Welsh Conservatives in the European Parliament
Dr Kay Swinburne MEP

Financial "plumbing" needs attention – or a burst could wreck everything, Strasbourg, 11.12.13

 
Financial businesses outside the banking sector are potentially just as vulnerable to market stress – and so must be able to demonstrate proper governance and robust risk-management in just the same way.

 

That is why a report which Conservative MEPs are piloting through the European Parliament seeks to bolster the safety and stability of the whole financial system.

 

Conservative MEPs believe that, although it was only banks which disastrously failed during the last financial crisis, there is no intrinsic  reason why other financial institutions might not potentially prove equally susceptible – and their failure could prove equally damaging to the system as a whole.

 

A report by Conservative MEP Kay Swinburne, herself a former merchant banker, was approved by the parliament in Strasbourg today. It stresses that all financial market participants – not only the banks -  need a better understanding of how their business would function – or even be wound down in an orderly fashion – if they fell victim to financial stress.

 

It emphasises that non-banks operating as part of the so-called "critical market infrastructure" (CMI) must employ rigorous standards of governance and risk management for the benefit of the system as a whole.

 

The MEP for Wales said: "While the work on recovery and resolution of banks has undergone a lot of international work, less has been done to ensure the stability of our critical market infrastructure. Yet the level of interconnectedness of our entire financial system is increasing and has been identified as a future weakness in the financial markets as a whole.

 

"We have seen what happens when one bank goes down, we have not yet seen what happens when a piece of critical market infrastructure collapses – and I hope we don’t any time soon.

 

The report looks in particular at the possible failure of central clearing houses and settlement systems, and calls for further study of infrastructure risk in other sectors such as insurance and asset management.

 

Dr Swinburne said: "As those sectors evolve and expand beyond their traditional activities, supervisors will need to keep a close eye out to see whether stronger action might be necessary.

 

"Having safe, sound market infrastructure is critical to allowing capital to flow through our economy. It is the plumbing that delivers the assets to where they need to be.

 

"And as any householder knows, it only takes one small pipe to burst for the whole building to suffer damage."
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Welsh Conservatives
04/12/2013

The European Commission has today designated European Protected Geographical Indication (PGI) status to the well-known Pembrokeshire Early Potato from West Wales.
 
The Pembrokeshire Early Potato was one of only three quality farm products whose applications for PGI status were approved today.
 
The EU PGI schemes protect product names against misuse and under these schemes more than 1200 products are already protected.
  
Commenting on this announcement from the European Commission today Dr Kay Swinburne MEP – who is from West Wales - said:
 
"I am delighted to see that this application to have "Pembrokeshire Earlies" added to the register of PGI products has been approved by the European Commission today."

"Achieving this prestigious status is a clear acknowledgment of the high-quality and distinctive produce we continue to deliver in Wales. Pembrokeshire Early Potatoes thoroughly deserve their place alongside the well-known food and drink products from right across the EU which already feature on the PGI register."

 
26/11/2013

Kay was delighted to host an event to celebrate Higher Education, Science and Innovation in Wales last night in the European Parliament.  The event builds on the British Council’s “Strategic Analysis of the Welsh Higher Education Sector, Distinctive Assets”.  A number of experts spoke to share their views of Welsh HE at the event and how it can develop in the future.
20/11/2013


In advance of the 'Fox-Hafner Report' vote on the single seat for the European Parliament, Kay and the other UK Conservative MEPs feel it is right to draw attention to the fact that the seven-year cost of the dual-seat arrangement comes to £928,000,000. Since her election to the European Parliament in 2009, Kay has strongly supported bringing the monthly Parliamentary meetings in Strasbourg to an end and therefore saving taxpayers a considerable sum of money.

20/11/2013


Kay was delighted to meet Malala Yousafzai, who was awarded the EU's Sakharov Human Rights Prize at the European Parliament today.
 

Following Malala’s speech to the European Parliament, Kay said, “What an inspirational speech Malala gave to the Members of the European Parliament today. As a mother of young children myself, I hope that they can also aspire to achieve like her. Malala is an exceptional young lady who has overcome adversity by tremendous force of character and a passionate belief in the right of everybody to enjoy and benefit from education.”   

12/11/2013



Kay was very pleased to meet with members of the Advanced Manufacturing Research Group at the European Parliament in Brussels, one of four groups set up in key Welsh research strengths to engage with EU research funds. The delegation visiting Brussels included representatives from Cardiff University, Bangor University, Swansea University and Trinity St.Davids University.

23/10/2013
In advance of tomorrow's European Council meeting of leaders, Dr Swinburne has echoed the recommendations made in a recent report published by a number of business leaders, which highlights the importance of removing barriers to business competitiveness in Europe and getting rid of burdensome legislation by cutting EU red tape.

 
Last year Dr Swinburne encouraged businesses in Wales to highlight to the European Commission which over-burdensome regulations they would like to see slashed, by writing to small businesses all over Wales and asking them to tell her their red-tape problems.
08/10/2013


Electronic cigarettes no longer face being taken off the shelves by the EU after Conservative MEPs were successful today in amending EU legislation on tobacco labelling.

Conservative MEP's led the amendment to defeat proposals that would have classified e-cigarettes as medicinal products, meaning they would have to undergo an overly burdensome and costly authorisation procedure, which would go beyond the procedures for traditional tobacco products... (Read more under 'Articles')

 


18/09/2013


Welsh Conservative MEP Kay Swinburne has been sitting down with leaders in Europe's biotech field to choose the top five candidates to compete in this year's EuropaBio Most Innovative EU Biotech SME Award.

As a member of this year's judging committee, Kay is once again supporting the EuropaBio award, which has attracted applications from all three sectors of biotechnology - healthcare, industrial and agricultural, from across the EU... (Read more under 'Articles')

11/09/2013


WELSH Conservative MEP Dr Kay Swinburne today hailed a vote in the European Parliament as a "wake-up call" in the battle to save Europe's endangered languages.

MEPs meeting in Strasbourg backed a report which calls on governments across the EU to develop action plans to encourage continued linguistic diversity.

The report, written by Corsican MEP François Alfonsi, also says governments should be "more attentive" to threats which may lead to languages becoming extinct.

Dr Swinburne, who was a shadow rapporteur for the report, has argued that Welsh can be seen as a positive example of language revitalisation which communities across the EU should follow... (Read more under 'Articles')

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Dr Kay Swinburne MEP
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Copse Walk
Cardiff Gate Business Park
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CF23 8RB

Tel: 029 2054 0895
kayswinburnemep@welshconservatives.com

National Political Party: Conservative Party
European Group: European Conservatives and Reformists Group (ECR)

European Conservative and Conformist Group
© Copyright Kay Swinburne 2013 | All rights reserved. | Photographs of the Parliament supplied by Adam Issacs.
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