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on behalf of The Left Group
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | Amendment– having regard to the IMF study ‘Monetary Policy PassThrough to Interest Rates: Stylized Facts from 30 European Countries’, |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | Amendment– having regard to the Financial Times article ‘European banks to reward investors with bumper €123bn in payouts’1a, |
| Motion for a resolution | Amendment1a Foy, Simon, ‘European banks to reward investors with bumper €123bn in payouts’, Financial Times, 23 January 2025 (www.ft.com/content/cfe4c11303b54cd5b61f1c5d7e98e281). |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | Amendment– having regard to the ECB article ‘Monetary Policy Transmission: Why Consumers’ Housing Situations Matter’ 1b |
| Motion for a resolution | Amendment1b Baldassarri, Lorenzo, et al., ‘Monetary Policy Transmission: Why Consumers’ Housing Situations Matter’, European Central Bank, 3 October 2024 (www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog20241003~44069e813f.en.html). |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | AmendmentAa. whereas the increases in reference interest rates determined by the ECB have had and continue to have damaging effects on the solvency of households, microenterprises and SMEs in countries where variable interest rates prevail; |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | AmendmentAa. whereas, in countries such as Spain, Portugal and Finland, variable-rate mortgages were particularly popular when consumers acquired their homes in the past; whereas those consumers were immediately affected by interest rate rises; whereas consumers with fixed-rate loans, on the other hand, only feel the impact of interest rate rises later and under certain conditions; whereas such variations within the euro area means that the transmission of monetary policy decisions is likely to be quicker in countries that have a higher percentage of variable-rate loans1c; whereas the situation has contributed to difficulties accessing housing in some countries1d; |
| Motion for a resolution | Amendment1c Baldassarri, Lorenzo, et al., ‘Monetary Policy Transmission: Why Consumers’ Housing Situations Matter’, European Central Bank, 3 October 2024 (www.ecb.europa.eu/press/blog/date/2024/html/ecb.blog20241003~44069e813f.en.html). |
| Motion for a resolution | Amendment1d Igan, Deniz, ‘The Housing Affordability Crunch’, IMF, 3 December 2024 (www.imf.org/en/Publications/fandd/issues/2024/12/thehousingaffordabilitycrunchdenizigan). |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | AmendmentAb. whereas a recent study by the International Monetary Fund1e shows that the pass-through of increased interest rates to consumers and businesses by the banking sector has been very heterogeneous, taking into account the sector concentration, the type of mortgage rate and the amount of mortgage borrowing families have, among other factors; |
| Motion for a resolution | Amendment1e Beyer, R., Chen, R., Li, C., Misch, F., Ozturk, E., and Ratnovski, L., ‘Monetary Policy PassThrough to Interest Rates: Stylized Facts from 30 European Countries’, IMF working paper (WP/24/9), 2024. |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | AmendmentAc. whereas the dividends of European banks alone have exceeded pre-2008 levels and the rewards for shareholders are even greater if share buybacks are taken into account1f; |
| Motion for a resolution | Amendment1f Foy, Simon, ‘European banks to reward investors with bumper €123bn in payouts’, Financial Times, 23 January 2025 (www.ft.com/content/cfe4c11303b54cd5b61f1c5d7e98e281). |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | AmendmentAd. whereas reference interest rate rises increase financial margins in the banking sector, especially where the greatest sector concentration can be found; |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | Amendment1a. Considers it imperative that the European Central Bank swiftly reverses the reference interest rate rises; |
on behalf of The Left Group
European Central Bank – annual report 2024
Amendment: Motion for a resolution and Amendment| Motion for a resolution | Amendment |
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| Motion for a resolution | Amendment1b. Takes the view that, in the immediate future, banking sector profits should be used to cover of the impact of higher reference interest rates on mortgages; |