S&D group negotiator, Jakob Von Weizsäcker, added:
“Bank lobbyists had high hopes that a rushed attempt to water down former EU Commissioner Michel Barnier's proposal on bank separation would pass the Economic and Monetary Affairs Committee. "According to these proposals, too-big-to-fail banks would have been able to continue to gamble with taxpayers’ implicit guarantees."
"Since too-big-to-fail banks continue to pose a serious risk to taxpayers, we are calling for a reversal in the burden of proof for the largest banks with the most extreme business models. In the future, they should be obliged to demonstrate to bank supervisors beyond any reasonable doubt that they do not present any systemic risks.
“If a bank fails to pass this test, it would then either be split up or, alternatively, the capital requirements would be increased very substantially. We hope that Conservatives and Liberals would eventually support this approach, based on the original Barnier proposal."