24 Amendments of Jacek SARYUSZ-WOLSKI related to 2012/0242(CNS)
Amendment 90 #
Proposal for a regulation
Recital 4
Recital 4
(4) Competence for supervision of individual banks in the Union remains mostly at national level. This limits the effectiveness of supervision and the ability of supervisors to reach a common understanding of the soundness of the banking sector throughout the UnionCoordination between supervisors is vital but the crisis has shown that mere coordination is not enough, in particular in the context of a single currency. In order to preserve and increase the positive effects of market integration on growth and welfare, integration of supervisory responsibilities should therefore be enhanced.
Amendment 214 #
Proposal for a regulation
Recital 18
Recital 18
Amendment 265 #
Proposal for a regulation
Recital 25
Recital 25
Amendment 284 #
Proposal for a regulation
Recital 29
Recital 29
(29) As regards the supervision of cross- border banks active both inside and outside the Euro area the ECB should cooperate closely with the competent authorities of non participating Member States. As a competent authority the ECB should be subject to the related obligations to cooperate and exchange information under Union law and should participate fully in the colleges of supervisors. In addition, since the exercise of supervisory tasks by a European institution brings about clear benefits in terms of financial stability and sustainable market integration, Member States not participating in the common currency should therefore also have the possibility to participate in the new mechanism. However, it is a necessary pre-condition for an effective exercise of supervisory tasks, that supervisory decisions are implemented fully and without delay. Member States wishing to participate in the new mechanism should therefore undertake to ensure that their national competent authorities will abide by and adopt any measure in relation to credit institutions requested by the ECB. The ECB should be able to establish a close cooperation with the competent authorities of a Member State not participating in the common currency. It should be obliged to establish the cooperation where the conditions set out in this regulation are met. The conditions under which representatives of the competent authorities of the Member States which established a close co-operation take part to the activities of the Supervisory Board should allow the greatest possible involvement of those represenensure equal treatment of all participating Member Statives taking into account the limits following from the Statute of ESCB and of the ECB, in particular as regards the integrity of its decision making process.
Amendment 320 #
Proposal for a regulation
Recital 34
Recital 34
(34) The conferral of supervisory tasks implies a significant responsibility for the ECB to safeguard financial stability in the Union, and to use its supervisory powers in the most effective and proportionate way. The ECB should therefore be accountable for the exercise of these tasks towards the European Parliament and the Council of Ministers respectively the Eurogroup as democratically legitimised institutions representing the European people and the Member States. That should include regular reporting and responding to questions. Where national supervisors take action under this Regulation, accountability arrangements provided under national law should continue to apply.
Amendment 395 #
Proposal for a regulation
Recital 47 a (new)
Recital 47 a (new)
(47a) Whereas the pending financial crisis contributed immensely to the fragmentation of European financial markets, it is indispensable to enhance the common integrated financial framework. However, it should be borne in mind that the deepening of integration in the EMU cannot give rise to new, not outlined in the Treaties, convergence criteria, which can create additional barriers to entry for countries under a temporary derogation.
Amendment 396 #
Proposal for a regulation
Recital 47 b (new)
Recital 47 b (new)
(47b) Whereas, efforts to secure financial stability within the EU require a diversified approach to distinctive types of risks in different markets and considering that the economies of the Member States, including those in the EMU, remain heterogeneous and that economic cycles are not synchronized, it should be borne in mind that according to the ESRB Recommendation (ESRB/2011/3) and standard no. 138 of Basel III, effective response to the problems of macroeconomic imbalances necessitates the use of discretionary instruments at local level. Moreover, the scope to customize macroprudential instruments is of the utmost significance to the Member States remaining in the EMU, due to their inability to use macroeconomic automatic stabilizers, such as interest rate or exchange rate.
Amendment 409 #
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation confers on the ECB specific tasks concerning policies relating to the prudential supervision of credit institutions, with a view to promoting the safety and soundness of credit institutions and the stability of the financial system within the EU and each Member State, with due regard for the unity and integrity of the internal market.
Amendment 413 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
(1) ‘'participating Member State’' means a Member State whose currency is the euro; or a Member State whose currency is not the euro, which has entered into a close cooperation in accordance with Article 6.
Amendment 474 #
Proposal for a regulation
Article 4 – paragraph 1 – point e
Article 4 – paragraph 1 – point e
Amendment 496 #
Proposal for a regulation
Article 4 – paragraph 1 – point k
Article 4 – paragraph 1 – point k
(k) To carry out supervisory tasks in relation to early intervention where a credit institution does not meet or is likely to breach the applicable prudential requirements, including recovery plans and intra group financial support arrangements, in coordination with the relevant resolution authorities;
Amendment 504 #
Proposal for a regulation
Article 4 – paragraph 1 – point l
Article 4 – paragraph 1 – point l
Amendment 525 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Subject to and in compliance with any relevant Union law rule and in particular any legislative and non-legislative act including technical standards developed by EBA and adopted by the Commission, the ECB may adopt regulations and recommendations and take decisions to implement or apply Union law, to the extent necessary to carry out the tasks conferred upon it by this Regulation, and only where those Union acts, do not deal with certain aspects necessary for the proper exercise of the ECB's tasks or do not deal with them in sufficient detail. Before adopting a regulation, the ECB shall conduct open public consultations, including EBA and the Commission, and analyse the potential related costs and benefits.
Amendment 588 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. National competent authorities shall follow the instructions given by the ECB for the purposes of the tasks mentioned in Article 4(1). Instructions given by the ECB shall not interfere with the exercise of voting rights by competent authorities of participating Member States within the Board of Supervisors and the Management Board of the European Banking Authority.
Amendment 615 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 1
Article 6 – paragraph 1 – subparagraph 1
1. Within the limits set out in this Article, the ECB shall carry out the tasks in the areas referred to in Article 4 (1) and (2) in relation to credit institutions established in a participating Member State whose currency is not the euro, where a close cooperation has been established between the ECB and the national competent authority of such Member State in accordance with this Article.
Amendment 620 #
Proposal for a regulation
Article 6 – paragraph 1 – subparagraph 2
Article 6 – paragraph 1 – subparagraph 2
To that end, the ECB may address guidelines or requests to the national competent authority of the non participating Member State, whose currency is not the euro.
Amendment 627 #
Proposal for a regulation
Article 6 – paragraph 2 – introductory part
Article 6 – paragraph 2 – introductory part
2. The close cooperation between the ECB and the national competent authority of a non participating Member State, whose currency is not the euro, shall be established, by a decision adopted by the ECB, where the following conditions are met:
Amendment 639 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 650 #
Proposal for a regulation
Article 6 – paragraph 5 a (new)
Article 6 – paragraph 5 a (new)
5a. The Member State that has established a close cooperation with ECB may request the ECB to terminate the close cooperation at any time. In this case, the ECB shall immediately proceed to adopt a decision terminating the close cooperation. The decision shall be published in the Official Journal of the European Union and shall specify the date from which it is legally valid.
Amendment 812 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. The planning and execution of the tasks conferred upon the ECBdrafting of decisions to be taken by the ECB with regards to supervisory tasks conferred upon it by this Regulation, shall be undertaken by an internal body composed of four representatives of the ECB appointed by the Executive Board of the ECB and one representative of the national authority competent for the supervision of credit institutions in each participating Member State (hereinafter ‘s'Supervisory bBoard’').
Amendment 829 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
2. In addition, the supervisory board shall include a Chair elected by the members of the Governing Couperson. Appointment shall be made on the basis of merit, skills, knowledge of financial institutions and markets, and of experience relevant to financial from the members, with the exception of the Presidsupervision and regulation, following an open selection procedure. The Chairperson shall be appointed by common accord of the government,s of the Executive Board, and a Vice-Chair elected by and from the members of the Governing Council of the ECBMember States at the level of Heads of State or Government, on a recommendation from the supervisory board, after it has consulted the Council and the European Parliament. The Supervisory Board elects from among its members two Vice-Chairmen.
Amendment 839 #
Proposal for a regulation
Article 19 – paragraph 3
Article 19 – paragraph 3
3. The Governing Council of the ECB may delegate clearly defined supervisory tasks and relatedFor the purpose of paragraph 1 the Governing Council of the ECB authorises the Supervisory Board to draft decisions regarding individual or a set of identifiable credit institutions, financial holding companies or mixed financial holding companies to the supervisory board, subject to. The Supervisory Board proposes a decision for final adoption by the Goversight and responsibility of the Governing Councilning Council. The decision proposed by the Supervisory Board shall be considered as adopted unless it is rejected by the Governing Council. The Governing Council can only accept or reject the proposed decision. If the Governing Council rejects the proposed decision, it shall be returned to the Supervisory Board for a review.
Amendment 860 #
Proposal for a regulation
Article 19 – paragraph 6
Article 19 – paragraph 6
6. The Chair of the European Banking Authority and, a member of the European Commission may participate as observers in the meetings of the supervisory boardand chairmen of national competent authorities from Member States remaining outside the SSM may participate as observers in the meetings of the supervisory board on condition that their request has been accepted by the supervisory board by simple majority. The Supervisory board may, if appropriately justified, restrict observers' access to confidential data.
Amendment 864 #
Proposal for a regulation
Article 19 – paragraph 7
Article 19 – paragraph 7
7. The Governing Council shall adopt the rules of procedure of the supervisory board includingand shall make them public. They shall ensure equal treatment of all participating Member States, including voting rights. They shall also include rules on the term of office of the Chair and the Vice-Chair. The term of off, whiceh shall not exceed five years and shall not be renewable.