Bank resolution from a small host perspective
|
|
- Kelley Jenkins
- 5 years ago
- Views:
Transcription
1 Bank resolution from a small host perspective The FinSAC experience in Emerging Europe Pamela Lintner World Bank FinSAC Workshop on Resolution Regimes in Europe Vienna, 19 April 2017
2 AGENDA Overview FinSAC TA in small host countries Key issues in the design of bank resolution concepts in FinSAC client countries Scope, Governance, Role of Judicial RRP, EIM, Valuation Resolution funding Bail-in Cross border cooperation
3 FinSAC Countries Resolution TA FinSAC provides TA to EU countries (all non SSM), Countries with EU candidate status non EU countries in the ECA region most of which are small host countries i.e. dominated by foreign owned banking systems where the local subsidiary is systemic for the financial market but immaterial to the group Alignment of interest / management of differences between home and host
4 Key issues for FinSAC client countries Scope, Governance, Role of Judicial Scope All banks or only systemic Which resolution tools should be available also for small banks (under Liquidation): P&A/SoB, Bridge Bank at a minimum Administrative resolution authority In most countries within supervisory authority i.e. Central Bank; in some DGS is RA CoI management esp. if the RA is central bank and supervises, controls, manages and owns a (bridge) bank via the Resolution Fund Role of judicial No suspensive effect of resolution decisions Court bound to economic assessment of RA (unless it is arbitrary, fraudulent etc); Ex-ante judicial involvement to assess procedural correctness might reduce ex-post legal actions Constitutional issues if resolution starts prior insolvency and RA takes over ownership rights
5 Key issues for FinSAC client countries RRP, EIM, Valuation Recovery and Resolution Planning For all or only systemic banks Access to and reliance on group plan Approval by parent Proportionality; Interconnectivity with parent; simplification, waivers, limitation in use of indicators Dependency on sound supervisory framework EIM triggers Risk based supervision (SREP) Cooperation between authorities is key early inclusion of RA to prepare! Valuation methodology for resolution purposes Independent valuer in small local markets Lack of (historical) data (for the NCWOL / least cost test; no market price, )
6 Key issues for FinSAC client countries Resolution Funding Ex-ante or ad-hoc funding Separate Resolution Fund or use of DGS If separate Resolution Fund Ownership (esp. if Central Bank is RA) Management (by DGS) Triggers for use of DGS esp. in countries where super-preference of DGS in the hierarchy of claims under liquidation makes use very unlikely Resolution financing Usefulness of introducing a legal minimum amount of bail-in before use of RF / government support in non EU countries Access to liquidity Central Bank ELA, esp. problematic in countries with currency boards Government support (conditions)
7 Key issues for FinSAC client countries Bail-in tool: key preconditions Ability of eligible creditors to absorb losses requires, in particular: Availability of high-quality loss-absorbing instruments; problematic in particular with banks which are funded predominantly by deposits funded to a large extent by loans or securities issued in third countries whose liabilities are highly concentrated in the hands of only a small number of investors state owned or have state owned debt holders or debt held by neighboring countries financed by related party debtholders: fit and proper Sufficiently deep markets for loss-absorbing debt - LAC from parent regardless of group MPE/SPE strategy - In which form: positioned on balance sheet - Advantage of bail-inable debt over capital Legal certainty, based on a clearly defined hierarchy of creditors claims and the effective and reliable implementation of insolvency law by the courts. Protection of public funds versus practical constrains of bail-in: gradual introduction; lower than minimum prior 8% bail-in
8 Key issues for FinSAC client countries Cross border cooperation 3 rd Country observer status in EU Colleges only upon request and only if subsidiary or branch is material. Will Resolution entities be limited to EU entities, or could 3 rd countries opt in? Also within the EU: on some decisions limited legal certainty on common approach Key Resolution Decisions If NO JOINT DECISION can be reached decision taken by EBA Mediation RECOVERY Group recovery plan Parent supervisor For parts binding Group recovery plan measures at subsidiary level (e.g. material deficiencies, enable recapitalization, change Host supervisor(s) For parts binding structure, funding etc.) Need for individual entity recovery plan Host supervisor(s) - IGFSA agreement Parent supervisor Binding IGFSA actual support Supervisor of providing entity Assistance RESOLUTION Group resolution plan Parent RA on group plan Host RA(s) on subsidiary plans Binding but fiscal impingement clause Group resolvability assessment Parent RA on measures at group level Host RA(s) on measures at individual level Binding but fiscal impingement clause Remove impediments to resolvability for the group Parent RA on measures to be taken at group level Host RA(s) on measures to be taken at individual level Binding MREL at consolidated level Parent RA Binding MREL at subsidiary level Host RA(s) Binding Resolution action for parent that includes a group resolution scheme Resolution action for subsidiary and the action likely triggers the resolution of the other group members Only for financial stability reasons: host RA take decision for its subsidiary (for financial stability reasons): Own decision of host RA Assistance Assistance
9 Annex: Bail-in versus bail-out Bail-in Bail out + incentive to more prudent behavior - Moral hazard, excessive risk taking + Losses on investors (who made investment choice and received revenue/interest ) - Socialization of losses (versus profit for few) - Relatively high losses for a few + Relatively small loses for all - Governance issues (fit and proper) - State ownership - Procyclicality and contagion - Increase in fiscal costs / debt - Longterm negative welfare effects - Stronger effects on specific business models; purely deposit funded banks forced to hold MREL; MREL non RWA based: punishes low risk (different: TLAC) - Only effective if idiosyncratic bank failure - State ownership or at least state support versus free market
10 Thank you! Pamela Lintner Financial Sector Advisory Center Europe & Central Asia Region Praterstrasse th Floor, 1020 Vienna, Austria
Introduction Post crisis Bank resolution principles with a focus on the BRRD in the EU
Introduction Post crisis Bank resolution principles with a focus on the BRRD in the EU Pamela Lintner Sr. Financial Sector Specialist Workshop on the role of the Judiciary in Bank resolution for Judges
More informationDraft Technical Standards on criteria for MREL. 19 January 2015
Draft Technical Standards on criteria for MREL 19 January 2015 Contents 1. Context 2. Main features of draft Technical Standards 3. MREL and TLAC 4. Next steps 5. Questions? 1. Context: BRRD requirements
More informationThe Albanian Recovery and Resolution framework. Natasha Ahmetaj Second Deputy Governor Bank of Albania
The Albanian Recovery and Resolution framework Natasha Ahmetaj Second Deputy Governor Bank of Albania 1. Albania Overview Inflation rate: 2.2% (2008) vs. 1.5% (oct.2016) Real GDP growth rate: 7.5%(2008)
More informationThe role and work of the EBA in the new European resolution regime Stefano Cappiello EBA Head of Unit, Recovery and Resolution
The role and work of the EBA in the new European resolution regime Stefano Cappiello EBA Head of Unit, Recovery and Resolution 1. Legal and institutional underpinnings for cross-border resolution: the
More informationHow to ensure enough Loss Absorbing Capacity: From TLAC to MREL
How to ensure enough Loss Absorbing Capacity: From TLAC to MREL Nikoletta Kleftouri European Banking Authority 13 December 2016 FINSAC Workshop on bail-in and MREL Plan 1. Why do we need loss absorbing
More informationNote on the Strategic Development of an Enhanced Bank Resolution Framework for Ukraine in Alignment with the EU Acquis March 2019
Note on the Strategic Development of an Enhanced Bank Resolution Framework for Ukraine in Alignment with the EU Acquis March 2019 Disclaimer: This summary is based on discussions held in a Working Group
More informationTreating the E.U. as a Single Jurisdiction for the Implementation of TLAC (EBA Report on MREL, December 2016)
Treating the E.U. as a Single Jurisdiction for the Implementation of TLAC (EBA Report on MREL, December 2016) 2 nd Annual Bank Structuring and Resolvability London, 20-21/02/2017 David BLACHE Deputy Director
More informationSRB 2 nd Industry Dialogue January 12th, 2016
SRB 2 nd Industry Dialogue January 12th, 2016 SRB 2 nd Industry Dialogue SRB Approach to MREL in 2016 Dominique Laboureix, Member of the Board Key features of SRB's MREL policy in 2016 Banking groups require
More informationSetting of MREL for subsidiaries of foreign banks
Setting of MREL for subsidiaries of foreign banks Emil Vonvea, Director, Bank Resolution Department National Bank of Romania FINSAC WORKSHOP ON BAIL-IN AND MREL, Vienna 13 th December, 2016 The opinions
More informationResolution Regimes: FSB s Key Attributes, TLAC & EU s MREL. Seminar on Crisis Management and Bank Resolution
Resolution Regimes: FSB s Key Attributes, TLAC & EU s MREL Seminar on Crisis Management and Bank Resolution Abuja, Nigeria 16-20 January 2017 Amarendra Mohan Independent Financial Sector Expert (formerly
More informationMinimum Requirement for Own Funds and Eligible Liabilities (MREL) SRB Policy for 2017 and Next Steps. Published on 20 December 2017.
Minimum Requirement for Own Funds and Eligible Liabilities (MREL) SRB Policy for 2017 and Next Steps Published on 20 December 2017 Page 1 MREL Policy for 2017 and Next Steps Keywords: MREL, TLAC, SRB,
More informationDevelopments and Challenges in EU Financial Market Regulation
Alfred Lejsek, Director, Ministry of Finance, Austria Developments and Challenges in EU Financial Market Regulation 19 April 2017, World Bank Group, Workshop Resolution Regimes in Europe Resolution targets
More informationEuropean Commission Proposal for a Directive on Recovery and Resolution
European Commission Proposal for a Directive on Recovery and Resolution The 7th DICJ Round Table Andras Fekete-Gyor Managing Director March 5-8, 2013 Tokyo Presentation Outline Introduction and Overview
More informationResolution Funding: Who pays when financial institutions fail?
Resolution Funding: Who pays when financial institutions fail? OCTOBER 25, 2018 Marc Dobler Monetary and Capital Markets Department INTERNATIONAL MONETARY FUND 1 Content Resolution Funding Objectives Why
More informationAn EU Framework for Cross-Border Crisis Management in the Banking Sector
An EU Framework for Cross-Border Crisis Management in the Banking Sector Elisa Ferreira BUILDING A NEW FINANCIAL ARCHITECTURE Lisbon, 26-03-2010 Context Final total bill weighted too much on taxpayers,
More informationRecovery and Resolution First experience, challenges and obstacles
ESE Conference 2015 Czech National Bank, Prague, 1-2 October 2015 Adam Ketessidis, Bundesanstalt für Finanzdienstleistungsaufsicht Objectives of the regulatory work Efforts to end too big to fail Enhance
More informationBanking Resolution Spanish experience. Future implications of BRRD.
Banking Resolution Spanish experience. Future implications of BRRD. FinSAC workshop on Recovery and Resolution Planning 24 April Mario Delgado EY; Partner, Risk & Regulation Banking resolution Spanish
More informationLost in TLAC Tobias H. Tröger Florence School of Banking and Finance Online Seminar January 18, 2017
Lost in TLAC Tobias H. Tröger Florence School of Banking and Finance Online Seminar January 18, 2017 The regulatory translation problem (Banking) policy objectives not easily transformed into operable
More informationCross-Border Bank Supervision and Resolution: The Home-Host Dilemma for Significant-Material Subsidiaries from a Small Host State Perspective
Cross-Border Bank Supervision and Resolution: The Home-Host Dilemma for Significant-Material Subsidiaries from a Small Host State Perspective Dalvinder Singh, Professor of Law, School of Law, University
More informationBank bail-in and bail-out from a civil society and public interest perspective
Bank bail-in and bail-out from a civil society and public interest perspective Christian M. Stiefmüller Finance Watch The World Bank Financial Sector Assistance Center (FinSAC) Bank Resolution Conference
More informationKey issues in Banking regulation. Investor meeting
Key issues in Banking regulation Investor meeting London, 24 October 2017 Summary 1. Finalization of Basel 3: key observations 2. CRR2/CRD5: latest developments and points of attention 3. SSM guiding principles
More informationCouncil of the European Union Brussels, 27 November 2017 (OR. en)
Conseil UE Council of the European Union Brussels, 27 November 2017 (OR. en) Interinstitutional File: 2016/0362 (COD) 14894/17 LIMITE PUBLIC EF 305 ECOFIN 1032 CODEC 1911 DRS 77 NOTE From: To: Subject:
More informationBAIL IN and RESOLUTION FINANCING in BRRD
FGDR 28 March 2014 BAIL IN and RESOLUTION FINANCING in BRRD INTERVENTION INSTRUMENTS Resolution tools Sale of business tools The Resolution Authority (RA) can force the selling or transfer of shares, assets
More informationThe Day after Tomorrow: The Future of the Financial Intermediation
The Day after Tomorrow: The Future of the Financial Intermediation Challenges of resolution planning The Joint NBR and IMF Financial Stability Seminar - 12 th edition Krzysztof Broda The Bank Guarantee
More informationDirective on D e D p e osit G u G ar a a r n a tee e e S c S hem m s e (DGS) 23/01/2015
Directive on Deposit Guarantee Schemes (DGS) 23/01/2015 Background: key steps July 2010 Commission legislative proposal September 2010 Start of negotiations in Council May/June 2011 ECON report / Council
More information2018 SRB Policy for the second wave of resolution plans
Minimum Requirement for Own Funds and Eligible Liabilities (MREL) 2018 SRB Policy for the second wave of resolution plans Published on 16 January 2019 Page 1 Page 2 MREL Policy second wave of resolution
More informationResolution Industry Briefing. February 2018
Resolution Industry Briefing February 2018 EU resolution framework Bank and investment firm resolution BRRD implementation and designation as NRA EU Bank Recovery and Resolution Directive (BRRD) Resolution
More informationRe: Adequacy of loss-absorbing capacity of global systemically important banks in resolution - FSB Consultative Document
Financial Stability Board (FSB) Division Bank and Insurance Wiedner Hauptstraße 63 Postfach 320 1045 Wien T +43 (0)5 90 900-DW F +43 (0)5 90 900-272 E bsbv@wko.at W http://wko.at/bsbv Ihr Zeichen, Ihre
More informationReview of the Regulatory Framework Risk Reduction Package
Review of the Regulatory Framework Risk Reduction Package Emiliano Tornese Deputy Head of Unit - crisis management and resolution, DG FISMA Ljubljana, February 2018 Agenda 1. Banking sector reform in the
More informationAfter the global financial crisis: challenges for the EU Banking System
After the global financial crisis: challenges for the EU Banking System Conference on «The Changing Environment and Deposit Insurers» Session 1 Tokyo, 16 February 2017 Giuseppe Boccuzzi Agenda 1 2 3 4
More informationSingle Resolution Mechanism
Single Resolution Mechanism A pro-active approach to resolution planning November 2015 Executive summary Over the coming year, the Single Resolution Mechanism (SRM) will undertake two exercises that will
More informationDeposit Guarantee Schemes Frequently Asked Questions
EUROPEAN COMMISSION MEMO Brussels, 15 April 2014 Deposit Guarantee Schemes Frequently Asked Questions Why was the revision of the Directive on Deposit Guarantee Schemes necessary? The original Directive
More informationTotal Loss-absorbing Capacity (TLAC) Term Sheet
Total Loss-absorbing Capacity (TLAC) Term Sheet Financial Stability Board (FSB) www.managementsolutions.com Research and Development January Page 20171 List of abbreviations Abbreviations Meaning Abbreviations
More informationEUROPEAN UNION. Brussels, 25 April 2014 (OR. en) 2012/0150 (COD) PE-CONS 14/14 EF 16 ECOFIN 42 DRS 10 CODEC 120
EUROPEAN UNION THE EUROPEAN PARLIAMT THE COUNCIL Brussels, 25 April 2014 (OR. en) 2012/0150 (COD) PE-CONS 14/14 EF 16 ECOFIN 42 DRS 10 CODEC 120 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: DIRECTIVE
More informationTHE FUNDING OF RESOLUTION. David G Mayes University of Auckland
THE FUNDING OF RESOLUTION David G Mayes University of Auckland THE RESEARCH QUESTION Who is likely to pay for bank resolution under the BRRD? Does this meet the objective of minimising the impact of bank
More informationJune 2018 The Bank of England s approach to setting a minimum requirement for own funds and eligible liabilities (MREL)
June 2018 The Bank of England s approach to setting a minimum requirement for own funds and eligible liabilities (MREL) Policy Statement Responses to Consultation on Internal MREL the Bank of England s
More informationCross-Border Cooperation. Denada Prifti SRB - Resolution Planning and Decisions, Head of Unit
Cross-Border Cooperation Denada Prifti SRB - Resolution Planning and Decisions, Head of Unit 19 April 2017 Content 1 European banks operations 2 Resolution Colleges at a Glance 3 CMG vs. RC 4 Resolution
More information1. Resolution of banks and investment firms
C. Recovery and resolution During the year under review, the Bank s work on recovery and resolution mainly concerned resolution in the banking sector. While the European institutional framework remained
More informationUK implementation of the EU Bank Recovery and Resolution Directive: What you need to know 1
UK implementation of the EU Bank Recovery and Resolution Directive: What you need to know 1 Briefing note January 2015 UK implementation of the EU Bank Recovery and Resolution Directive: What you need
More informationQED-Conference on Banking Package Review
June, 20th 2017 QED-Conference on Banking Package Review Session 1 : Resolution, TLAC implementation, hierarchy of claims in insolvency Issues regarding capital requirements G. Niochaut, Head of Recovery
More informationThe Impending Review of the European Resolution Framework
Professor CHRISTOS HADJIEMMANUIL University of Piraeus & London School of Economics Advisor to the Governor, Bank of Greece The Impending Review of the European Resolution Framework The Commission s Proposals
More informationProcess and next steps
14 December 2016 MREL REPORT: Frequently Asked Questions Process and next steps 1. Why have you issued an interim and a final MREL report? What are the main differences between the two reports? As per
More informationI-Annex 2 Essential Elements of Institution-Specific Cross-border Cooperation Agreements
Excerpt from Key Attributes of Effective Resolution Regimes for Financial Institutions I-Annex 2: Essential Elements of Institution-Specific Cross-border Cooperation Agreements Cross-border cooperation
More informationTLAC and MREL: From design to implementation
1 TLAC and MREL: From design to implementation Speech given by Andrew Gracie, Executive Director, Resolution, Bank of England BBA loss absorbing capacity forum, London 17 July 2015 2 Thanks for the opportunity
More informationSubmission of The Hong Kong Association of Banks in response to. the Financial Stability Board s 10 November 2014 Consultation Document on
Submission of The Hong Kong Association of Banks in response to the Financial Stability Board s 10 November 2014 Consultation Document on Introduction Adequacy of loss-absorbing capital of global systemically
More informationSIFIs: What remains to be done? A host-country perspective
SIFIs: What remains to be done? A host-country perspective Systemically Important Financial Institutions: Priorities and Policies in a Volatile World Pascual O Dogherty* *The views and opinions expressed
More information(When) should a non-euro country join the banking union?
Paweł Smaga, PhD Warsaw School of Economics and National Bank of Poland (When) should a non-euro country join the banking union? Toward a Genuine Economic and Monetary Union OeNB Workshop in Vienna on
More informationResolution of cross-border banks
Resolution of cross-border banks Dirk Schoenmaker (Bruegel, RSM) FINSAC Bank Resolution Conference Vienna, 12 December 2016 Outline FINSAC Guidebook and Case Studies Need for fiscal backstop -> how for
More informationResolution. An evolving journey in Europe. KPMG International November kpmg.com/ecb
Resolution An evolving journey in Europe KPMG International November 2017 kpmg.com/ecb 2 Resolution Contents 01. Executive summary 3 02. Key issues for banks 6 03. The evolving regulatory landscape 10
More informationEurope: Progress in bank resolution and banking union
Europe: Progress in bank resolution and banking union Shaping the New Framework for Global Financial Regulation LACEA & LAMES 2013 Annual Meetings Mexico City, 31 October 2013 Santiago Fernández de Lis
More information7 TH SRB BANKING INDUSTRY DIALOGUE MEETING SRB MREL POLICY
7 TH SRB BANKING INDUSTRY DIALOGUE MEETING SRB MREL POLICY Presenter: Dominique Laboureix Brussels, 10 December 2018 AGENDA 1. SRB MREL ROADMAP 2. 2018 PLANNING CYCLE & MREL POLICY OVERVIEW 3. NEXT STEPS
More informationGeneral Comments and Replies to Questions
CONSULTATION ON EBA/CP/2014/41 ON DRAFT REGULATORY TECHNICAL STANDARDS ON CRITERIO FOR DETERMINING THE MINIMUM REQUIREMENT FOR OWN FUNDS AND ELIGIBLE LIABILITIES UNDER DIRECTIVE 2014/59/EU General Comments
More informationEUROPEAN CENTRAL BANK
26.4.2017 EN Official Journal of the European Union C 132/1 III (Preparatory acts) EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 8 March 2017 on a proposal for a directive of the European
More informationFinal Guidelines. on the treatment of shareholders in bail-in or the write-down and conversion of capital instruments. EBA/GL/2017/04 05 April 2017
GUIDELINES ON THE TREATMENT OF SHAREHOLDERS EBA/GL/2017/04 05 April 2017 Final Guidelines on the treatment of shareholders in bail-in or the write-down and conversion of capital instruments Contents 1.
More informationKey Attributes of Effective Resolution Regimes for Financial Institutions
Key Attributes of Effective Resolution Regimes for Financial Institutions October 2011 1 Table of Contents Foreword..... 1 Preamble..... 3 1. Scope.... 5 2. Resolution authority. 5 3. Resolution powers...
More informationECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 8 March 2017
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 8 March 2017 on a proposal for a directive of the European Parliament and of the Council on amending Directive 2014/59/EU as regards the ranking of
More informationCross-border banking regulating according to risk. Thorsten Beck
Cross-border banking regulating according to risk Thorsten Beck Following 2008: Lots of regulatory reforms Basel 3: Higher quantity and quality of capital and liquid assets Additional capital buffers for
More informationOfficial Journal of the European Union. (Non-legislative acts) REGULATIONS
3.9.2016 L 237/1 II (Non-legislative acts) REGULATIONS COMMISSION DELEGATED REGULATION (EU) 2016/1450 of 23 May 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with
More informationFor further questions, please contact Paulina Przewoska, senior policy analyst at Finance Watch.
Finance Watch response to FSB s consultation on Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in resolution Brussels, 30 January 2015 Finance Watch is an independent, non-profit
More informationJune 2018 The Bank of England s approach to setting a minimum requirement for own funds and eligible liabilities (MREL)
June 2018 The Bank of England s approach to setting a minimum requirement for own funds and eligible liabilities (MREL) Statement of Policy (updating November 2016) June 2018 The Bank of England s approach
More informationDeutsche Bank. Pillar 3 Report as of March 31, 2018
Pillar 3 Report as of March 31, 2018 Content 3 Regulatory Framework 3 Introduction 3 Basel 3 and CRR/ CRD 4 6 Capital requirements 6 Article 438 (c-f) CRR Overview of capital requirements 7 Credit risk
More informationResolution of Cross-border Banking Groups: Challenges and Proposed Remedies
Resolution of Cross-border Banking Groups: Challenges and Proposed Remedies Professor Emilios E. Avgouleas Chair in International Banking Law and Finance University of Edinburgh International Bar Association
More informationHearing with Mrs Elke König, Chair of the Single Resolution Board
IPOL EGOV DIRECTORATE-GENERAL FOR INTERNAL POLICIES ECONOMIC GOVERNANCE SUPPORT UNIT B R IE F IN G Hearing with Mrs Elke König, Chair of the Single Resolution Board ECON, 28 January 2016 The Single Resolution
More informationABI response to the FSB consultation on the adequacy of loss-absorbing capacity of global systemically important banks in resolution.
ABI response to the FSB consultation on the adequacy of loss-absorbing capacity of global systemically important banks in resolution 2 February 2015 POSITION PAPER 1/2015 The Italian Banking Association
More informationIntroduction. Regulatory environment in Legal Context
P. 15 Introduction Regulatory environment in 2017 Legal Context As a Spanish credit institution, BBVA is subject to Directive 2013/36/EU of the European Parliament and of the Council dated June 26, 2013,
More informationKey regulatory issues
Key regulatory issues London, 23 October 2018 Frédéric Visnovsky Deputy Secretary General 1. - Need to finalize the regulatory framework (1/2) International Standards Leverage ratio NSFR SA-CCR TLAC Large
More informationThe following section discusses our responses to specific questions.
February 2, 2015 Comments on the Financial Stability Board s Consultative Document Adequacy of loss-absorbing capacity of global systemically important banks in resolution Japanese Bankers Association
More information***I REPORT. EN United in diversity EN. European Parliament A8-0216/
European Parliament 2014-2019 Plenary sitting A8-0216/2018 25.6.2018 ***I REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 806/2014 as regards
More informationBanking Union in Europe Glass Half Full or Glass Half Empty. Thorsten Beck
Banking Union in Europe Glass Half Full or Glass Half Empty Thorsten Beck ` Bank resolution a critical part of the regulatory reform agenda Many regulatory reforms over past five years: Basel 3: capital
More informationDelegations will find hereby the above mentioned Opinion of the European Central Bank.
Council of the European Union Brussels, 27 March 2017 (OR. en) Interinstitutional File: 2016/0363 (COD) 7735/17 COVER NOTE From: date of receipt: 27 March 2017 To: Subject: EF 63 ECOFIN 235 DRS 19 CODEC
More informationSafe to Fail? Client Alert December 5, 2014
Client Alert December 5, 2014 Safe to Fail? On 10 November 2014, the Financial Stability Board (FSB) launched a consultation 1 on the adequacy of the lossabsorbing capacity of global systemically important
More informationChapter E: The US versus EU resolution regime
Chapter E: The US versus EU resolution regime 1. Introduction Resolution frameworks should always seek two objectives. First, resolving banks should be a quick process and must avoid negative spill over
More informationSUPERVISORY POLICY STATEMENT (Class 1(1) and Class 1(2))
SUPERVISORY POLICY STATEMENT (Class 1(1) and Class 1(2)) Domestic Systemically Important Banks June 2017 Page 1 of 23 Contents 1. Introduction 4 1.1 Background 4 1.2 Legal basis 5 2. Overview of IOM D-SIB
More informationWORKING PAPER SERIES No 2016/16
WORKING PAPER SERIES No 2016/16 MINIMUM REQUIREMENTS FOR OWN FUNDS AND ELIGIBLE LIABILITIES (MREL): A COMPREHENSIVE ANALYSIS OF THE NEW PRUDENTIAL REQUIREMENT FOR CREDIT INSTITUTIONS by Ph.D. Candidate
More informationCommentary Parents and Subsidiaries Especially of Banks In Insolvency Mode
Commentary Parents and Subsidiaries Especially of Banks In Insolvency Mode Eddy Wymeersch Professor, Faculty of Law, Ghent University Former Financial Supervisor Member IFC Corporate Governance Private
More informationGUERNSEY FINANCIAL SERVICES COMMISSION ISLE OF MAN FINANCIAL SUPERVISION COMMISSION JERSEY FINANCIAL SERVICES COMMISSION DISCUSSION PAPER ON:
GUERNSEY FINANCIAL SERVICES COMMISSION ISLE OF MAN FINANCIAL SUPERVISION COMMISSION JERSEY FINANCIAL SERVICES COMMISSION DISCUSSION PAPER ON: DOMESTIC SYSTEMICALLY IMPORTANT BANKS ( D-SIBS ) (INCLUDING
More informationThe EU Framework for Deposit Guarantee Schemes
The EU Framework for Deposit Guarantee Schemes Raluca Painter European Commission Senior Policy Officer, Financial Stability Unit 21/09/2014 Background: key steps Directive 94/19/EC of 30 May 1994 on DGS
More informationEBF Response to FSB consultation on Principles on Bail-In Execution
2 February 2018 EBF_025642BD EBF Response to FSB consultation on Principles on Bail-In Execution The European Banking Federation welcomes introduction of clear principles for both credit institutions and
More informationResolution of Global Systemically Important Financial Institutions (G-SIFIs) - Overview of International Efforts -
9th DICJ Roundtable Lessons Learned from Respective Countries Resolution of Global Systemically Important Financial Institutions (G-SIFIs) - Overview of International Efforts - 17 February 2016 Masamichi
More informationDelegations will find below a revised Presidency compromise text on the abovementioned proposal.
Council of the European Union Brussels, 29 November 2017 (OR. en) Interinstitutional File: 2016/0361 (COD) 14895/1/17 REV 1 EF 306 ECOFIN 1033 CODEC 1912 NOTE From: To: Subject: Presidency Delegations
More informationCouncil of the European Union Brussels, 6 March 2018 (OR. en)
Conseil UE Council of the European Union Brussels, 6 March 2018 (OR. en) Interinstitutional File: 2016/0362 (COD) 6616/18 LIMITE PUBLIC EF 57 ECOFIN 187 DRS 8 CODEC 273 NOTE From: To: Subject: Presidency
More informationRECOVERY AND RESOLUTION FRAMEWORK FOR FINANCIAL INSTITUTIONS IN THE DIFC
DISCUSSION PAPER 3 RECOVERY AND RESOLUTION FRAMEWORK FOR FINANCIAL INSTITUTIONS IN THE DIFC 26 SEPTEMBER 2017 Structure of this Discussion Paper Preface Glossary Introduction Proposals for a recovery and
More informationCOMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL. A Roadmap towards a Banking Union
EUROPEAN COMMISSION Brussels, 12.9.2012 COM(2012) 510 final COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL A Roadmap towards a Banking Union EN EN COMMUNICATION FROM THE COMMISSION
More informationAssociazione Bancaria Italiana Capital requirements and the MREL determination criteria 12 May 2016
Associazione Bancaria Italiana Capital requirements and the MREL determination criteria 12 May 2016 Joanne KELLERMANN Single Resolution Board Board Member Minimum Requirement for own funds and Eligible
More informationConsultation Paper. Draft Guidelines On the treatment of shareholders in bail-in or the write-down and conversion of capital instruments
11 November 2014 EBA/CP/2014/40 Consultation Paper Draft Guidelines On the treatment of shareholders in bail-in or the write-down and conversion of capital instruments Contents 1. Responding to this Consultation
More informationDecision memorandum Application of the minimum requirement for own funds and eligible liabilities
REPORT Distribution: Open 23/02/2017 Reg. no RG 2016/425 Decision memorandum Application of the minimum requirement for own funds and eligible liabilities UNOFFICIAL TRANSLATION In the event of discrepancies
More informationA EUROPEAN FRAMEWORK FOR A MORE RESILIENT BANKING SYSTEM
A EUROPEAN FRAMEWORK FOR A MORE RESILIENT BANKING SYSTEM 31 January 2013 Mario Nava European Commission Acting Director Financial institutionstions 14/11/2012 Disclaimer i The remarks in this presentation
More informationConference on Nordic-Baltic financial linkages and challenges (IMF, Eesti Pank, Sveriges Riksbank)
Mauro Grande European Central Bank Conference on Nordic-Baltic financial linkages and challenges (IMF, Eesti Pank, Sveriges Riksbank) Tallinn, Estonia 13 December 2013 EU regulatory reforms: some implications
More informationPublic ConsultationEffective Resolution of Systemically Important Financial Institutions 19 July 2011
fsb@bis.orgbaselcommittee@bis.org Division Bank and Insurance Austrian Federal Economic Chamber Wiedner Hauptstraße 63 P.O. Box 320 1045 Vienna T +43 (0)5 90 900-DW F +43 (0)5 90 900-272 E bsbv@wko.at
More informationTHE WORLD BANK FinSAC
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 88087 THE WORLD BANK FinSAC Financial Sector Advisory Center Vienna ANNUAL REPORT 2013
More informationCross-border recognition of resolution action. Consultative Document
Cross-border recognition of resolution action Consultative Document 29 September 2014 ii The Financial Stability Board (FSB) is seeking comments on its Consultative Document on Cross-border recognition
More informationResponse to the Commission s Communication on An EU Cross-border Crisis Management Framework in the Banking Sector
20/01/2010 ASOCIACIÓN ESPAÑOLA DE BANCA Velázquez, 64-66 28001 Madrid (Spain) ID 08931402101-25 Response to the Commission s Communication on An EU Cross-border Crisis Management Framework in the Banking
More informationAPPLICATION OF THE MINIMUM REQUIREMENT FOR OWN FUNDS AND ELIGIBLE LIABILITIES (MREL) Bank Resolution and Recovery Directive 2014/59/EU
MEMORANDUM 14.2.2018 This memorandum was last updated on 14 February 2018, and it reflects the outlines set in the memorandum on MREL called "SRB Policy for 2017 and Next Steps" issued by the SRB on 20
More informationConsultation paper. Application of the minimum requirement for own funds and eligible liabilities. REPORT Distribution: Open
REPORT Distribution: Open 26/04/2016 Reg. no RG 2016/425 Consultation paper Application of the minimum requirement for own funds and eligible liabilities Contents Glossary... 1 Summary... 3 The level of
More informationCRD 5: The new Large Exposures Framework February 2017
CRD 5: The new Large Exposures Framework February 2017 1 - Overview of Key Messages 1. Significance and potential impacts The Large Exposures framework is a key component of the prudential rules It is
More informationThe function of the single resolution mechanism (SRM) as central institution for bank resolution in the EU
The function of the single resolution mechanism (SRM) as central institution for bank resolution in the EU PhD (C.) Shkëlqesa Çitaku Department of Financial Law, Faculty of Law, University of Pristina,
More informationKey Attributes Assessment Methodology for the Insurance Sector
Key Attributes Assessment Methodology for the Insurance Sector Methodology for Assessing the Implementation of the Key Attributes of Effective Resolution Regimes for Financial Institutions in the Insurance
More informationThe Bank of England s approach to resolution. October 2017
The Bank of England s approach to resolution October 2017 The Bank of England s approach to resolution This document describes the framework available to the Bank of England to resolve failing banks,
More informationSRM and ARTICULATION with BRRD
SRM and ARTICULATION with BRRD FGDR 17 April 2014 - Selected provisions of SRM and intergovernmental agreement (IGA) - Institutional framework Participating member states of SRM ( = Contracting Parties
More informationII-Annex 2: Resolution of Insurers
II-Annex 2: Resolution of Insurers II-Annex 2 Resolution of Insurers Excerpt from Key Attributes of Effective Resolution Regimes for Financial Institutions The Key Attributes of Effective Resolution Regimes
More information