Activities of Pedro MARQUES related to 2022/2061(INI)
Shadow reports (1)
REPORT on Banking Union – annual report 2022
Amendments (55)
Amendment 1 #
Motion for a resolution
Citation 7 a (new)
Citation 7 a (new)
— having regard to the Commission proposal of 24 November 2015 for a regulation of the European Parliament and of the Council amending Regulation (EU) No 806/2014 in order to establish a European Deposit Insurance Scheme (COM(2015)0586),
Amendment 3 #
Motion for a resolution
Citation 8 a (new)
Citation 8 a (new)
— having regard to the Commission communication of 16 December 2020 on tackling non-performing loans in the aftermath of the COVID-19 pandemic (COM(2020)0822),
Amendment 5 #
Motion for a resolution
Citation 8 b (new)
Citation 8 b (new)
— having regard to The Five Presidents’ Report of 22 June 2015 entitled ‘Completing Europe’s Economic and Monetary Union’,
Amendment 7 #
Motion for a resolution
Citation 12 a (new)
Citation 12 a (new)
— having regard to the ECB recommendation of 15 December 2020 on dividend distributions during the COVID- 19 pandemic,
Amendment 14 #
Motion for a resolution
Citation 28 a (new)
Citation 28 a (new)
— having regard to the European Supervisory Authorities’(ESAs)' ‘Joint Committee Report on Risks and Vulnerabilities in the EU Financial System’, JC 2022 09 of March 2022,
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 16 #
Motion for a resolution
Citation 29
Citation 29
— having regard to the declaration signed by the Chair of Parliament’s Committee on Economic and Monetary Affairs, and the respective coordinators for six political groups (EPP, S&D, RE, Greens, ECR and The Left) of 7 December 2022 on the European deposit insurance scheme,
Amendment 17 #
Motion for a resolution
Citation 30 a (new)
Citation 30 a (new)
— having regard to its resolution of 25 March 2021 on strengthening the international role of the euro,
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 28 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
A a. whereas an agreement was reached on the creation of a backstop for the Single Resolution Fund (SRF), but its actual implementation is still missing;
Amendment 34 #
Motion for a resolution
Recital C
Recital C
C. whereas the Russian aggression against Ukraine and its economic and social consequences will havehas a direct and indirect impact on the EU banking sector;
Amendment 39 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas, despite the challenges caused by the pandemic and the war in Ukraine, the aggregate non-performing loans (NPL) ratio fell further to 2.29% in the third quarter of 2022; whereas this was supported by credit moratoria and renegotiation of credit with customers;
Amendment 42 #
Motion for a resolution
Recital D b (new)
Recital D b (new)
D b. whereas fifteen years after the financial crisis, the ‘too big to fail’ and ‘too interconnected to fail’ problems remain insufficiently addressed;
Amendment 59 #
Motion for a resolution
Recital H
Recital H
H. whereas the finalisation of the anti- money laundering (AML) package should strengthen AML rules, establish a European supervisory authority for AML purposes and ensure a consistent and effective implementation of these rules;
Amendment 68 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Amendment 69 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
I b. whereas the European banking sector largely remains the main provider of financing of companies, in contrast with other jurisdictions, where capital markets account for a considerable share of financing to companies;
Amendment 70 #
Motion for a resolution
Recital I c (new)
Recital I c (new)
I c. whereas the development of a CMU requires the establishment of common rules and effective tools that reduce the internal market fragmentation, facilitate access to alternative financing means, and prevent capital flight and tax avoidance schemes;
Amendment 77 #
J. whereas completing the BU will breakstrongly contribute to reduce the sovereign-bank doom loop;
Amendment 83 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
J a. whereas the Transmission Protection Instrument (TPI) established by the ECB can mitigate risks of fragmentation and financial instability;
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 89 #
Motion for a resolution
Recital J c (new)
Recital J c (new)
J c. whereas the raising of interest rates by the ECB has been immediately reflected in the interest paid by households and companies to banks, thus significantly increasing banks’ profits, while it negatively affected households’ and companies’ capacity to pay their loans;
Amendment 97 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes that the banking sector, in conjunction with public support measures, haspublic support measures coupled with the ECB's monetary policy decisions and regulatory adjustments - which allowed for loan repayment moratoria and credit renegotiation - acted as a shock absorber for the economic crisis triggered by the COVID- 19 pandemic; acknowledges that strengthening the prudential requirements implemented after 2008 has improved the EU banking sector’s resilience;
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 121 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Notes that the ECB has decided to raise its main interest rates from 0 % to 23 % for the main refinancing operation rate; alerts to the negative impact that such hikes have on the capacity of households and companies to pay their loans; reminds the social and economic downsides of a strict monetary tightening, and calls on the ECB to take such downsides into account when making monetary policy decisions; encourages banks to reflect increases in interest rates more accurately in their deposit interest, thus encouraging citizens to make savings;
Amendment 127 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Reminds that the inflationary environment was largely due to external factors, most notably the Russian war of aggression against Ukraine, namely its impact on energy, fertiliser and grain prices, and the disruption of supply chains resulting from the Covid-crisis, and not from low interest rates or excessive liquidity in financial markets;
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 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 159 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Encourages banks to take advantage of the opportunities offered by the digitalisation of the economy, while maintaining a high level of consumer and investor protection, especially for vulnerable groups with low digital or financial literacy levels; calls on the EBA to assess the best options to tackle artificial complexity and the exclusion of vulnerable groups from using basic banking services; stresses the need for further investments and research to develop innovative ways to bolster the cybersecurity of the banking sector;
Amendment 161 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Welcomes the creation of Next Generation EU and emphasises its important role in the economic recovery after the Covid-crisis and how it must serve as an opportunity to enhance public and private investments and support the modernisation of the economy; stresses the importance of maintaining a macroeconomic stabilisation tool for the euro area;
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 172 #
9. Notes that since the beginning of 2022, the Common Equity Tier 1 ratio of SSM banks has decreased to 14.9674 % and the liquidity coverage ratio has also decreased to 164.362.03 %5 ; welcomes that the stock of non-performing loans in banks’ balance sheets has continued to decrease; underlines that banks should keep sufficient capital and liquid assets on hand to cope with the economic repercussions of the Russian war; _________________ 5 ECB, ‘Publication of supervisory data’, accessed 15 December 2022.
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 182 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that the banking sector’s profitability has increased over the past year; highlights the importance of using these profits to build buffers and safeguard the stability of the financial system;
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 193 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. NoteRecalls that banks’ exposuthe main objectives of the BU ares to domestic sovereign debt remain high; recalls that one of the main objectives of the BU is to break the link between bank and sovereign risksguarantee financial stability, protect the tax-payer and allow for a higher degree of European market integration; notes, in this regard, that banks' exposures to domestic sovereign debt remain high;
Amendment 222 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Reiterates that bank-like systemic risks can occur where credit intermediation takes place in an environment where regulatory standards and supervisory oversight are looser than for regular banks;
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;
Amendment 250 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Is concerned by the lack of a mechanism in the Banking Union to ensure that liquidity can be provided to a bank in the event of a resolution in order to ensure the smooth continuity of services and the stability of financial markets, and calls on the Commission to address this gap without further delay;
Amendment 254 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Takes note of the SRB’s work programme for 2023; emphasises that the Single Resolution Fund (SRF) should be fully filled up and that all banks should be fully resolvable by the end of 2023; highlights the SRF’s crucial role in preventing bank bailouts by tax payers; notes that further progress is needed by all banks;
Amendment 255 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19 a. Welcomes the Eurogroup agreement to introduce a backstop to the SRF, in the form of a revolving credit line from the European Stability Mechanism (ESM); regrets that its implementation was not reached in 2022, as envisioned by said agreement; recalls of its importance in strengthening the crisis management framework and as an important step towards completing the Banking Union; urges, therefore, the swift implementation of the SRF backstop;
Amendment 256 #
Motion for a resolution
Paragraph 19 b (new)
Paragraph 19 b (new)
19 b. Regrets that Member States continue to act outside the Community framework, undermining Parliament’s role as co-legislator; asks to be kept informed at all times of the ongoing discussions at the level of the Eurogroup and of the High-level Working Group on the EDIS;
Amendment 261 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Points out the need to address the loopholes identified in the resolution framework; asks that the public interest assessment be further specified and harmonised, so that the choice of the resolution strategy to be followed in case a bank faces difficulties follows a more consistent and predictable manner; calls for greater harmonisation of the treatment of small and medium-size banks; stresses that the resolution framework and State aid rules should be consistent; notes that currently the setting of the minimum requirement for own funds and eligible liabilities (MREL) level is decided by the SRB on a case-by-case basis;
Amendment 270 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. CRegrets that the Commission has failed to propose the legislative initiative on crisis management and deposit insurance framework (CMDI) in the timeframe it committed itself to the Commission Work Programme 2021; calls on the Commission to put forward an ambitious and comprehensive review of the crisis management and deposit insurance framework; recalls that protecting taxpayer money is one of the main objectives of the resolution framework;
Amendment 283 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Regrets that the BU is still incomplete owing to the absence of an EDIS; recognises that the EDIS would improve protection for depositors in the EU; recalls that the EDIS is the most tangible element of the BU for EU citizens; considers that the EDIS would provide an additional safeguard to host Member States and cwould therefore contribute to addressing home/host issues and foster deeper integration ;
Amendment 293 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. AHighlights that, despite the implication of the Covid-19 pandemic and the war in Ukraine, the non-performing loans (NPL) ratio decreased to 2.29%; acknowledges the significant progress made regarding the reduction of risks in the banking sector; regrets, on the other hand, the limited progress regarding risk sharing; calls for a risk sharing mechanism, while continuing the risk reduction trend; recalls the analysis of the SSM, stating that 'the implementation of EDIS should not be linked to further risk reduction benchmarks';
Amendment 301 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Points out that any EDIS should take into account clear rules for the participation of non-euro-area Member States; encourages the Eurogroup to work in inclusive format to finalise on a consensual basis a time-bound and action driven work plan on the way towards its completion;
Amendment 303 #
Motion for a resolution
Paragraph 25 a (new)
Paragraph 25 a (new)
25 a. Acknowledges the different concepts for a European deposit insurance framework; considers, nonetheless, that any short-term solution should not prevent the establishment of a fully mutualised EDIS as soon as possible;
Amendment 308 #
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the statement by the negotiation team of the Parliament announcing the reopening of discussions on the EDIS at Parliamentnd their call to the Commission that the CMDI should not be considered as a replacement for a EDIS; calls for the co-legislators to reach an agreement on the file before the end of the legislative period;
Amendment 310 #
Motion for a resolution
Paragraph 26 a (new)
Paragraph 26 a (new)
26 a. Supports the joint declaration signed by the Chair of the Parliament’s Committee on Economic and Monetary Affairs, and the respective coordinators for six political groups (EPP, S&D, RE, Greens, ECR and The Left) of 7 December 2022 on the European Deposit Insurance Scheme; reiterates its call for the Commission not to retract its 2015 EDIS proposal, which should remain on the table as the basis for restarting discussions; reiterates its call urging the Council to end the stalemate that has blocked progress for years and to work constructively with the Parliament to reach an agreement on EDIS;