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Covered bonds – Issue and supervision, exposures

24-01-2020

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly ...

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly, despite benefiting from preferential treatment under the Capital Requirements Regulation (CRR), they share no common definition, which can lead to different securities benefiting from this treatment. To remedy this, the Commission has adopted proposals for, on the one hand, a directive, which would lay down investor protection rules and provide common definitions, and on the other, a regulation, which would amend the CRR with regard to covered bond exposures. Parliament voted in plenary on 18 April 2019 to adopt the texts agreed in trilogue. After linguistic corrections, Parliament approved corrigenda and the two acts were signed on 27 November 2019. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

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.

Amending capital requirements: The 'CRD-V package'

30-07-2019

In May 2019, the European Parliament and the Council (the co-legislators) adopted the legislative proposals amending the Capital Requirements Directive and Regulation, which establish the prudential framework for financial institutions operating in the EU. The amendments implement the most recent regulatory standards for banks, set at international level ('Basel III framework'). They also address some regulatory shortcomings and aim to contribute to sustainable bank financing of the economy. The ...

In May 2019, the European Parliament and the Council (the co-legislators) adopted the legislative proposals amending the Capital Requirements Directive and Regulation, which establish the prudential framework for financial institutions operating in the EU. The amendments implement the most recent regulatory standards for banks, set at international level ('Basel III framework'). They also address some regulatory shortcomings and aim to contribute to sustainable bank financing of the economy. The final acts were published in the Official Journal on 7 June 2019. The new provisions will for the most part apply as of 2021. Fourth edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Minimum loss coverage for non-performing loans

20-05-2019

The recessions resulting from the financial crisis that broke out at the end of the last decade have caused economic difficulties for more and more EU companies and citizens in recent years, leaving them unable to repay their loans. As a result many EU banks have accumulated high volumes of non-performing loans (NPLs) on their balance-sheets. Although it has almost halved since December 2014, the ratio between NPLs and total loans extended by EU banks (the NPL ratio) remains historically high when ...

The recessions resulting from the financial crisis that broke out at the end of the last decade have caused economic difficulties for more and more EU companies and citizens in recent years, leaving them unable to repay their loans. As a result many EU banks have accumulated high volumes of non-performing loans (NPLs) on their balance-sheets. Although it has almost halved since December 2014, the ratio between NPLs and total loans extended by EU banks (the NPL ratio) remains historically high when measured against the ratios of other advanced economies. NPLs represent a risk to banks' balance sheets inasmuch as future losses they might generate are not sufficiently covered by appropriate reserves. To tackle this issue, in March 2018 the Commission adopted a comprehensive package of measures, including a proposal for a regulation amending the Capital Requirements Regulation (CRR) to introduce common minimum loss coverage levels (a 'statutory backstop') for newly originated loans that become non-performing. Following agreement on a text with the Council in trilogue, Parliament adopted the proposal in plenary on 14 March 2019. The final act was signed on 17 April 2019 and published in the Official Journal on 25 April 2019, coming into force the following day. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Covered bonds: Issue and supervision, exposures

10-04-2019

The Commission has proposed a directive and a regulation to create a unified European framework for covered bonds. Parliament is due to vote in April on the texts agreed in interinstitutional negotiations.

The Commission has proposed a directive and a regulation to create a unified European framework for covered bonds. Parliament is due to vote in April on the texts agreed in interinstitutional negotiations.

Credit servicers, credit purchasers and the recovery of collateral: Fostering secondary markets for non-performing loans (NPLs) and easing collateral recovery

12-02-2019

Due to the recessions brought about by the financial crisis from the end of the past decade, more and more EU companies and citizens have faced economic difficulties in recent years and have been unable to repay their loans. As a consequence, many EU banks have accumulated high volumes of non-performing loans (NPLs) in their balance-sheets. Although almost halved in comparison to December 2014, the ratio between NPLs and the total loans extended by EU banks (NPL ratio) remains historically high when ...

Due to the recessions brought about by the financial crisis from the end of the past decade, more and more EU companies and citizens have faced economic difficulties in recent years and have been unable to repay their loans. As a consequence, many EU banks have accumulated high volumes of non-performing loans (NPLs) in their balance-sheets. Although almost halved in comparison to December 2014, the ratio between NPLs and the total loans extended by EU banks (NPL ratio) remains historically high when measured against the ratios of other advanced economies. High levels of NPLs require banks to hold higher amounts of regulatory capital and pay a risk premium on liquidity markets, as a result of which their profitability and growth prospects diminish. To tackle this issue, a number of different initiatives have been adopted both at national and EU level. Within this context, in March 2018 the Commission adopted a comprehensive package of measures including a proposal for a directive aimed at fostering NPL secondary markets and easing collateral recovery from secured loans.

Liquidation of Banks: Towards an ‘FDIC’ for the Banking Union?

08-02-2019

This briefing looks at the key differences between the US and the Banking Union resolution and liquidation framework (Section 1) including differences in terms of funding arrangements (Section 2). In view of recent liquidation and resolution experiences, the briefing further assesses what an EU insolvency regime would bring to the Banking Union both in terms of small and medium-size banks’ resolution (Section 3) and in terms of strengthening the existing BRRD resolution framework (Section 4). The ...

This briefing looks at the key differences between the US and the Banking Union resolution and liquidation framework (Section 1) including differences in terms of funding arrangements (Section 2). In view of recent liquidation and resolution experiences, the briefing further assesses what an EU insolvency regime would bring to the Banking Union both in terms of small and medium-size banks’ resolution (Section 3) and in terms of strengthening the existing BRRD resolution framework (Section 4). The briefing finally outlines (Section 5) the key building blocks of an EU liquidation regime for the Banking Union.

Financial Supervision and Regulation in the US - Dodd-Frank Reform

13-12-2018

The paper provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions. This document was provided by Policy Department A at the request of the ECON Committee.

The paper provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions. This document was provided by Policy Department A at the request of the ECON Committee.

Parlamendiväline autor

Prof Joseph R. Mason; Jeff D. Balcombe; W. Scott Dalrymple

Exchange of views with Mrs Elke König, Chair of the Single Resolution Board

05-12-2018

This briefing presents selected issues regarding the work of the Single Resolution Board (SRB) in advance of the exchange of views with Mrs Elke König, Chair of the SRB, in ECON on 6 December 2018. The briefing thematically covers the following: (i) Pending response to the EP 2017 Banking Union report, (ii) Updated information in the resolution case of Banco Popular, including the Valuation 3 report, (iii) SRB’s 2018 MREL policy; (iv) The backstop to the Single Resolution Fund (SRF); (v) Liquidity ...

This briefing presents selected issues regarding the work of the Single Resolution Board (SRB) in advance of the exchange of views with Mrs Elke König, Chair of the SRB, in ECON on 6 December 2018. The briefing thematically covers the following: (i) Pending response to the EP 2017 Banking Union report, (ii) Updated information in the resolution case of Banco Popular, including the Valuation 3 report, (iii) SRB’s 2018 MREL policy; (iv) The backstop to the Single Resolution Fund (SRF); (v) Liquidity in resolution, including the summary of external briefings commissioned by the ECON Committee; (vi) Brexit-related issues, (vii) Bank liquidation regime, (viii) Other publications including the SRB’s 2019 work programme and the 2018 contributions to the SRF.

Loan servicers and buyers and recovery of collateral

29-11-2018

The two IAs accompanying the proposal are similar in the knowledge base underpinning the work and the quality of data and sources. However, there seem to be qualitative differences in the way research, analysis and consultation activities were presented. In this respect, the IA on secondary markets has more room for improvement than the one on the out-of-court enforcement procedure The latter complies more fully with the Better Regulation Guidelines, for example in terms of analysis of effectiveness ...

The two IAs accompanying the proposal are similar in the knowledge base underpinning the work and the quality of data and sources. However, there seem to be qualitative differences in the way research, analysis and consultation activities were presented. In this respect, the IA on secondary markets has more room for improvement than the one on the out-of-court enforcement procedure The latter complies more fully with the Better Regulation Guidelines, for example in terms of analysis of effectiveness and efficiency, quantification, attention to social impacts and impacts on SMEs.

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