Rechercher

Vos résultats

Affichage 8 de 8 résultats

En mai 2022, la Commission a présenté une proposition («DEBRA») visant à remédier à la distorsion fiscale en faveur de l’endettement dans la fiscalité des entreprises. Étant donné que la dette est traitée de façon plus favorable d’un point de vue fiscal que les fonds propres, les entreprises européennes dépendent beaucoup plus des prêts bancaires lorsqu’elles financent de nouveaux investissements. Pour remédier à ce biais, la Commission propose d’introduire un abattement qui accordera aux fonds propres ...

This briefing drafted under supervision of the Economic Governance Support Unit reviews the options for a separation of non-performing and other problematic assets from the main business of a bank. This separation is essential for bank rehabilitation, though secondary loan markets are illiquid, and plagued by problems in valuation and information sharing. Independent asset management companies are therefore needed, in particular as a tool in resolution. The legal framework for such institutions should ...

This paper drafted under supervision of the Economic Governance Support Unit considers a number of issues related to the restructuring of troubled banks in the EU. First, we provide an overview of how legacy assets have been dealt in a number of countries (drawing in particular upon the experience in Japan, the USA, Sweden and Spain), which support the case for a centralized solution in the presence of a generalized banking crisis. Second, we shed light on the need to differentiate between systemic ...

This paper was drafted under supervision of the Economic Governance Support Unit. Beginning with the proposal by Enria (2017), the paper discusses the scope for successful bank restructuring through a carveout of impaired assets and a transfer of these assets to a government-sponsored asset management company. The paper argues that the success of such an operation requires a use of public funds, either outright or through contingent commitments. Clawback provisions are problematic because they create ...

This paper was drafted under supervision of the Economic Governance Support Unit. European banks have accumulated more than €1 trillion in non-performing loans (NPLs) on their balance sheets after the burst of the 2007-2009 great financial crisis. The NPLs pose a potential threat to bank stability in euro-area countries such as Cyprus, Greece, Italy, Portugal and Slovenia, where more than 15% of the loans are non-performing. This paper assesses the effectiveness of the various resolution tools to ...

This study investigates whether private insurance contracts can be a substitute to investment compensation schemes (ICS). Starting by describing the scope of events (fraud, administrative malpractice, operational error and bad advice) which are covered by ICS, the study continues to analyse whether existing insurance products offer cover for this. Then the authors analyse the economic advantages and disadvantages, costs and legal challenges of partially and/or fully substituting ICS with private ...

Cet atelier visait à évaluer les avantages, les inconvénients et les barrières liés aux différents instruments de financement des économies d’énergie et de l’efficacité énergétique. Il s’est également penché sur les besoins en termes de financement et sur les instruments susceptibles de permettre de réaliser des économies d’énergie dans le cadre des mécanismes d’obligations en matière d’énergie.

This compilation of briefing papers deals with two specific issues in relation to the Commission Proposal to amend Directive 97/9/EC on Investor Compensation Schemes (ICS), more specifically on how to safeguard investors' interests by ensuring sound financing of ICS. The first two notes discuss the proposed borrowing mechanism (namely questions such as: Is the proposed compulsory borrowing mechanism an adequate solution which does not lead to moral hazard? Which alternatives to the mutual borrowing ...