Activities of Antolín SÁNCHEZ PRESEDO related to 2008/0191(COD)
Plenary speeches (1)
Credit requirements directives: Directives 2006/48/EC and 2006/49/EC - Community programme for financial services, financial reporting and auditing
Amendments (12)
Amendment 28 #
Proposal for a directive – amending act
Recital 3
Recital 3
(3) Therefore, it is important to lay down criteria for those capital instruments to be eligible for original own funds of credit institutions and to align the provisions in Directive 2006/48/EC to that agreement. The amendments to Annex XII to Directive 2006/48/EC result directly from the establishment of those criteria. The eligibility criteria should refer to the most subordinated instruments of a credit institution that does not have proprietors or shareholders under national law, such as certain members' certificates of cooperative banks, insofar as the respective capital has been paid up and while taking into account the importance of strong core capital base to be able to absorb losses and maintain lending during periods of severe economic and financial stress. The amendments to Annex XII to Directive 2006/48/EC result directly from the establishment of those criteria. Original own funds referred to in Article 57(a) of Directive 2006/48/EC include all instruments that are regarded as equity capital, rank after all other claims during liquidation and fully absorb losses pari passu with ordinary shares on a going concern basis. These instruments may include instruments providing preferential rights for dividend payment on a non cumulative basis, provided that they are included in Article 22 of Directive 86/635/EEC, rank after all other claims during liquidation and fully absorb losses on a going concern basis pari passu with ordinary shares. Original own funds referred to in Article 57(a) of Directive 2006/48/EC also include any other instrument under credit institutions' statutory terms taking into account the specific constitution of mutuals, cooperative societies and similar institutions and which are deemed broadly equivalent to ordinary shares in terms of their capital qualities. Instruments that do not ranks after all other claims. during liquidation or that do not absorb losses on a going concern basis pari passu with ordinary shares are included in the category of hybrids referred to in Article 57(ca) of Directive 2006/48/EC.
Amendment 34 #
Proposal for a directive – amending act
Recital 5
Recital 5
(5) For the purpose of strengthening the crisis management framework of the Community, it is essential that competent authorities coordinate their actions with other competent authorities and where appropriate with central banks in an efficient way. In order to strengthen the efficiency of prudential supervision of a banking group on a consolidated basis when parent credit institutions are authorised in the Community and to allow competent authorities to better carry out the supervision of a banking group on a consolidated basis, supervisory activities should be coordinated in a more effective manner. Therefore, Colleges of Supervisors should be established. The establishment of colleges should not affect the rights and responsibilities of the competent authorities under Directive 2006/48/EC. Their establishment should be an instrument for stronger cooperation whereby competent authorities reach agreement on key supervisory tasks. The colleges should facilitate the handling of ongoing supervision and emergency situations. The consolidating supervisor may, in association with the other members of the college, decide to organise meetings or activities that are not of general interest and therefore streamline the attendance as appropriate.
Amendment 36 #
Proposal for a directive – amending act
Recital 7
Recital 7
(7) Competent authorities should be able to participate in colleges established for the supervision of credit institutions the parent institution of which is situated in a third country. The Committee of European Banking Supervisors should provide, where necessary, for non-binding guidelines and recommendations in order to enhance the convergence of supervisory practices pursuant to Directive 2006/48/EC. In order to avoid inconsistencies and regulatory arbitrage, which could result from differences in the approaches and rules applied by various colleges, guidelines on the proceedings of rules governing colleges should be developed by the Committee of European Banking Supervisors.
Amendment 39 #
Proposal for a directive – amending act
Recital 8 a (new)
Recital 8 a (new)
(8a) Colleges of supervisors are a considerable step forward in streamlining coordination and joint decision in the process of EU supervisory cooperation and convergence, and a temporary step towards a new European architecture of supervision. In order to achieve the necessary level of EU supervisory coherence and to underpin the stability of the financial system, further supervisory integration should be pursued. Such integration should result in a decentralised European System of Banking Supervisors building on the model of the European System of Central Banks. To this purpose, by 31 January 2010, the Commission should review Article 129 of Directive 2006/48/EC and submit any appropriate proposals while taking into account the proposal of the High Level Group on cross-border financial supervision as well as the recent resolutions adopted by the European Parliament that refer to this issue.
Amendment 46 #
Proposal for a directive – amending act
Recital 14 a (new)
Recital 14 a (new)
(14a) In order to avoid regulatory overlaps or inconsistencies, the obligations on External Credit Assessment Institutions (ECAIs), such as those concerning integrity, disclosure, transparency and accountability, should be consistent and coherent.
Amendment 49 #
Proposal for a directive – amending act
Recital 15
Recital 15
(15) It is important to remove misalignment between the interest of firms that 're-package' loans into tradable securities and other financial instruments (originators) and firms that invest in these securities or instruments (investors). It is also important to distinguish securitisations, where the interests of the originator or sponsor and the interests of investors are aligned, because, for example, the originator or sponsor retains a relevant interest in the underlying assets, from those where they are not aligned. There should be differentiated regulation for these two types of securitisation, including as concerns penalties for non-compliance. In addition, such regulation needs to be proportionate. It is therefore important for originators to retain exposure to the risk of the loans in question. In particular where credit risk is transferred by securitisation, investors should make their decisions only after conducting thorough due diligence, for which they need adequate information about the securitisations. The measures to address the potential misalignment of these structures need to be consistent and coherent in all relevant financial sector regulation. The Commission should put forward appropriate legislative proposals to ensure such consistency and coherence.
Amendment 56 #
Proposal for a directive – amending act
Recital 19 a (new)
Recital 19 a (new)
(19a) The crisis has underlined a need to examine how regulation and supervision of financial services should take into account the business and economic cycles. In particular, it is evident that banks need to build strong capital buffers and dynamic provisions through-the-cycle that can be used during a downturn. The crisis has also called into question the assumptions concerning correlations that underlie the methodology for calculating regulatory capital. The failure of risk evaluation on liquidity and complex financial products was clear. A related concern is whether geographic, sector and similar concentration risks are adequately dealt with. Furthermore, the divergences related to the definition of basic concepts as own capital or default are creating market distortions and an unlevel playing field for EU based entities. Therefore, by 31 January 2010, the Commission should review this Directive as whole to address all these issues (and, especially, the effects on the economic cycle, taking into account how valuation, leverage, bank capital and provisioning may exacerbate cyclical and unbalanced trends, and to promote stability with through-the- cycle provisioning). By 31 January 2010, the Commission should present a report to the Parliament and the Council and any appropriate proposals. In both cases having in mind that financial rules should, where possible, be defined at international level.
Amendment 172 #
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 2
Article 122a – paragraph 2 – subparagraph 2
Paragraph 1 shall not apply either to syndicated loanto: (i) transactions based on an index from regulated markets, where the underlying reference entities are identical to those that make up an index of entities that is widely traded, or are other tradable securities other than securitisation positions; (ii) syndicated loans, purchased receivables or credit default swaps where these instruments are not used to package and/or hedge an oblig securitisation that is covered by paragraph 1.;
Amendment 175 #
Proposal for a directive – amending act
Article 1 – point 27
Article 1 – point 27
Directive 2006/48/EC
Article 122a – paragraph 2 – subparagraph 2 – point ii a (new)
Article 122a – paragraph 2 – subparagraph 2 – point ii a (new)
(iia) when the originator or sponsor of the securitisation concerned, or (in the case where the securitised exposures were not originated by the originator or sponsor) the original regulated lender of the securitised exposures, either: - originated the securitised exposures and retains a relevant interest in the securitised exposures concerned; or - otherwise has a relevant interest in common with the investors in the securitisation positions concerned or in the ongoing performance of the securitised exposures concerned.
Amendment 244 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 2
Article 129 – paragraph 3 – subparagraph 2
Amendment 253 #
Proposal for a directive – amending act
Article 1 – point 28 – point b
Article 1 – point 28 – point b
Directive 2006/48/EC
Article 129 – paragraph 3 – subparagraph 5
Article 129 – paragraph 3 – subparagraph 5
In the absence of such a joint decision between the competent authorities within six mtwo months, the decision on ths, the consolidating supervisor shall make its owne application of Articles 74(2), 123, 124 and 136(2) shall be made by consolidating supervisor on consolidated level. The decision on the application of Articles 74(2), 123, 124 and 136 (2) shall be taken by the competent authorities responsible for supervision of subsidiaries of and EU parent credit institution or an EU parent financial holding company on an individual or sub-consolidated basis. When making a decision, the relevant competent authority shall take into account the views and reservations expressed by the consolidating supervisor or by the supervisor of the subsidiary respectively. The decision shall be set out in a document containing the fully reasoned decision and shall take into account the views and reservations of the other competent authorities expressed during the sixtwo months period. The decision shall be provided to the other competent authorities by the consolidating supervisor.
Amendment 273 #
Proposal for a directive – amending act
Article 1 – point 33 a (new)
Article 1 – point 33 a (new)
Directive 2006/48/EC
Article 156 – paragraph -1 (new)
Article 156 – paragraph -1 (new)
(33a) In Article 156, the following paragraph -1 is inserted: "By 31 January 2010, the Commission shall review this Directive as whole to address how this Directive should take into account the economic cycle, deal with the liquidity risk, control the complex instruments and improve the internal market (at least by harmonising basic concepts in banking activity and facilitating intragroup exposures under supervisory scrutiny and the possibility of working with homogeneous group processes at European level). The review should take into account how valuation, leverage, bank capital and provisioning may exacerbate cyclical trends, and should promote through-the- cycle provisioning. The Commission shall, by 31 January 2010 submit a report on the above issues to the Parliament and to the Council with any appropriate proposals."