Brussels, 02/02/2006 (Agence Europe) - The inquiry committee set up on 18 January in Strasbourg to assess the collapse of the British insurance company Equitable Life (for list of members EUROPE 9114) held its first meeting on 2 February in Brussels. Mairead McGuiness (EPP-ED, Ireland), former journalist was elected president of the committee, Manuel Medina Ortega (PES, Spain) was nominated 1st vice president, Jean-Paul Gauzès (EPP-ED, France) second vice president. Following an agreement between the political groups, the rapporteur on the dossier was chosen, Diana Wallis (ALDE, Britain).
Pervenche Berès attended the meeting and pointed out that the EP economic and monetary affairs committee that she chaired “had not had much time to decide on this inquiry committee” and that it should be taken more into account, notably in the elaboration of the agenda for the meetings. She also asserted that “this would produce better added value if this inquiry committee tried to draw useful information from the case for European legislation”. Sir Robert Atkins (British Conservative) and a member of the inquiry committee said that they would be able to propose better protection for similar debacles in the future.
In 2000, Equitable Life was unable to pay out £ 1.5 billion to its customers who had suffered heavy losses in their savings and pensions.