Press Release


Capital Requirements Directive: Successful and satisfactory result needed. Othmar Karas MEP


KARAS, Othmar"The European Parliament will make use of every available minute to negotiate a successful and satisfactory result on the Capital Requirements Directive. As Parliament's Rapporteur, I want to reach an agreement between all three EU institutions before the end of this legislative term. I welcome and support the decision to postpone the vote on the CRD to the May plenary session. This will give us the necessary time to iron out the last remaining details", sais EPP-ED Vice-Chairman Othmar Karas MEP, Parliament's Rapporteur on the Capital Requirements Directive.

"The CRD is a cornerstone of the planned European legislation to tackle the financial and economic crisis. I am convinced that both the Council with the Czech EU Presidency and the Commission are as interested in reaching a first reading agreement before the European elections as is the European Parliament", underlined Karas.

"In several trilogue meetings we have already found common ground on most questions. Now only the issue of the retention requirements on securitised products remains to be negotiated. I am counting on the Czech Presidency and the Commission to conclude this final part with the European Parliament and to come to the desired first reading agreement in May", said Karas.

"Finding appropriate solutions to the financial crisis is far more important than playing political games for small-time winnings. A strong and convincing European answer which can serve as model for a global solution is what we aim for", concluded Karas.

For further information:
Othmar Karas MEP, Tel: +32-2-2845627
Philipp M. Schulmeister, EPP-ED Press Service, Tel: +32-475-790021

Notes to Editors:
The EPP-ED Group is the largest political group in the European Parliament with 288 Members from all 27 Member States.

Economic and Monetary Affairs