S&Ds: "New banking rules will contribute to fighting tax evasion"


S&D Euro MPs today backed new rules for banks and investment firms – the so-called 'Basel III agreement' – to arm the sector against future crises.
Said S&D Euro MP and negotiator Udo Bullmann following the vote:
"I am very proud of the outcome of the negotiations with EU governments. This is the most committed reform of the banking sector since the crisis. And it would not have been possible without the Parliament's fierce resistance to the banking lobby.
"We have made considerable improvements to the original proposals on strengthening the banking sector in Europe as well as ensuring banks serve the real economy.
"As S&D Group negotiator, I fought hard to get requirements on transparency included. These are necessary measures if we want to be serious about tax evasion and fraud.
"By January 2015, all banks will have to disclose key information about profit and loss before tax, subsidiaries, tax on profit or loss, turnover, number of employees and public subsidies received.
"On behalf of the S&D Group I also pushed to cap bonuses for bankers. Bankers' bonuses will generally be capped at the level of base salaries, putting an end to irresponsible risky behaviour from bankers.
"These new rules for banks are a huge step forward in making the banks stronger and more responsible in case of crises. But the EU must do much more in the long run.
"The S&D Group is calling for a comprehensive banking union which includes a system of resolution in case of bank failure. We also want the separation of investment and retail banking to protect savers' deposits from excessive risk-taking.
"This Parliament will make sure future legislation on shadow banking, hedge funds and credit rating agencies is sound and works in the interests of citizens."
S&D Press contact: Solange Hélin Villes
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