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It is a pleasure to be back in the Senate and to contribute to the work of this Committee.The ECB, as the single supervisory authority, has been invited to comment on the European Commission proposals for revising the banking reform package.Since the European legislative framework is relatively new, having been issued or completely overhauled after the financial crisis, it is essential to review it in the light of recent experience.
A generalised preferential regime for all depositors would help to strengthen the effectiveness of the bail-in, allowing the application to other debt instruments before deposits.
The creation on banks’ balance sheets of these resources for the absorption of losses marks a further step, now being taken worldwide, towards minimising the use of public funds in managing banking crises.
On another front, the proposed amendments also introduce for the single supervisory authority moratorium powers (temporary suspension of payments which might be necessary at certain stages of the crisis).
The European institutions (the European Commission, the EU Council and the European Parliament) have been engaged in recent months in the first review of the new European banking legislation. Supervisory activity must be constantly and firmly based on the existing legislative framework.
It follows that good quality legislation is a necessary condition for effective supervision.