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Young Fine Gael Proposals on Banking Reform Discussed at Highest EU Levels - News - Young Fine Gael

Young Fine Gael Proposals on Banking Reform Discussed at Highest EU Levels

Young Fine Gael's influence at European level took a massive leap forward this week when proposals put forward by YFG's International Secretary & Deputy Secretary General of the Youth of the European People's Party (YEPP), Colm Lauder, were presented and agreed upon at a meeting in Brussels with Commissioner Johannes Hahn, President of the European People's Party, Wilfried Martens, and other leading European politicians and policy makers.

Mr. Lauder has developed a detailed critique of the European Union's response to the Basel III Banking Accords and suggested alternative proposals that should be integrated with EU policy.

These proposals include a re-examination of the complex relationship between Investment banking houses and retail banks, protection of EU banking competitiveness and the prioritisation of existing Basel III proposals to encourage a quicker restoration of confidence in the European banking sector.

Mr. Lauder also stressed that the Basel III proposals do not fully address inherent problems with the banking sector, in particular the lack of a response to the 'too big to fail' conundrum. He stressed that Europe should take a stronger position and call for a partial reassessment of the Basel III Accords. Mr. Lauder submitted his proposals at a recent YEPP Council meeting in Naples and these were unanimously adopted. Subsequently, his proposals were presented to the EPP Political Bureau and received a very warm response from the EPP MEPs, MPs and policy makers. YFG President, Eric Keane, said that this 'signifies the high respect that Fine Gael and Young Fine Gael command at European level'. He concluded by noting that 'Fine Gael has historically and continually been extremely pro-active at the European level in fighting for Irish interests as is evident by Colm's continued efforts to influence EU policy. This contrasts strongly with the almost non-existent influence of Fianna Fáil and Labour at international level'.

ENDS Contact: Eric Keane +353 87 944 1514 Colm Lauder +44 7787 444960 Note to Editor: The text of the resolution is here. The Basel Banking Accords are the international regulatory standards on bank liquidity and capital requirements. Basel III is a new set of more stringent regulation, which are in response to the lax-regulatory systems prior to the last financial crisis. Ireland (and the UK) has the most to lose (or gain) from new proposals given the heavy weighting of financial sector in the Irish economy and any such measures by the EU need to protect these sectors. Mr. Colm Lauder was elected to the board of Youth of the European People's Party (YEPP) as Deputy Secretary General in May 2011. He is a post-graduate student of Land Economy & Real Estate Finance at the University of Cambridge. YEPP is the youth wing of the European People's Party. YEPP comprises of over 40 centre-right political parties from across Europe of which YFG is a founding member. The Taoiseach, Mr. Enda Kenny TD, serves as Vice-President of the EPP.

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