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Public hearing with Elke König, Chair of the Single Resolution Board

02-12-2019

This note is prepared in view of a public hearing with the Chair of the Single Resolution Board (SRB), Elke König who will inter alia present the SRB Work Programme for 2020. The briefing addresses (i) the SRB Work Programme 2020, (ii) the state of play of SRB resolution planning, (iii) the SRB policy in relation to the targets on minimum requirements of own funds and eligible liabilities (MREL), (iv) external papers commissioned by the ECON Committee on ‘the resolvability of banks - what is the ...

This note is prepared in view of a public hearing with the Chair of the Single Resolution Board (SRB), Elke König who will inter alia present the SRB Work Programme for 2020. The briefing addresses (i) the SRB Work Programme 2020, (ii) the state of play of SRB resolution planning, (iii) the SRB policy in relation to the targets on minimum requirements of own funds and eligible liabilities (MREL), (iv) external papers commissioned by the ECON Committee on ‘the resolvability of banks - what is the status quo’, (v) individual cases of banks and some follow-up to an individual resolution case (Banco Popular, including the ECA’s report on contingent liabilities), (vi) recent Banking Union developments, ahead of the Eurogroup report on EDIS, (vii) the SRB disclosure framework, and (viii) Brexit

Commitments made at the hearing of Valdis DOMBROVSKIS, Executive Vice-President-designate - An Economy that Works for People

22-11-2019

The commissioner-designate, Valdis Dombrovskis, appeared before the European Parliament on 08 October 2019 to answer questions from MEPs in the Committee on Economic and Monetary Affairs and the Committee on Employment and Social Affairs. During the hearing, he made a number of commitments which are highlighted in this document.

The commissioner-designate, Valdis Dombrovskis, appeared before the European Parliament on 08 October 2019 to answer questions from MEPs in the Committee on Economic and Monetary Affairs and the Committee on Employment and Social Affairs. During the hearing, he made a number of commitments which are highlighted in this document.

Which supervisory or regulatory treatment of banks’ exposures to sovereign risks?

21-11-2019

In his answer to the European Parliament (EP), Commission’s Executive Vice-President designate V. Dombrovskis explained that “It is necessary to encourage banks to diversify further their sovereign bond portfolios and reduce the home bias, which remains far too strong and leaves banks overly exposed to the fiscal distress of their home government. I do not underestimate the political, legal and technical complexity and sensitivity of these issues across the EU and their financial stability implications ...

In his answer to the European Parliament (EP), Commission’s Executive Vice-President designate V. Dombrovskis explained that “It is necessary to encourage banks to diversify further their sovereign bond portfolios and reduce the home bias, which remains far too strong and leaves banks overly exposed to the fiscal distress of their home government. I do not underestimate the political, legal and technical complexity and sensitivity of these issues across the EU and their financial stability implications, so it will be essential to develop a consensus both in the European Parliament and with the Member States”. This briefing takes stock of where the Banking Union stands in terms of sovereign exposures, home bias and concentration risks, as well as international regulatory developments (Section 1). The 2018 EP Banking Union report and the 2016 Council roadmap conditioned the adoption of an EU Regulatory Treatment of Sovereign Exposures (RTSE) to international standards to be worked out by the Basel Committee. Absent international regulatory progress, this briefing presents ways to address sovereign risks under the existing supervisory and regulatory framework (Section 2). It also provides an insight into various options identified by the European Banking Authority (EBA), the Basel Committee, the European Stability Mechanism (ESM) and the European Systemic Risk Board (ESRB) (Section 3) that might be coupled with other developments, including on a European deposit insurance scheme (EDIS) (Section 4). The issue is currently discussed in the Eurogroup High Level Working Group on EDIS, expected to report back to the European Council by end 2019.

Economic Dialogue with the President of the Eurogroup - ECON 18 November 2019

14-11-2019

Mário Centeno, has been invited to his first Economic Dialogue for the current legislative term of the European Parliament. The previous dialogue in the ECON Committee took place on 20 November 2018. During the 8th legislative term, 9 Economic Dialogues with the President of the Eurogroup took place in the ECON Committee. This briefing provides an overview of the ongoing work of the Eurogroup as regards Council recommendations to the Euro Area as a whole, public finances, macro-economic imbalances ...

Mário Centeno, has been invited to his first Economic Dialogue for the current legislative term of the European Parliament. The previous dialogue in the ECON Committee took place on 20 November 2018. During the 8th legislative term, 9 Economic Dialogues with the President of the Eurogroup took place in the ECON Committee. This briefing provides an overview of the ongoing work of the Eurogroup as regards Council recommendations to the Euro Area as a whole, public finances, macro-economic imbalances, ex-post surveillance and the banking union.

Country-Specific Recommendations in banking - November 2019

12-11-2019

Financial sector reforms have been flagged by the Commission in its Communication on the 2019 European Semester as the policy area where Member States have made the most progress during last year. This briefing focuses on the banking recommendations addressed by the Council to individual Member States within the framework of the European Semester over the past years (2011-2019). It covers all recommendations targeting individual Member States’ banking sectors from a financial stability perspective ...

Financial sector reforms have been flagged by the Commission in its Communication on the 2019 European Semester as the policy area where Member States have made the most progress during last year. This briefing focuses on the banking recommendations addressed by the Council to individual Member States within the framework of the European Semester over the past years (2011-2019). It covers all recommendations targeting individual Member States’ banking sectors from a financial stability perspective or in respect of the financing of their economies and access to finance. It takes stock of these banking relevant country-specific recommendations issued since 2011, having a closer look at the most recent recommendation iteration, as well as, looks in detail at the main topics addressed and gives an overview of the implementation by Member States as assessed by the Commission. The briefing is regularly updated.

Towards a fundamental re-design of Banks’ Stress Tests in the EU?

04-10-2019

On 26 September 2019, Andrea Enria, Chair of the European Central Bank’s Supervisory Board, gave a speech on the future of stress testing (“The future of stress testing – realism, relevance and resources”) in which he outlined a proposal on how to achieve meaningful progress with a view to make the tests both more realistic and more relevant, with fewer resources required. Andrea Enria’s proposals involve a decisive re-design of the stress test exercise. Stress tests are currently carried out using ...

On 26 September 2019, Andrea Enria, Chair of the European Central Bank’s Supervisory Board, gave a speech on the future of stress testing (“The future of stress testing – realism, relevance and resources”) in which he outlined a proposal on how to achieve meaningful progress with a view to make the tests both more realistic and more relevant, with fewer resources required. Andrea Enria’s proposals involve a decisive re-design of the stress test exercise. Stress tests are currently carried out using a “constrained bottom-up approach” whereby supervisory authorities ensure a quality check of models run by banks. It is suggested to split stress tests into a supervisory view (“top-down” approach along the lines of stress tests under Dodd-Frank in the US) and a “banks’ view” (bottom-up approach).

Anti-money laundering - reinforcing the supervisory and regulatory framework

02-09-2019

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed ...

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed to further improve the anti-money laundering supervisory and regulatory frameworks, including the 12 September 2018 Commission’s communication, the changes to the European Supervisory Authority (ESA) Regulation adopted by the co-legislators on the basis of a Commission proposal and the most recent Commission’s state of play of supervisory and regulatory landscapes on anti-money laundering. Some previous AML cases are presented in Annex. This briefing updates an EGOV briefing originally drafted in April 2018. On a more prospective note, this briefing also presents (3) some possible additional reforms to bring about a more integrated AML supervisory architecture in the EU. In that respect, President-elect U. von der Leyen’s political declaration stresses the need for further action without specifying at this stage possible additional supervisory and regulatory developments: “The complexity and sophistication of our financial system has opened the door to new risks of money laundering and terrorist financing. We need better supervision and a comprehensive policy to prevent loopholes.”

Public hearing with Andrea Enria, Chair of the ECB Supervisory Board - ECON on 4 September 2019

30-08-2019

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 4 September 2019. The briefing addresses (i) the role and tasks of the Single Supervisory Mechanism (SSM), (ii) individual cases that merit particular supervisory attention; (iii) institutional and organisational issues (Extension of the Banking Union to Bulgaria and Croatia, and memorandum of understanding between the European ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 4 September 2019. The briefing addresses (i) the role and tasks of the Single Supervisory Mechanism (SSM), (ii) individual cases that merit particular supervisory attention; (iii) institutional and organisational issues (Extension of the Banking Union to Bulgaria and Croatia, and memorandum of understanding between the European Court of Auditor (ECA) and the ECB); (iv) the risk assessment of Banking Union banks with a particular focus on leveraged loans, NPL, profitability and sovereign exposures (v) supervisory issues and policies (finalisation of Basel 3 and review of internal models, SSM Supervisory Review and Evaluation Process and transparency of stress tests further to the recently published report from the ECAs: (vi) policy developments and supervisory issues raised on the AML front; (vii) Brexit. On a more prospective note, this briefing also presents (viii) an external paper on "Lessons from the United States for banking resolution in the Banking Union" which advocates harmonisation and centralisation of bank insolvency proceedings in the Banking Union.

Third country equivalence in EU banking and financial regulation

27-08-2019

This briefing provides an insight into the latest developments on equivalence in EU banking and financial regulation both in terms of governance and decision making (Section 1) and in terms of regulatory and supervisory frameworks that governs the access of third countries firms to the internal market (Section 2). The briefing also gives an overview on the possible role of equivalence regimes in the context of Brexit (Section 3) together with Brexit-related supervisory and regulatory issues (Section ...

This briefing provides an insight into the latest developments on equivalence in EU banking and financial regulation both in terms of governance and decision making (Section 1) and in terms of regulatory and supervisory frameworks that governs the access of third countries firms to the internal market (Section 2). The briefing also gives an overview on the possible role of equivalence regimes in the context of Brexit (Section 3) together with Brexit-related supervisory and regulatory issues (Section 4). This briefing is an updated version of a briefing published in April 2018.

Banking Union: Completing the Single Rule Book

18-07-2019

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

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