Activities of Philippe LAMBERTS related to 2023/2078(INI)
Shadow reports (1)
REPORT on Banking Union - annual report 2023
Amendments (37)
Amendment 5 #
Motion for a resolution
Citation 15 a (new)
Citation 15 a (new)
– having regard to the EBA report on the role of environmental and social risks in the prudential framework,
Amendment 32 #
Motion for a resolution
Recital E
Recital E
E. whereas fragmentation and the lack of cross-border consolidation of the EU banking sector is affecting its global competitiveness; whereas the profitability gap between EU and US banks has widened’too-big-to-fail’ institutions continue to pose systemic risks to the European financial system because of their size, complexity and interconnectedness;
Amendment 40 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas the EU banking sector has shown rising profitability, notably due to higher interest rates and as a result of the increased ECB deposit rate in combination with the presence of excess reserve;
Amendment 54 #
Motion for a resolution
Recital H
Recital H
H. whereas EU co-legislators negotiated rulesagreed to implement Basel III standards in a way that preserves banks’ competitiveness and takes into account the specificities of the EU banking sectorincludes several deviations and puts the EU at risk of being considered as non- compliant with Basel III standards;
Amendment 63 #
Motion for a resolution
Recital I
Recital I
I. whereas risks stemming from interest rate hikes have been properly addressedapid rises in interest rates are increasing the risk of financial instability, making EU banks in particular vulnerable to potential losses in the future;
Amendment 66 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. whereas the overall level of capital held by the largest banks in the EU remains not only insufficient to cope with a major new market event, but also below that of their global counterparts;
Amendment 67 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
I b. whereas the fall of Credit Suisse has demonstrated that large (global and other) systemically important institutions still are far from being resolvable and that taxpayers' money is still at risk;
Amendment 68 #
Motion for a resolution
Recital I c (new)
Recital I c (new)
I c. whereas Member States have circumvented the application of bail-in in the vast majority of bank failures within the Banking Union since 2015, while the Single Resolution Board has adopted only few resolution decisions since its creation;
Amendment 69 #
Motion for a resolution
Recital I d (new)
Recital I d (new)
I d. whereas although a political agreement was reached in 2020, a backstop to the single resolution fund (SRF) is still missing;
Amendment 70 #
Motion for a resolution
Recital I e (new)
Recital I e (new)
I e. whereas, according to the latest available data, 16 of 36 DGS in the EU were below their required (minimum) funding level;
Amendment 71 #
Motion for a resolution
Recital I f (new)
Recital I f (new)
I f. whereas climate-related risks are likely to trigger a new crisis that would destabilise the EU banking sector and be combined with the impending climate crisis;
Amendment 78 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Condemns the Russian aggression against Ukraine and its impact on the Ukrainian people, on the EU and elsewhere; calls on banks to continue reducing their exposure to energy intensive and fossil fuel corporates;
Amendment 79 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Stresses the need to increase capital requirements for climate-risk exposures, notably by implementing a ’one-for-one’ capital rule, whereby each euro of financing for new fossil fuel exploration is matched by one euro of lender capital ;
Amendment 81 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Recalls that the banking sector plays a key role in the implementation of sanctions and in monitoring compliance; calls on the Commission to create a database at EU level to foster coordination among banks, close loopholes in Member States’ implementation of sanctions and assess how EU banks implement sanctions; considers that the upcoming anti-money laundering Authority (AMLA) has a crucial role to play to ensure a consistent application of the EU targeted financial sanctions;
Amendment 84 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Calls on institutions to assist the remaining EU banks operating in Russia in preparing anto orderly exit from the Russian market;
Amendment 97 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Warns that recent increases in the profitability of EU banks are not enough to ensure their competitiveness; highlights that fragmentation limits banks’ ability to undertake strategic investmentscalls on EU banks to use these profits to build capital buffers; highlights that the diversity of banking business models in the euro area enhances the resilience of the financial system;
Amendment 103 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 118 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Regrets the failure of financial institutions to ensure gender-balance, especially in their management bodies; calls on supervisory authorities to make use of their supervisory powers to address the lack of diversity and gender-balance in the management bodies of financial institutions;
Amendment 121 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Regrets the lack of gender balance in the ECB Governing Council, its Supervisory Board and the SRB Board; calls on them to ensure that future appointments close the gap; reiterates the Parliament’s commitment not to take into account lists of candidates where the gender balance principle has not been respected;
Amendment 124 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Deplores that, as part of the selection procedure for the Chair of the Supervisory Board of the ECB, the ECB has ignored the feedback provided by the European Parliament; urges the ECB to take duly into account the European Parliament's opinion in the upcoming selection procedure;
Amendment 129 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Notes that the NPL ratio decreased further; calls for the adoption of the proposal for a AECE Directive to develop NPL secondary markets;
Amendment 138 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Highlights that the limited impact of the recent failure of midsized US banks proves the resilience of the EU banking sector; underlines that EU supervisors efficiently addressed risks aatest round of bank failures in the US and Switzerland has proven the intrinsing from changes inc vulnerability of the finterest rate landscapeancial system; calls on EU supervisors to continue assessing banks’ exposures to furrisks arising from changes in ther interest rate hikeslandscape;
Amendment 152 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the agreement reached at interinstitutional level to implement Basel III standards in the EU; highlights that the framework will not increase prudential requirements for banks or damage their competitivenesCalls on co-legislators to reconsider the deviations from international prudential standards introduced as part of the CRR/CRD review, in particular given that new risks have emerged since the adoption of the Basel III framework; recalls that EU banks specificities were already taken into account in the calibration of Basel capital requirements; notes that the full implementation of the Basel standards tofor crypto-assets is still pending but welcomes the transitional regime already included in the current CRR/CRD review;
Amendment 160 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14 a. Stresses the need to support measures for the structural reform of EU G-SIBs as the only way to remove the threat that large banks pose to financial stability and, consequently, fundamentally address moral hazard risks;
Amendment 165 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Notes that the non-bank financial intermediary sector is continuing to grow; regrets that different rules for these activities may entail significant risks; calls for an appropriate regulatory approach to shadow banking, for the promotion of fair competition with banks and for the risks stemming from banks’ exposure to these activities to be addressed; stresses the need to enhance the resilience of non-bank financial intermediaries, including by elaborating specific regulatory and supervisory tools to prevent a liquidity crisis;
Amendment 168 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
Amendment 169 #
Motion for a resolution
Paragraph 16 b (new)
Paragraph 16 b (new)
16 b. Stresses the need to enhance the transparency, comparability and quality of ESG ratings; welcomes the Commission's proposal in this regard but regrets that this proposal falls short in setting minimum requirements for ESG ratings methodologies; notes that the EBA recommends that external credit assessments integrate environmental and/or social factors as drivers of credit risk whenever relevant; calls on the European Commission to table a legislative proposal to tackle this issue as soon as possible;
Amendment 170 #
Motion for a resolution
Paragraph 16 c (new)
Paragraph 16 c (new)
16 c. Calls on the EBA to change its guidelines on the Systemic Risk Buffer (SyRB) to ensure and harmonise the way competent authorities apply the SyRB to reflect ESG risks;
Amendment 171 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Welcomes the SRB’s approaches to deepening resolution assessments by developing quality control measures for resolution plans and assessing whether these plans can be implemented at short notice; stresses that any impediment to resolvability identified should be dealt with appropriately, including by requiring changes to a bank’s structure and organisation if necessary;
Amendment 173 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. Recalls that achieving resolvability for all institutions should not be a 'moving target' and that all banks should be fully resolvable by the end of 2023; notes that further progress is needed for all banks;
Amendment 191 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20 a. Opposes any proposal to weaken the minimum bail-in condition of 8% TLOF to access resolution funds as part of the current reform of the CMDI framework; stresses in particular that DGS contributions to a bank's resolution should not be taken into account when calculating the 8% threshold, as otherwise the risk would be redistributed from bail- in to industry safety nets;
Amendment 194 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Highlights the role of the SRB and industry-funded safety nets in protecting taxpayers from paying for bailouts; calls for theregrets that despite the political agreement in November 2020 on an early introduction of a, the backstop consisting of a credit line from the European Stability Mechanismto the Single Resolution Fund (SRF) has not entered into application yet due to the delays in the ratification process of the ESM Treaty; stresses the importance of the SRF for ensuring a robust and credible crisis management framework;
Amendment 197 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Recalls that banks need to continue to meet their obligations and perform their key functions after the implementation of a resolution decision; is concerned that banks might face liquidity stress in resolution immediately after regaining market access; calls on EU institutions to find an agreement on establishing a credible and sufficiently sizeable liquidity provision mechanism of last resort to provide confidence and enhance predictability;
Amendment 202 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Regrets the lack of progress following the calls by MEPs in their statement of 7 December 2022 for negotiations on EDIS to be resumed; concurs with the ECB which supports the resumption of work to establish EDIS and does not see a need for additional pre- conditions related to risk reduction for its introduction;
Amendment 208 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Welcomes the Commission’s efforts to clarify the scope of depositor protection and increase convergence through a reform of 2014/49/EU on deposit guarantee schemes3 ; warns that the CMDI review cannot be considered a replacement for EDIS but should pave the way for its swift implementation; _________________ 3 OJ L 173, 12.6.2014, p. 149.
Amendment 213 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Underlines the need for risk-based contributions to EDIS; calls for institutional protection schemes to be taken into account; calls for an targeted assessment of bank asset quality; recommends starting with the pooling of liquidity and a gradual build-up of funds; an EU fund; recalls that the ultimate goal remains to have a fully-fledged EDIS that provides loss-coverage;
Amendment 223 #
Motion for a resolution
Paragraph 25
Paragraph 25
25. Notes that effective risk reduction is key for EDIS and that significant progress has been made since 2015 and the initial Commission's proposal; highlights that the CMDI review provides co-legislators with an opportunity to resume negotiations on EDIS; urges co- legislator to seize this opportunity to make progress on establishing an EDIS;