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pursuant to Rule 133 of the Rules of Procedure

on the reintroduction of securitisation as part of the Capital Markets Union project

Sophie Montel, Marine Le Pen, Dominique Bilde, Mireille D’Ornano, Florian Philippot, Steeve Briois, Bruno Gollnisch

Motion for a Parliament resolution on the reintroduction of securitisation as part of the Capital Markets Union project  

The European Parliament,

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

A.     whereas the objective of the Capital Markets Union project is to bring about closer financial integration between Member States through ‘high-quality securitisation’;

B.     whereas the Commission has not learnt the lessons of the financial crisis of the past few years; whereas the quality of securitisation is impossible to assess, as shown by the way the credit rating agencies’ fell down in their task just before the subprime bubble burst;

C.     whereas reintroducing securitisation will boost investment banking to the detriment of traditional banking activities; whereas securitisation often leads to higher interest rates being charged as a result of the substantial demanded by the many intermediaries involved;

1.      Calls on the Commission not reintroduce securitisation and instead to encourage financing through established and local banks, which are more familiar with local business fundamentals and the factors affecting local economies and are thus better able to provide stable, long-term financing;

2.      Instructs its President to forward this resolution to the Commission.

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