CRD IV and Basel III - Outcome of political negociations: Extracts from press conference by Othmar KARAS (EPP, AT), rapporteur
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Event date 28/02/2013
Short description Extracts of the Press conference. Statement by Othmar KARAS (EPP, AT), rapporteur, Michel BARNIER, European Commissioner in charge of the Internal Market and Services and Udo BULLMAN (S&D, DE), Shadow rapporteur.
Duration 04:20
Reference 91680
Background Political agreement on the new European banking regulation CRD4 (Basel III) has been reached in the negotiations between the two EU legislators, the European Parliament and the Council of the European Union. The new law stabilises the banking sector by setting new capital requirements for European banks. Othmar Karas MEP (EPP, AT), Parliament's negotiator for this new set of rules, explained: "For the first time in the history of EU financial market regulation, we will cap bankers' bonuses. But this is not the most important part of the new rules. The essence is that from 2014, European banks will have to set aside more money to be more stable and concentrate on their core business, namely financing the real economy, that of small and medium-sized enterprises and jobs." Bankers' bonuses will not be allowed to be higher than their fixed salary. Under certain circumstances, the shareholders of the bank can decide to allow bonuses up to twice the fixed salary. Part of the deal is also several measures to make loans to small and medium-sized enterprises easier.
Production format Pre-edited
Format 16:9
Copyright © European Union, 2013
Filename ebs91680[Lo-VI].mp4
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