Banking Union – annual report 2024

Amendments tabled for the plenary sitting on this text, in their own numbering series. This is a different set from the committee amendments tracked elsewhere on AmendEU, and is not counted in any of the site’s amendment totals.

1. Amendment 1ECRMotion for a resolution · Paragraph 1
   Current text

   1. Acknowledges the progress made over the last 10 years through the establishment of the Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM); notes that the BU will not be completed without the establishment of its third pillar, the European deposit insurance scheme;

   Amendment

   1. Acknowledges the progress made over the last 10 years through the establishment of the Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM); notes that the BU will not be completed without the establishment of its third pillar, the European deposit insurance scheme; emphasises that every Member State has the right to decide whether to adopt the euro;

   official amendment document ↗
2. Amendment 2The LeftMotion for a resolution · Paragraph 18 a (new)
   Amendment

   18a. Acknowledges the growing phenomenon of bank branch closures, which contributes to the risk of ‘bank desertification’ in certain regions, with a particularly negative impact on vulnerable citizens without digital access; emphasises the critical role smaller banks play in ensuring access to essential banking services, especially in rural and remote areas, thereby supporting households, SMEs and local economies; notes that the high supervisory costs and regulatory burdens can pose significant challenges for smaller banks; underscores the need to apply the principle of proportionality in banking supervision, ensuring that the intensity of regulation is tailored to the size, risk profile and…

   Excerpt — full text in the official PDF.
   official amendment document ↗
3. Amendment 3ESNMotion for a resolution · Recital L
   Current text

   L. whereas EU banks have withstood the impact of Russian aggression; whereas they play a pivotal role in ensuring the ongoing implementation of and compliance with the sanctions imposed by the EU against Russia in response to the invasion; whereas further coordination is needed to avoid circumvention of sanctions;

   Amendment

   L. whereas EU banks have withstood the impact of the EU sanctions following the Russian aggression; whereas they play a pivotal role in ensuring the ongoing implementation of and compliance with the sanctions imposed by the EU against Russia in response to the invasion; whereas further coordination is needed to avoid circumvention of sanctions;

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4. Amendment 4ESNMotion for a resolution · Paragraph 1
   Current text

   1. Acknowledges the progress made over the last 10 years through the establishment of the Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM); notes that the BU will not be completed without the establishment of its third pillar, the European deposit insurance scheme;

   Amendment

   1. Acknowledges the progress made over the last 10 years through the establishment of the Single Supervisory Mechanism (SSM) and Single Resolution Mechanism (SRM), while noting that their effectiveness in a financial crisis is still unproven;

   official amendment document ↗
5. Amendment 5ESNMotion for a resolution · Paragraph 10 a (new)
   Amendment

   10a. Calls on the Commission, in the interest of budgetary seriousness and institutional simplification, not to create a new separate jurisdiction for Union banks carrying out significant cross-border operations;

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6. Amendment 6ESNMotion for a resolution · Paragraph 16
   Current text

   16. Notes the ECB’s progress on the digital euro and the parliamentary dialogue being held with the ECB on the topic; understands existing reservations, such as with regard to its offline functionality, given that offline transactions reduce visibility and impair financial crime prevention; recalls that the digital euro should complement, not replace, cash; considers that the decision on whether or not to introduce a digital euro is ultimately a political decision that has to be taken by the EU’s co-legislators, given the profound potential impact of this decision on a wide range of EU domains, including privacy, consumer protection, financial stability, financial policy and other areas that…

   Amendment

   16. Regrets the ECB’s focus on the digital euro despite the limited arguments for it; understands existing reservations; recalls that the digital euro should only complement, never replace, cash; considers that the decision on whether or not to introduce a digital euro is ultimately a political decision that has to be taken by the EU’s co-legislators, given the profound potential impact of this decision on a wide range of EU domains, including privacy, consumer protection, financial stability, financial policy and other areas that go beyond the strict remit of monetary policy; notes the recent prohibition on the establishment, issuance, circulation and use of a central bank digital currency…

   Excerpt — full text in the official PDF.
   official amendment document ↗
7. Amendment 7ESNMotion for a resolution · Paragraph 19
   Current text

   19. Recalls that the Banking Package contains a high number of mandates to the European Banking Authority; calls on the European Banking Authority to respect these mandates;

   Amendment

   19. Recalls that the Banking Package contains a high number of mandates to the European Banking Authority; calls on the European Banking Authority to respect these mandates, its accountability to the European Parliament and the EU’s principle of transparency;

   official amendment document ↗
8. Amendment 8ESNMotion for a resolution · Paragraph 32
   Current text

   32. Highlights the importance of preserving shareholders’ and creditors’ primary responsibility for bearing losses in the event of a bank’s failure; stresses that resorting to using taxpayers’ money must be avoided, which is still a key lesson learned from the global financial crisis; stresses that the bail-in of shareholders and creditors must remain the main source for resolution financing before any recourse is made to industry-funded sources;

   Amendment

   32. Highlights the importance of preserving shareholders’ and creditors’ primary responsibility for bearing losses in the event of a bank’s failure; stresses that resorting to using taxpayers’ money, directly or indirectly, is to be precluded, which is still a key lesson learned from the global financial crisis; stresses that the bail-in of shareholders and creditors must remain the main source for resolution financing before any recourse is made to industry-funded sources;

   official amendment document ↗
9. Amendment 9ESNMotion for a resolution · Paragraph 35
   Current text

   35. Notes that any reliance on taxpayer money for the resolution of banks, including for liquidity support, should be avoided, in keeping with the principles of fiscal and social responsibility and market discipline;

   Amendment

   35. Strongly opposes the use of taxpayer money to resolve bank failures, including for liquidity support, in keeping with the principles of fiscal and social responsibility and market discipline;

   official amendment document ↗
10. Amendment 10ESNMotion for a resolution · Paragraph 35 a (new)
    Amendment

    35a. Highlights the legal possibility and historical occurrence of a segregation between investment and commercial banking, as opposed to the current universal banking system with its inherent incentives for excessive risk-taking, possible risks to customer deposits and a transfer of risk to taxpayers;

    official amendment document ↗
11. Amendment 11PfEMotion for a resolution · Recital E
    Current text

    E. whereas fragmentation and the lack of cross-border consolidation of the EU banking sector is affecting its global competitiveness; whereas the profitability gap between EU and US banks has widened;

    Amendment

    E. whereas it still appears difficult for savers and investors to open savings accounts and purchase other banking products from banks in Member States where they are neither residents nor nationals; whereas the profitability gap between EU and US banks has widened;

    official amendment document ↗
12. Amendment 12PfEMotion for a resolution · Paragraph 1 a (new)
    Amendment

    1a. Emphasises that banking culture varies widely between Member States and welcomes this diversity; points out that the ECB has repeatedly stated that bank size is not the main reason why US banks are stronger than European ones; points to scientific evidence that the marginal benefits for large bank mergers are considerably smaller than for smaller mergers1a; _________________ 1a Kristen Regehr and Rajdeep Sengupta, ‘Has the Relationship between Bank Size and Profitability Changed?’, Economic Review, Second Quarter 2016, Federal Reserve Bank of Kansas City, pp. 49-72.

    official amendment document ↗
13. Amendment 13PfEMotion for a resolution · Paragraph 2
    Current text

    2. Asks the Commission to ensure that the completion of the BU and the Capital Markets Union remains a key priority; highlights that these projects offer households and SMEs access to broader funding, reduce the high reliance on bank credit to foster investments and job creation, increase financial stability, reduce the impact of economic downturns, support competitiveness, give additional investment opportunities, fund the transition to a green and digital economy and unlock the EU’s growth potential; notes that the Commission is requested to take into consideration the specificities of the different banking models, while preserving a level playing field;

    Amendment

    2. Recommends that the Commission pursue prudent and selective steps to deepen the Capital Markets Union, prioritising respect for each nation’s financial sovereignty and endorsing only those integration measures that are narrowly tailored and demonstrably beneficial; highlights that these projects offer households and SMEs access to broader funding, reduce the high reliance on bank credit to foster investments and job creation, increase financial stability, reduce the impact of economic downturns, support competitiveness, give additional investment opportunities, fund the transition to a green and digital economy and unlock the EU’s growth potential; notes that the Commission is requested t…

    Excerpt — full text in the official PDF.
    official amendment document ↗
14. Amendment 14PfEMotion for a resolution · Paragraph 25
    Current text

    25. Notes that the banking sector plays a role in supporting the transition to a digitalised and carbon neutral economy, in channelling funds to renewable energy sources and in supporting the achievement of the objectives of the EU Green Deal and the EU Climate Law;

    Amendment

    25. Notes that the banking sector plays a role in supporting the transition to a digitalised and sustainable economy;

    official amendment document ↗
15. Amendment 15PfEMotion for a resolution · Paragraph 26 a (new)
    Amendment

    26a. Calls on the ECB to calculate the cost of compliance with the Corporate Sustainability Due Diligence Directive1a, the Corporate Sustainability Reporting Directive1b and other green and sustainability-related legislation, paying particular attention to the cost of consultancy fees necessary to comply with these obligations; ______________ 1a Directive (EU) 2024/1760 of the European Parliament and of the Council of 13 June 2024 on corporate sustainability due diligence, OJ L, 2024/1760, 5.7.2024, ELI: http://data.europa.eu/eli/dir/2024/1760/oj. 1b Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004…

    Excerpt — full text in the official PDF.
    official amendment document ↗