Neena Gill (S&D). – Mr President, the directive we will vote upon later today is critical. It will ensure that taxpayers will not be hit by the possible insolvency and the resolution of a bank. When a bank is failing or insolvent, the new rules will create a creditor hierarchy, a new category of unsecured debt, as well as a harmonised approach towards bondholders. Many people in the EU, and in particular in the UK, have been victims of mis-selling of financial products, which, in the end, appeared to be bail-inable. These new rules will make sure that clients and investors will be better protected by clear mention of the risks and the inclusions in the prospectus.

I am concerned by some supervisors trying to overstretch their powers, as we have seen with the Single Supervisory Mechanism (SSM) in the last couple of weeks, and sometimes with the European Securities and Markets Authority (ESMA). Therefore, it is key that we, as a legislator, make level 1 legislation as clear as possible, and I believe this legislation meets this criterion. Therefore, I would like to congratulate the rapporteur and the negotiating team. I hope this directive is a first step towards an ambitious EU banking reform, ensuring that the banks become more resilient, less risky and supportive of the sustainable economy.