Presentation of the fpmi in Brussels on February 1st, 2006

by Finanzplatz München Initiative

Bavaria's Economics Vice-Minister Spitzner on a visit to Brussels with the Munich Financial Center Initiative / Regulatory pause called for in the financial sector

Spitzner: "Do not over-regulate the financial sector"

Munich / Brussels, February 1, 2006 - Bavaria's Vice-Minister of Economic Affairs, Hans Spitzner, was in Brussels today with a high-calibre delegation from the Munich Financial Centre Initiative (fpmi) meeting Members of the European Parliament and representatives of the European Commission and of the Council of Europe to discuss current fi nancial issues and present the great potential offered by the fi nancial centre of Munich/Bavaria. Their talks focused, among other things, on the forthcoming Directives on payment transactions and consumer credit.

The primary objective of the Munich Financial Centre Initiative was to "influence the legislative process in the EU and play a part in shaping financial Europe", Economics Vice-Minister Spitzner explained to the representatives of the EU institutions. He called for balanced solutions in EU legislative projects and said that a regulatory pause was needed. "The EU is overburdening our financial service providers. They now have to implement too many directives and all at the same time", Spitzner underlined.

On a positive note, the fpmi delegation welcomed the fact that for the next few years the European Commission was first seeking to consolidate and evaluate the legislation adopted with a view to "better regulation". However, it urged "Brussels" to avoid over-regulation in those cases where harmonisation was still required.

Wolfgang Sprissler, Spokesman of the Management Board of HypoVereinsbank, said that "absolutely right steps had been taken regarding a common European banking and financial centre". On the other hand, developments were underway here that should be observed extremely closely. According to the Spokesman of HVB, these include the proposed EU Directive on European payment transactions. In his view, it was based on solutions that were too expensive and would lead to distortion of competition.

The insurance business generally supported the Solvency II project, commented Udo Martinsohn, Chairman of the Board of Management of Swiss Re Germany Holding AG, Munich. Excessive security requirements and the use of noneconomic principles in the assessment of insurance companies would have a negative impact on the competitiveness of the insurance industry and result in higher costs for the policyholders. Instead, Martinsohn proposed that the EU should create framework conditions for healthy competition and so rely more on the medium of transparency. In this way, market discipline could be enhanced. Simultaneously, the comparability of solvency requirements contributes to consumer protection.

The Munich Financial Center Initiative:
With Munich at its hub, Bavaria is one of the most important financial centres in Europe. The Munich Financial Centre Initiative brings together eminent companies, associations, institutions, as well as scientific and government bodies. Its goal is to further expand and enhance the strong position of Bavaria, and particularly Munich, in the international competition among financial centres and to ensure an even better hearing for the comments and proposals of the financial centre.
Further information on the Munich Financial Center Initiative can be obtained under www.fpmi.de
 

Further Information

List of Participants at the Presentation of the Financial Centre of Munich/Bavaria in Brussels on February 1, 2006
Position Paper - Munich Financial Center Initiative  
Press Release of the FPMI in Brussels  
Hans Spitzner, Vice-Minister Bavarian State Ministry of Economic Affairs, Infrastructure, Transport and Technology  
Dr. Wolfgang Sprissler, Spokesman of the Management Board member of HypoVereinsbank  
Udo Martinsohn, Chairman of the Board of Management Swiss Re Germany Holding AG 

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