Wednesday, 20 February 2013

Omnibus II - back to October 2013

Following on from the barely noticeable number of previous posts on Omnibus II Plenary vote delays (here, here, here, here, here and here), we can now stick lucky number 7 in the pot, after the procedure file was updated today to show a postponement to October 2013 - whilst the delay was inevitable after EIOPA made it clear that the Long Term Guarantees Assessment report would only reach the co-legislators by July, the actual date helps with short-term planning for all stakeholders concerned.

I guess the big questions that emerge from a delay to October are:

  • Whether it is enough time, factoring in the summer holidays, to consume the LTG report, acknowledge its outcomes regardless of which territory benefits most from the conclusions, and vote positively
  • Whether it is actually too much time to pull apart the report's outcomes, and between the trilogue parties, industry lobbyists and any national political pressures than can be marshalled in the interim, October just becomes the next promises graveyard.
  • The increasing proximity of this date to the campaigning for the 2014 EU parliamentary elections, which must surely impact on how the voting will go if the LTG report gives a duff outcome to those countries still writing swathes of guaranteed business
  • The entry into the mix of Karel van Hulle's replacement (haven't seen a name yet)

Not certain if 2016 is exactly riding on Omnibus II approval by October, but one feels it would certainly help restore some credibility.

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