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The Lebanese government's decision to impose new taxes in October 2019 sparked nation-wide protests by a population exhausted by poor public services, worried about increasing national debt and frustrated by widespread corruption. Since then, Lebanese politics have been marked by political deadlock that has prevented successive governments from implementing urgent reforms. The devastating explosion in the port of Beirut on 4 August 2020 only exacerbated the situation. By the time Prime Minister Najib ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: the ECB addendum on NPLs, the LCR ratio in case of Banco Popular, the Supervisory Banking Statistics for the second quarter of 2017, recent guidance documents published by the SSM, and recent ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: information in the public domain relating to the resolution of Banco Popular, the ECB’s supervisory expectations for banks relocating to the euro area in the context of Brexit, the Supervisory ...

This note is prepared in view of a regular public hearing as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the EP and the European Central Bank. Ms Nouy will inter alia present the SSM Annual report 2016. The EP received a copy of that report on a confidential basis, under embargo until Thursday, 23 March 2016, at 9:00 CET. This briefing therefore does not use or refer to any information provided in that Annual report. The following issues are addressed in this ...

This note is prepared in advance of the regular hearing with the Chair of the Single Supervisory Mechanism on 9 November 2016 in the competent Committee of the European Parliament. It deals specifically with some methodological issues raised in the public domain in the context of the EBA 2016 stress test. A separate briefing on more general aspects of this exercise (“Bank stress testing: stock taking and challenges”) has been published by EGOV on 22 September 2016.

Eurogroup President Jeroen Dijsselbloem and Managing Director of the ESM Klaus Regling have been invited for an ad hoc Exchange of views relating to the macro-economic adjustment programme for Greece. Jeroen Dijsselbloem has been Eurogroup President since 21 January 2013. He was re-appointed for a second term on 13 July 2015. As the President of the Eurogroup, he is also chairing the Board of Governors of the European Stability Mechanism (ESM). Klaus Regling has been Managing Director of the ESM ...

The 2014 Comprehensive Assessment by the ECB identified and made public capital shortfalls at 25 major European banks. The banks concerned were required to submit a capital plan to the ECB and the national Competent detailing how the capital shortfall would be filled. Capital plans were to be implemented within six resp. nine months after 26 October 2014. Now that this time has passed, we examine the progress made by the banks required to take action. We also evaluate how far the Comprehensive Assessment ...

On 26 October 2014, the European Central Bank (ECB) published the results of the comprehensive assessment that comprised both an asset quality review (AQR) as well as a stress test. Banks that have shown capital shortfalls after the assessment had up to 9 months the close the capital gap. In this paper, we investigate whether actions taken by banks have resulted in noticeable reactions in capital markets. Evidence suggests that banks with shortfalls made some progress during the months after the ...

This summer has been a dramatic one for China's stocks markets, with most indices registering losses of more than 40 % from their annual high. European markets have also suffered, and many observers across the globe are now nervously focused on the Asian giant whose economy drove so many other countries' in recent years. Yet the real economic significance of the drama in China may not stem from its bourses' losses; those who lost money on China's stock market are only a small percentage of its citizens ...

The purpose of this study is to evaluate the robustness of a strong economic and monetary union faced with a new crisis scenario. Based on the results of an empirical statistical model devised to analyse the distinctive features of financial markets, macroeconomic indicators and the accounting data of financial institutions in the 28 countries of the European Union, this study suggests that, with a new sovereign debt crisis on the horizon, better European budgetary cooperation could generate savings ...