Czech Presidency hopes for a smooth confirmation of agreement on CRD
On Friday 17 April 2009 the Czech Presidency informed the Member States about the state of play on the negotiation of the amendments to the Capital Requirements Directive. A preliminary agreement has been reached between the Presidency and the representatives of the European Parliament on all of the important political issues.
The amendment to this directive represents the first important contribution to the overhaul of banking regulation in view of correcting the significant regulatory gaps revealed by the financial crisis. It creates tighter rules for large exposures of banks, greater harmonisation of hybrid capital instruments and a substantial revision of the securitisation framework.
‘By adopting this important piece of legislation, Europe has an historic opportunity to lead the world in the repair of the global financial system. This is especially the case for securitisation where the five percent retention requirement proposed by the European Commission, and supported by the ECOFIN Council and the European Parliament’s Committee on Economic and Monetary Affairs (ECON) will align the interests of those who create complex instruments and those who buy them’, says Klára Hájková, Deputy Finance Minister of the Czech Republic.
The compromise text will be submitted for formal approval by Member States on 23 April 2009 and sent to the European Parliament for final adoption at the May plenary session.
Contact:
- Radka Kohutová, Spokeswoman of the Ministry of Finance
- Tel. : +420 257 042 103, GSM: +420 724 845 394, E-mail: radka.kohutova@mfcr.cz
Last update: 16.8.2011 15:31
