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In 2020, the Commission launched a review of the Solvency II Directive, the EU's legal prudential regulatory framework for (re-)insurance companies, which entered into force in 2016. As one output of the review, the Commission made a proposal in September 2021 for a new directive establishing a framework for recovery and resolution of insurance companies – the 'IRRD proposal'. The IRRD proposal would establish harmonised recovery and resolution tools and procedures, with enhanced cross-border cooperation ...

This document provides an overview of the public hearings of the Chair of the Supervisory Board of the European Central Bank in the ECON Committee during the 9th parliamentary term (since July 2019), and lists all research papers requested by the ECON Committee, which are in general provided by a standing panel of banking experts. The annex gives an overview of the respective legal bases for those hearings, which form part of the accountability framework of the Single Supervisory Mechanism (SSM). ...

This study looks at potential windfall profits for the four banking acquisitions in 2023. Based on accounting figures, an FT article states that a total of USD 44bn was left on the table. We see accounting figures as a misleading analysis. By estimating marked-based cumulative abnormal returns (CAR), we find positive abnormal returns in all four cases which when made quantifiable, are around half of the FT’s accounting figures. Furthermore, we argue that transparent auctions with enough bidders ...

This briefing summarises the conclusions of the ECB’s investigation phase and gives an overview of the recent legislative proposals from the Commission. It also discusses the ECB’s legal opinion, highlighting where the ECB has concerns with the legislative proposals. These concerns chiefly result from perceived intrusions by the legislation into the ECB’s monetary policy competences. Finally, the briefing points out open questions and tentative answers, including on the delineation of competences ...

On 18 April 2023, the European Commission tabled a package of proposals to amend the bank crisis management and deposit insurance (CMDI) framework. The objective of the reform is to calibrate the latter so as to further deepen harmonisation and reduce the use of taxpayer funding. More specifically, the proposal for a CMDI reform would amend the early intervention procedure and the decision to resolve a failing bank in the public interest. It would also encourage the use of funding from national deposit ...

In the aftermath of the 2008 financial crisis, which showed the need for more sophisticated and demanding capital requirements for banks, new regulations were agreed at international level – known as the Basel III Agreements. In the EU, they were implemented essentially by amending the Capital Requirements Directive (CRD) and adopting the Capital Requirements Regulation (CRR). On 27 October 2021, the Commission tabled two interconnected proposals to amend the CRR and the CRD, respectively. The objective ...

The impact assessment is based on extensive internal and external expertise, including several studies, tailored EBA advice and JRC input. In line with the 'evaluate first' principle, it builds on an evaluation and develops a consistent intervention logic. The options presented to address the problems identified are packages of legislative amendments, with increasing ambition to enhance application of the EU resolution framework and facilitate the decisions on the appropriate resolution tools. The ...

Some savers and investors can lose money when a bank fails. The recent proposal for a reform of the EU bank crisis management and deposit insurance (CMDI) framework changes how bank resolution authorities have to treat deposits and how deposits rank in insolvency relative to other claims. These changes may significantly alter outcomes for uninsured depositors. They are not all straightforward and this briefing tries to parse them and their implications systematically.

This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 18 July 2023. This briefing addresses: * the Strategic Review of the SRB; * the SRB’s Annual Report for 2022; * ex-ante contributions to the Single Resolution Fund; * the SRB’s policy for and monitoring of MREL in 2023; * the impact of the CMDI Review; and * follow-up to the 2021 European Court of Auditors report.

There is a consensus among Parliament, Council and Commission that resolution should apply more often, including among smaller and medium-sized banks. To achieve this, the Commission has now proposed a number of changes to the criteria and process of the public interest assessment. This briefing reviews, against the background of the Single Resolution Board’s past practice, what impact the proposed changes might have. The proposed changes modify in particular the comparison between resolution and ...