On 2nd October 2020, Mairead McGUINNESS, from Ireland, Commissioner-designate, Financial Services, Financial Stability and the Capital Markets Union, is heard by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels to test her general competences, European commitment and specific expertise related to her portfolio. On this occasion, Mairead McGUINNESS has the opportunity to make an opening statement. The following transcription is the result of an automatic process. Check Against delivery.

Brussels

McGUINNESS, Mairead (EPP, IE)

Committee on Economic and Monetary Affairs

hearing of Commissioners

hearing of Mairead MCGUINNESS 2020 (T)

Hearing of Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union: Opening statement by Mairead McGUINNESS

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, Good morning, everyone. Thank you so much, honourable chair. And while you're behind me, I am delighted to see you physically present and I'm delighted to see so many in this room.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, Before I start my formal speech, can I say that I have been given permission to leave my mask off during the presentation so that I think everyone is safe. But just in case there were some concerns I have asked for and been granted permission.

SOUNDBITE (Original), Mairead MCGUINNES, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, So let me start by saying for many of you and indeed for myself, it's very unusual to be present in Brussels on Friday. You know, when I'm normally in my constituency on these days, I meet businesses, fishermen, farmers, other groups and schools.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, And I suppose what I try to do is make our European Union more tangible and accessible. But I always bring their concerns back here to the parliament. Some of you know that I've served six years in this house.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, And now subject to your approval, I look towards a new challenge. Since my nomination, I've engaged with this committee and I want to thank you for sharing your concerns and your expectations.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, Our work as members of this parliament is never easy as we strive to reach consensus. But mutual respect and listening are key. In this House I've covered many different policy areas from unfair trading practises in the food supply chain to reforming legislation on medical devices, Brexit and indeed the future of Europe.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, But in my very first mandate, one of the big issues I dealt with was a financial one. From 2006 to 2007, I chaired a special parliamentary committee of enquiry into the crisis at the Equitable Life Assurance Society.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, I can still recall distressed policyholders from many member states making contact with me that experience frames my approach to financial issues, putting people front and centre, my vision for financial services centres on ensuring the sector's strength and stability.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, For its own sake, but also so it can deliver for society and indeed now for sustainability and our environment. My most recent legislative work is on climate law, which would be voted in plenary next week.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, If confirmed, I will contribute with a renewed sustainable finance strategy. This will be fundamental for the union and member states to achieve ambitious climate targets.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, I'm honoured to have been put forward by Ireland Commissioner Designate and by President Von der Leyen to the Financial Services Financial Stability and Capital Markets portfolio. If confirmed, I would be joining a gender balanced colleague of commissioners and I look forward to continuing the work of Valdis, working collectively with the college, supporting college positions in the interests of the Union and all European citizens.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, So people are at the heart of my vision to fulfil the tasks in my mission letter, a banking union that provides stability for households and SMEs, a capital markets union at the service of all, a financial system that serves society holistically and takes seriously its responsibility to address climate and environmental challenges.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, A new digital finance strategy that stimulates innovation while being alert to the risks. A fair financial system with zero tolerance for money laundering. A strong financial sector that supports Europe's place in an ever uncertain Vice-President Dombrovskis set out his agenda for financial services.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, It would be my responsibility if you approve my nomination, to continue this agenda. However, the context has changed fundamentally. One million people have died of covid-19. Our world has gone from strong growth and employment to severe disruption to our way of life and our Economy.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, Many have lost their jobs, in particular young people. The crisis we face is challenging and because we do not know the path of the virus, the road ahead, rather the road ahead is uncertain.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, And as you've heard this morning, the virus doesn't discriminate. It can attack young and old, the powerful and the weak. And that's why we need to have a very united stand, both in terms of how we address a health issue, but also in terms of how we deal with the economic consequences.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, I think it's important to say that our member states reacted swiftly to protect public health and support our economy and society through wage subsidies and business support measures.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, EU leaders reached a landmark political agreement on the next generation EU fund of 750 billion, signalling unprecedented EU support for the recovery and a holistic demonstration of solidarity.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, As this committee knows, on the Financial services side, central banks and supervisors took big steps to allow the financial sector to stabilise the economy. The commission proposed a banking package to enable banks to keep lending, which you agreed to in record time.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, The capital markets recovery package now on the table will make it easier for capital markets to support European businesses. But we know that some companies will not recover and that financial institutions will face an increase in non-performing loans, which we must prepare for.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, This will receive my highest attention if you choose to confirm me. But let's be very clear. This is not 2008. Banks were part of the problem then. They are now part of the solution with stronger levels of capital and liquidity.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, And we can see the positive impact of the regulatory framework implemented after the global financial crisis. The work of the EU institutions, not least this committee, was and is key in creating a more stable financial system to aid our recovery while supporting the green transition and the digital transformation of the EU economy Union is founded means standing up to those who seek to undermine them.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, A credible and responsive sanctions framework is key for an effective foreign policy. In parallel, I will look at ways to defend ourselves from unwarranted extraterritorial effects on our interests of sanctions doctored by others and will work on our ability to impose sanctions to be open to the world.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, We also need to be strong and secure at home at a time when global institutions are struggling and large powers are turning inwards. The European Union must act firmly to protect our interests and the work towards restoring multilateralism, including the global financial dimension.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, The United Kingdom has left the European Union and we are coming towards the end of the transition period. I fully support Michel Barnier's work towards a new relationship in the interests of both the European Union and the United Kingdom

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, We must be ready to deal with the consequences in the financial sector that flow from the United Kingdom becoming a third country. Under all circumstances, deal or no deal? The trade and financial services between the United Kingdom and the European Union will be different and less fluid as of the 1st of January next year.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, All EU financial firms and stakeholders need to prepare for this. Many already have, and others need to do so urgently. We have taken decisions in the interests of EU financial stability for the short term notably, on CCPs.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, We need to avoid being overly dependent on a third country for key financial services and this is not closing ourselves off to the outside world. Indeed, I want to make sure that we have a strong European financial system and that the services that underpin our financial stability are under our rules and our supervision.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, Dear colleagues, we have made significant progress following the crisis of 2008. I want a resilient European financial system that underpins social inclusion and is open for all. Covid-19 has shown that neglecting investment in public health comes at a high price, that freedoms are not always guaranteed, and that wealth creation is not an end in and of itself, but rather the key to building more resilient and inclusive societies.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, As we chart a new direction that green digital and more sustainable and inclusive, the financial sector must play its full part, ensuring capital for the right investments, embracing environmental and social responsibility not as nice to have, but as fundamental.

SOUNDBITE (Original), Mairead MCGUINNESS, Commissioner-designate in charge of financial services, financial stability and the Capital Markets Union, We have no time to lose, and I, for one, have never allowed a moment to be wasted. In my 16 years in this house, this parliament means a great deal to me. And should I meet with your approval? You can count on my full cooperation with you. Thank you. And I look forward to our debate.