectors and deliver proportionate measures which will maintain the competitiveness of the sector, both in the internal market and vis-à-vis global markets;
Amendment 152 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that the ratio of non- performing loans (NPLs) held by significant institutionEU banks has fallen by more than half from the start of ECB banking supervision, in November 2014, to June 2019; underlines the need to protect customers’ rights in the context of NPL transactio but that there are still disparities amongst the Member States; stresses that all institutions across the EU should contribute to lowering the ratio; underlines the need to protect customers’ rights in the context of NPL transactions in the primary and secondary markets and that these rights should apply equally to existing and future loans;
Amendment 171 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that work on the implementation of the final Basel III standards has already started; recalls its resolution of 23 November 2016 on the finalisation of Basel III and the conclusions of the ECOFIN Council of 12 July 2016 and calls on the Commission to act on the recommendations therein when drafting the new legislative proposals; underlines that the Commission should ensure that implementation in the EU is proportionate, and maintains the competitiveness of the EU banking sector, both internally and vis-à-vis global competitors;
Amendment 182 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Requests increased transparency in banking supervision in order to reinforce trust from capital and financial markets, companies and citizens, as well as to ensure consistency of treatment across Member States;
Amendment 185 #
13. Notes that innovative financial technologies are profoundly transforming the financial sector, including banking and payment services, and welcomes the efficiencies these offer to consumers and the competition these bring to the market; highlights the need to address the challenges posed by these new technologies, such as ensuring sustainable business models that are interoperable across borders, a level playing field in terms of regulation and supervision, and cybersecurity; notes, also, the increasing reliance on cloud-computing by the banking sector and urges the Commission to respond to the Joint Advice of the ESAs on the need for legislative improvements relating to ICT risk management requirements in the EU financial sector;
Amendment 191 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. NotesRecognises the important contribution the 'shadow banking' sector can make to the establishment of the Capital Markets Union by diversifying funding channels; notes, however, that there is considerable interconnectedness between the ‘shadow banking’ sector and the ‘traditional’ banking sector, which has raisesd concerns of systemic risk given the lack of appropriate supervision of the first; calls,; in this regard, calls for the establishment of a macroprudential toolkit to counter threats to financial stability posed by the increasing role of the ‘shadow banking’ system; encourages global standards setters to work to identify and address these risks;
Amendment 203 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Welcomes the agreement on the exchange of information between the ECB and the AML/CFT supervisors; recalls its serious concern about regulatory and supervisory fragmentation in the AML/CFT area, which has failed to provide adequate oversight and responses to national supervisory authorities’ deficiencies, and is ill-suited to supervise the increasing cross-border activity in the EU; calls on the Commission to start working on the overhaul ofidentifying shortcomings in the EU AML framework, and legislation to effectively address the risks posed by cross-border illegal activityto provide clarity on the division of responsibilities and coordination of cross-border supervision, with legislative measures if necessary; reiterates the importance of a robust and coherent AML/CFT framework to the integrity of the EU financial system and the security of EU citizens;
Amendment 218 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Recalls its resthe evolution of 8 June 2011 on credit rating agencies: future perspectives; notes that the creation of a European credit rating agency would contribute to increasing competition, reducing information asymmetries and increasing transparency for marketthe EU framework for credit rating agencies; notes that sustainability ratings based on environmental, social and governance (ESG) criteria are an important complement to the credit risk assessments provided by credit ratings in channelling funds towards investments in sustainable activities; stresses the importance of ensuring that the development of a market for the provision of sustainability ratings is competitive and not concentrated with a limited number of providers;
Amendment 223 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17 b. Notes the recent findings of the EBA highlighting remaining impediments to the cross-border provision of banking services; highlights the benefits of increased cross-border activity to market competition and the provision of services to consumers; calls on the Commission to identify and address aspects of the Single Rulebook which could be harmonised further, as well as divergent implementation of the rules across Member States; recommends that the Commission explores aspects of national insolvency regimes which could be harmonised;
Amendment 230 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Welcomes the fact that the Single Resolution Board has not been required to take resolution action in 2019; urges the Commission to review whether the legislation isand the 2013 Banking Communication on State aid are adequate to ensure that all banks could, if needed, be resolved without the need for taxpayers’ money; invites the Commission to follow up on the Financial Stability Board review of the ‘too big to fail’ legislation and consider if legislation to separate deposit-taking and investment banking should once again be considered;
Amendment 245 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Urges the operationalisationNotes the progress made by the Eurogroup in reaching an agreement on the legal framework for the common backstop to the SRF; regrets, however, its decision to postpone the final decision on the introduction of the common backstop; recalls the importance of the common backstop to the SRFas an important tool for the SRM; urges the operationalisation of the backstop as soon as practicable;