The banking sector is urging the Government to use its upcoming presidency of Council of the European Union to push forward further financial integration across the bloc as well as the EU Savings and Investment Union (SIU).
The SIU is a proposal to create better financial opportunities for EU citizens, while enhancing the bloc’s financial system’s capability to connect savings with productive investments. It aims to allow easier access to capital across the EU, particularly for small- and medium-sized businesses.
In a report, the Banking and Payments Federation of Ireland (BPFI) says the Government’s presidency offers the opportunity to drive progress in this area by “shaping a coherent, consumer-focused framework that boosts retail participation in capital markets while safeguarding investor protection”.
The BPFI is also calling for a “simplification” agenda to ensure regulations are “fit for purpose” and “don’t create undue burdens compared to global peers”. In addition, it said:
BPFI chief executive Brian Hayes said Ireland’s presidency can help shape a “pragmatic, competitive, and innovation-driven EU financial services framework which, in turn, strengthens the EU’s economic position and competitive proposition”.
“This, in particular, means driving forward the EU’s Savings and Investment Union, breaking down internal barriers within the single market and reinvigorating the securitisation market.”
On the issue of housing, the BPFI said the Government should also progress work on the EU Affordable Housing Plan by “ensuring more flexible State aid rules that enable member states to support viable projects effectively”.
Mr Hayes said the BPFI’s report “underscores the necessity for a uniform application of the EU single rulebook and offers key”.
Ireland assumes the presidency of the Council of the European Union in July.
The Irish presidency will form the first part of an eighteen month “trio presidency” also involving Lithuania and Greece.
