#p21 #tlot #tcot #teaparty #union #iww #occupy #ows #p2 The European Parliament takes forward the Banking Union http://www.diarioabierto.es/182979/el-parlamento-europeo-saca-adelante-la-union-bancaria TRANSLATED FROM SPANISH BY GOOGLE CHROME TRANSLATOR Miguel Angel Valero. For President, Martin Schulz, is a "major victory" in the Parliament against the "illogical pressures" of some Member States. The European Parliament approved by a large majority in his last full before the elections of May 25, the final pieces of the Banking Union. It has been launched in less than two years and despite strong resistance from Germany. In this country the president of the European Parliament, Martin Schulz, who will be the Social Democratic candidate in the European elections was concerned, as he noted the feedback in a statement that these changes represent a "major victory" by Parliament against the "illogical pressures" some Member States. "This text shows that the improved involvement of Parliament from achieving optimal solutions" he says. MEPs has ratified the three pending rules to complete the Banking Union: the only mechanism of settlement banks in crisis and 55.000 million fund to finance bankruptcy and restructuring (570 votes in favor, 88 against and 13 abstentions); directive will force shareholders and creditors, including holders of senior debt and large depositors to take losses in future crises (584 votes in favor, 80 against and 10 abstentions); and reinforces the rule that national deposit guarantee systems of up to 100,000 euros (which was declared adopted without a vote by not showing amendments to full). "As of now, no systematic taxpayers pay the bill for the losses of banks," says Martin Schulz. "The Union Banking completes the Economic and Monetary Union, ending the era of massive bailouts and guarantees that taxpayers will no longer pay the bill when banks are facing difficulties," adds Financial Services Commissioner, Michel Barnier. "The Union Banking not only helps to restore confidence in the banking sector, but also ensures a truly European system of supervision and liquidation of banks when broken," he adds. Parliament ratified in September 2013 the first pillar of the Union Bank, the creation of a single supervisor. The task entrusted to the European Central Bank (ECB), assume that after performing in November, in collaboration with the EBA (European Bancara Authority) a review of the assets and an endurance of large banks in the eurozone. Breaking the vicious circle The Union Banking project was launched in June 2012 summit, when Europe was suffering the worst ravages of the debt crisis and the bailout of banks from savings banks in Spain occurred. Its objectives are to break the link between bank debt and sovereign debt, the so-called vicious circle, and make them the banks themselves (and their shareholders that invest in them) and not taxpayers who foot the bill for future crises. The Union Bank should minimize the financial fragmentation of the eurozone and cause a bank to pay for your debt based on their solvency and their level of risk, not where it is situated . The pressure from Germany, who refuses to pay for the crisis of banks in other states and want to protect their Landesbank (federal states linked to banks) despite its heavy investment in toxic assets linked to subprime mortgages in the United States, has lowered considerably the original project. So, is delayed indefinitely the creation of a common European deposit guarantee system, which was to be the third pillar of the Union Bank. The European Parliament approved a directive that strengthens national deposit guarantee systems of up to 100,000 euros, cutting seven 20-day period for payment to customers in bankruptcy. The regulation will come into force in mid-2015. Germany has managed to be brought forward to 2016, instead of 2018 as originally planned, the entry into force of the directive requiring shareholders and creditors to take losses. With that ensures maximum limit future state aid to banks. So, the first rule sets a minimum percentage of required off equivalent to 8% of the bank's liabilities, to be applied before using the settlement fund or any type of public assistance. As the only resolution mechanism, Germany has managed to be the governments and the European Commission not to have the last word on the closure of a bank. It has also imposed a transitional period to create the background of 55.000 million, to be financed by contributions from entities and has vetoed that has the backing of the European Stability Mechanism (Mede). In the final stretch of negotiations, Parliament has achieved ten years to shorten the period of eight creation of this fund. Moreover, the pace of mutualisation early in the process is accelerated, reaching 70% in the first three years (40% the first year, 20% the second and about 10% in the third). In the coming months, Brussels must propose a method to calculate how much each bank must contribute to the fund, which will depend on your risk profile. Economy Minister Luis de Guindos, estimated that Spanish banks will contribute between 12% and 13% of the 55,000 million euros. The fund will start in 2015 but constituted only be used from 2016. 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