– Shareholders rather than tax payers shall be the ones to carry the responsibility as well as bear the costs of banking crises. That will be a guiding principle in my forthcoming work on the Commission proposal.
Those are the remarks of Gunnar Hökmark, Member of the European Parliament, following the presentation of the European Commission’s proposal on a framework for the recovery and resolution of credit institutions and investment firms today. Gunnar Hökmark will be the parliament rapporteur for the dossier.
– Ensuring a transparent and predictable framework is an important starting-point to me. Having predictable rules of the game is a fundamental precondition for stable financial markets.
– Bank failures exacerbate the economic crisis currently distressing a number of EU Member States. A framework which clearly outlines how such failing banks shall be dealt with constitutes an important part of the solution to the ongoing economic crisis, Gunnar Hökmark concludes.