MOTION FOR A RESOLUTION
PDF 150kWORD 57k
17.12.2015
PE575.909v01-00
 
B8-0014/2016

pursuant to Rule 133 of the Rules of Procedure


on banning the sale of derivatives and subordinated bonds by retail banks


Gianluca Buonanno

Motion for a European Parliament resolution on banning the sale of derivatives and subordinated bonds by retail banks  
B8-0014/2016

The European Parliament,

–  having regard to Rule 133 of its Rules of Procedure,

A.  whereas banks often sell complex, high-risk financial products known as derivatives and subordinated bonds to their current account holders;

B.  whereas banks and their employees generally treat their duty to inform customers of the risks as a formality, merely requiring current account holders and savers to sign a legally complex and obscurely worded document which does not give them a full understanding of their investment and the associated risks;

C.  whereas the investors would be fully liable were the bank to collapse, and are therefore at the mercy of fraudulent investment instruments dreamed up at the highest levels of the world financial system;

1.  Takes the view that the sale of high-risk financial products by retail banks should be banned;

2.  Calls on the Commission to submit a legislative proposal for retail banks to be separated from investment arms.

Legal notice