Sittings · Document

Report (2024/2054(INI)) 2025-02-05

European Central Bank – annual report 2024

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5.2.2025 A100003/14

Amendment 14

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Citation 10 a (new)

Motion for a resolution	Amendment
	– having regard to the IMF study ‘Monetary Policy PassThrough to Interest Rates: Stylized Facts from 30 European Countries’,

Or. pt

5.2.2025 A100003/15

Amendment 15

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Citation 12 a (new)

Motion for a resolution	Amendment
	– having regard to the Financial Times article ‘European banks to reward investors with bumper €123bn in payouts’1a,
	_________________
	1a Foy, Simon, ‘European banks to reward investors with bumper €123bn in payouts’, Financial Times, 23 January 2025 (www.ft.com/content/cfe4c11303b54cd5b61f1c5d7e98e281).

Or. pt

5.2.2025 A100003/16

Amendment 16

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Citation 13 a (new)

Motion for a resolution	Amendment
	– having regard to the ECB article ‘Monetary Policy Transmission: Why Consumers’ Housing Situations Matter’ 1b
	_________________
	1b 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).

Or. pt

5.2.2025 A100003/17

Amendment 17

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Recital -A a (new)

Motion for a resolution	Amendment
	Aa. 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;

Or. pt

5.2.2025 A100003/18

Amendment 18

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Recital A a (new)

Motion for a resolution	Amendment
	Aa. 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;
	_________________
	1c 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).
	1d Igan, Deniz, ‘The Housing Affordability Crunch’, IMF, 3 December 2024 (www.imf.org/en/Publications/fandd/issues/2024/12/thehousingaffordabilitycrunchdenizigan).

Or. pt

5.2.2025 A100003/19

Amendment 19

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Recital A b (new)

Motion for a resolution	Amendment
	Ab. 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;
	_________________
	1e 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.

Or. pt

5.2.2025 A100003/20

Amendment 20

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Recital A c (new)

Motion for a resolution	Amendment
	Ac. 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;
	_________________
	1f Foy, Simon, ‘European banks to reward investors with bumper €123bn in payouts’, Financial Times, 23 January 2025 (www.ft.com/content/cfe4c11303b54cd5b61f1c5d7e98e281).

Or. pt

5.2.2025 A100003/21

Amendment 21

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Recital A d (new)

Motion for a resolution	Amendment
	Ad. whereas reference interest rate rises increase financial margins in the banking sector, especially where the greatest sector concentration can be found;

Or. pt

5.2.2025 A100003/22

Amendment 22

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution	Amendment
	1a. Considers it imperative that the European Central Bank swiftly reverses the reference interest rate rises;

Or. pt

5.2.2025 A100003/23

Amendment 23

João Oliveira

on behalf of The Left Group

Report A100003/2025

Anouk Van Brug

European Central Bank – annual report 2024

(2024/2054(INI))

Motion for a resolution

Paragraph 1 b (new)

Motion for a resolution	Amendment
	1b. 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;

Or. pt