27 Amendments of Olivier CHASTEL 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 73 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2 b. Stresses that the Eurogroup is neither an institution, a body nor an agency of the European Union but an informal intergovernmental forum of discussion; regrets that Member States continue to act outside the Community framework, jeopardizing Parliament's role as co-legislator and its right for democratic oversight;
Amendment 74 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Highlights the lack of efficacy of the intergovernmental negotiations conducted thus far, most notably those involving the Budgetary Instrument for Convergence and Competitiveness and the Eurogroup's Banking Union High Level Working Group; urges negotiations to continue in an open setting that guarantees an active involvement of the European Parliament, inside the European Union's legal order; underlines the increased judicial protection these changes would result in, along with stricter transparency and access to documents requirements;
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 97 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Underlines the crucial role of the banking sector in channelling funding into sustainable investments and enabling the transition to a climate-neutral economy; is concerned that the vulnerabilities of banks to climate-related risks may not be fully comprehended; in that regard, welcomes the EBA's commitments to include climate-risk considerations in its annual risk assessment and to introduce a dedicated climate change stress test; calls on the Commission to respond to these risks if necessary;
Amendment 113 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Restates the importance of a safe asset in the euro area as a wayUnderlines the need to pave the way for a European safe asset to help stabilise financial markets and allow banks to reduce, through diversification, the exposure of their balance sheets to their respective national sovereign debt; calls on the Commission to submit a legislative proposal for the reform of the regulatory treatment of sovereign exposures as a means to promote the market-led creation of a true European safe asset;
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 149 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Notes that the ratio of non- performing loans (NPLs) held by significant institutions has fallen by more than half from the start of ECB banking supervision, in November 2014, to June 2019; highlights that the Euro area NPL average currently stands at 3.59%, down from 6.4% in December 2014; underlines the need to protect customers’ rights in the context of NPL transactions;
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 208 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
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 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;
Amendment 269 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Urges the completion of the Banking Union through the creation of a fully mutualised EDIS, to protect depositors against banking disruptions and to ensure confidence among depositors and investors across the Banking Union; recognises the potential need for a pragmatic phasing in of EDIS whilst maintaining the ambition to introduce a fully mutualised framework; welcomes the support of the [incoming] President of the Commission and the President of the ECB for the establishment of EDIS;