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 Full text 
Wednesday, 13 March 2019 - Strasbourg Revised edition

Minimum loss coverage for non-performing exposures (debate)

  Ramon Tremosa i Balcells, on behalf of the ALDE Group. – Madam President, I would like to welcome Commissioner Dombrovskis again to this Parliament.

It was not easy to include our proposals and ideas for this regulation as the two co—rapporteurs held onto this file very tightly. Nevertheless, we have been active through the whole procedure because we are committed to those people who suffered the most due to non-performing loans. We have always said that non—performing loans (NPLs) have an inherent human dimension. They were built up because European law was implemented incorrectly.

At the very beginning of this regulation, the Union acknowledges that there were important laws that were not implemented properly in some Member States: the Late Payment Directive, the Consumer Rights Directive and the Mortgage Credit Directive. Let me warn you that if we do not improve the implementation of EU law in some Member States, we may risk suffering a new wave of NPLs in some Member States in the next few years, even in the event of a new huge financial crisis or another economic crisis. Proper implementation is key. Proper implementation means prevention and commitment to our values, our rules and our Union.

Parliament cannot fail in approving only one law and not the other. Without the directive, the regulation would lose all its meaning and major institutions could not have the legal incentive they need to put their non-performing loans on the market. We consider that this Parliament needs to send a strong message. It is therefore important that the whole NPL legislative package is approved. This is our responsibility.

Last updated: 26 June 2019Legal notice