PRIVATE DEBT AND THE ESTIA SCHEME
|
|
- Morris Garrett
- 5 years ago
- Views:
Transcription
1 PRIVATE DEBT AND THE ESTIA SCHEME A useful tool in dealing with NPLs? 14 December 2018 Rennos Ioannides
2 PART A Private Debt: the current state of affairs 2
3 GR CY PT IT BG SI HR HU IE PL RO ES MT LV AT SK FR LT IS* BE DK NL DE EE CZ GB NO FI SE LU CYP GRC ITA ESP NLD IRL FRA PRT AUT MLT LUX BEL SVN DEU LTU FIN LVA EST SVK % % NPLs Cyprus vs Europe Cyprus is the clear winner! NPLs % in the EU (Q2 2018) 45 NPLs to GDP Ratio % in the EU (Q3 2017) EU / EEA ,6% Source: European Banking Authority Source: IMF Country Report, June 2018 Rennos Ioannides 3
4 ' 000 NPL Movement Q Q Reduction Change NPEs in bln 27,3 16,6 10,7-39% NPEs in % 47,8% 40,3% 7,5 pcp -16% Reduction June 2018: 3,3 billion (mostly BoC). A further c. 6,5 billion will be removed from the system due to Coop-AMC NPE Movement since on a quarterly basis 30,000, ,000, ,000, ,000, % 10,000, ,000, Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q1 Q NPE ( ' 000) (Left-hand axis) NPE % (Right-hand axis) Source: Central Bank of Cyprus, Analysis Rennos Ioannides 4
5 Cyprus: Flows of Non-Performing Loans Q Q42017 Migration into performing; 23% Outflow 55,5% Migration from performing; 20.7% As per the IMF, NPE improvement between Q Q has been as follows (in percentage terms of NPEs): Inflow 32,9% NPE Improvement Source % Remaining NPLs; 44% Write-offs; 15% Debt-toasset/equity swaps; 5% NPL cash repayment; 13% Interest accrued on NPLs; 12.2% Note: Data cover fixed term loans owned by locally active banks. Two banks, RCB and Astro, are excluded. Source: IMF Cyprus Report, June 2018 NPLs are declining in Cyprus, mainly due to writeoffs and the sale of loans. However, repayments have not improved significantly despite a strong economic recovery (IMF, Nov 2018) To Performing 23 (From Performing) (21) Cash Collections 13 Debt to Asset 5 Write-offs 15 (Capitalised Interest) (12) NET improvement 23 Rennos Ioannides 5
6 ' 000 NPLs Private Sector Private Sector NPE's 30,000,000 Company Number of Number of Classification employees companies Micro Small Medium Large / Corporate Total Source: CyStat 25,000,000 4,858,139 4,271,632 1,333,188 20,000,000 15,000,000 8,809,200 8,980,923 9,871, , ,246 8,240,076 7,738, ,762 5,205,875 10,000,000 5,000,000 12,579,419 12,688,051 12,037,053 10,966,646 10,801,408 10,211,966 94% 0 Q Q Q Q Q Q Source: Central Bank of Cyprus, Analysis Households SMEs Non Financial Corporations Rennos Ioannides 6
7 Private Sector Debt Overhang Debt of Households (Percent of GDP) 104,7% CY Eurozone Debt of Non-Financial Corporation (Percent of GDP) 58,0% EC s Scoreboard threshold for private debt is 133% (Cyprus 227%) 121,9% Source: Central Bank of Cyprus Rennos Ioannides 7
8 Excessive Household Debt (1/4) NPE 53% 57,1% are housing loans NPE 45% Percentage of households holding debt % of households BoC sale Has debt Has mortgage debt Has HMR mortgage Has other property mortgage Has non-mortgage debt euro area BE DE EE IE GR ES FR IT CY LV LU HU MT NL AT PL PT SI SK FI 42,4 48,4 45,1 36,8 56,8 27,1 49,3 47,2 21,2 59,1 33,5 54,6 36,9 37,1 63,1 34, ,9 38,6 36,7 57,4 23,3 34,5 20,4 20, , ,3 10, ,2 20,1 19, ,7 13,4 34,7 9,1 16,2 35,2 19,7 31,9 16,5 18,7 33,9 11,4 27,8 19 9,6 34,3 13,5 29,1 18,8 15,9 40,6 15, ,7 8,2 15,2 32,8 5,2 4,7 5,7 2,7 5,9 2,1 9,2 8,3 0,7 12 3,8 9,4 1,8 4,2 3 1,5 1,6 3,7 1,2 1,4 4,7 28,2 25,2 32,8 25,1 41,4 17,1 27,4 33,6 13, ,9 25,5 27,6 37,9 20,6 28,4 22,6 34,8 25,3 43,9 Source: European Central Bank, April 2017 Rennos Ioannides 8
9 Excessive Household Debt (2/4) Total debt, among households holding debt - distribution EUR thousands Mean p10 p20 p30 p40 p50 p60 p70 p80 p90 euro area BE DE EE IE GR ES FR IT CY LV LU HU MT NL AT PL PT SI SK FI 68,2 82, ,4 124,9 27,9 70,7 70,5 46,7 128,1 22,4 178,4 12,7 46,7 129,9 50,1 13,8 62,8 17,1 14,7 75,7 1 2,2 0,5 0,2 1 0,9 3 1,1 1,3 3,1 0,2 4,4 0,3 0,4 3,9 0,6 0,2 1,9 0,3 0,4 2,5 3 7,2 1,8 0, ,2 3,3 3 16,3 0,6 11, ,3 1,5 0,5 7,2 1 0, ,5 3,6 1,4 9 3,1 15,8 6,5 6 32,1 1,4 25,1 2,6 4 31,6 3,4 0,8 16,5 1,6 1,6 11, , ,7 6 30,6 12, ,8 2,9 41,8 3,8 9 56,8 7 1,4 32,4 2,8 3,3 21,1 28,2 49,8 15,2 6, ,1 43, ,7 7,2 89,8 6,2 19,3 86,7 12,4 2,4 48, , ,1 30,1 13,1 106, ,1 55, , ,7 34,8 120,2 25,1 4,1 63,8 8 9,8 65,2 78, ,9 25, ,9 87, ,8 22,6 233,3 13,1 57, ,9 9,3 81,1 12,9 16,6 96, ,1 92,2 42,1 204,5 49,4 117,2 124, ,9 35,2 300,1 18,9 88,2 205,9 83,5 22, ,8 25,4 134,4 177,1 190, ,3 167,6 173, ,4 131,9 290,5 144,5 46, ,5 40,5 190,3 Payments for debt - conditional medians EUR, per month Payments for household's total debt (flow) Payments for mortgages (flow) Payments for HMR mortgages (flow) Payments for other property mortgages (flow) Payments for non-mortgage debt (flow) Payments for other non-mortgage loans (flow) euro area BE DE EE IE GR ES FR IT CY LV LU HU MT NL AT PL PT SI SK FI 443,4 672,8 365, ,7 858, , , ,2 146, ,2 664, , ,4 457, , ,4 392,6 674, , ,8 193, ,5 660,8 596,7 209, , ,8 146, , , , , ,7 197, , , , ,4 347, , , , ,5 229,2 229, ,1 172,8 185, , , , ,5 229,2 229, ,1 172,8 185, Source: European Central Bank, April 2017 Rennos Ioannides 9
10 Excessive Household Debt (3/4) Financial burden indicators, median ratios Ratio in % Debt to asset ratio of indebted households Debt to income ratio of indebted households Debt service to income ratio, all indebted households Debt service to income ratio, households with debt payments Mortgage debt service to income ratio of households with mortgage debt Loan to value ratio of main residence Net liquid assets as a fraction of annual gross income euro area BE DE EE IE GR ES FR IT CY LV LU HU MT NL AT PL PT SI SK FI 25,7 18, ,3 38,5 17,4 22,6 20,4 18,4 22,9 28,2 22,2 20,2 9, ,1 6,8 37,8 8,6 12,6 35,3 71,8 79,8 38,1 38,3 102,1 53,3 141, , ,8 114,1 60,3 55,3 177,1 32,7 15,2 198,5 24, , ,3 5,9 7,9 12,9 8,9 18,6 16,6 9,3 30,4 9,1 14,8 12 9,8 11,3 2,1 8,8 15,1 9,1 9 10,8 13,5 13,4 8,9 9,7 14,5 16,8 19, ,3 35,7 11,4 16,5 16,4 13,4 12,9 5,8 9,9 16,2 12,6 11,1 11,3 15,8 13,2 11,5 9,8 15,7 18,2 18,1 21,5 15,8 34,2 14,1 17,6 16, ,7 12,6 15,6 17,1 13,7 11, ,6 42, ,7 42,7 41,7 45,1 37,9 42,1 57,7 34, ,8 60,2 24,8 33,2 60,1 32,7 34, , ,3 8,7 5,1 2,8 16,7 18,7 19,4 8,9 0,4 20,8 9, ,2 34,2 3,9 14,4 1,7 7,8 10,8 Median debt to income ratio - breakdowns Ratio in % Total population ALL Income Bottom 20% 20-40% 40-60% 60-80% 80-90% % Source: European Central Bank, April 2017 euro area BE DE EE IE GR ES FR IT CY LV LU HU MT NL AT PL PT SI SK FI 71,8 79,8 38,1 38,3 102,1 53,3 141, , ,8 114,1 60,3 55,3 177,1 32,7 15,2 198,5 24, ,7 (2.4) (8.2) (3.3) (4.0) (5.3) (6.9) (9.3) (5.0) (5.8) (33.6) (8.7) (10.6) (2.9) (10.3) (9.9) (2.9) (1.4) (10.1) (1.9) (5.5) (2.4) 101,1 49,1 26,4 95,1 45,3 328,7 405,3 36,6 149,1 832,5 N 83,7 178,1 37,2 178,1 17,1 12,7 216,3 41, ,3 (13.7) (34.5) (4.7) (86.9) (10.0) (124.5) (92.5) (7.8) (46.2) (719.0) (44.3) (32.4) (32.9) (60.0) (3.1) (2.5) (89.3) (16.4) (37.1) (4.5) 42,4 65, ,3 25,2 47,2 217,6 34,6 56,5 706,6 23,9 139,6 60,6 31,9 140,4 17,4 13,1 130,5 26,1 50,3 40,4 (4.4) (34.4) (4.2) (5.7) (7.5) (19.8) (49.9) (5.9) (13.1) (232.2) (122.8) (62.3) (9.6) (21.2) (34.2) (3.9) (2.3) (30.2) (4.0) (17.1) (3.6) 58,4 82,1 28,3 23,5 79,1 63,2 162,7 47,8 54,6 240,5 19,9 138,3 68,9 54,6 195,4 26,2 12,8 290,9 23,4 54,4 59,5 (5.9) (21.8) (9.5) (7.6) (18.9) (22.0) (29.6) (8.6) (14.5) (61.2) (19.4) (25.9) (8.5) (34.3) (29.8) (4.0) (2.7) (35.1) (4.8) (20.8) (5.2) 82,3 110,5 51,3 32,5 148,3 61,3 147,4 105,6 88,1 203,9 48,2 106,2 59,2 77,3 213,4 59,2 16,3 229, ,6 103,4 (6.5) (15.7) (8.5) (10.5) (12.8) (30.8) (17.8) (14.5) (17.3) (43.6) (18.8) (25.1) (4.8) (39.3) (28.2) (12.4) (3.8) (19.2) (4.2) (13.8) (5.6) 94,5 97,6 69,3 51,5 138,3 33,4 112,4 114,9 59,9 257,3 37,5 97,9 56,1 78,7 171, ,6 207,9 17,5 36,6 106,4 (8.0) (24.4) (9.4) (14.7) (11.7) (12.1) (24.8) (11.2) (14.9) (77.8) (26.0) (24.3) (4.0) (33.2) (30.3) (16.8) (9.1) (16.2) (3.8) (11.0) (4.9) 81,5 54,3 67,7 57,6 125,7 30,8 73,8 95,6 46,7 141,5 42,9 99,2 39,4 60,4 138,9 63,3 30,2 132,9 23, ,4 (3.5) (12.3) (11.4) (10.0) (10.7) (8.3) (15.4) (6.7) (12.0) (31.6) (19.4) (17.0) (4.5) (43.0) (19.8) (11.7) (9.1) (16.5) (4.6) (13.6) (4.2) Rennos Ioannides 10
11 Excessive Household Debt (4/4) Median debt service to income ratio, among households with debt payments - breakdowns Ratio in % Total population ALL Income Bottom 20% 20-40% 40-60% 60-80% 80-90% % euro area BE DE EE IE GR ES FR IT CY LV LU HU MT NL AT PL PT SI SK FI 13,5 13,4 8,9 9,7 14,5 16,8 19, ,3 35,7 11,4 16,5 16,4 13,4 12,9 5,8 9,9 16,2 12,6 11,1 11,3 (0.2) (0.6) (0.4) (0.4) (0.3) (1.1) (0.6) (0.4) (0.5) (2.1) (1.3) (0.7) (0.6) (0.5) (0.7) (0.5) (0.4) (0.5) (0.5) (0.9) (0.2) 27,5 30,6 6,5 61, ,7 47,3 22,6 41,7 145 N 24,6 52,6 N 20,3 10,8 15,2 42,4 61,5 27,6 4,2 (2.3) (12.6) (2.7) (25.7) (3.6) (192.1) (5.6) (3.4) (12.3) (220.1) (5.3) (8.9) (6.0) (3.1) (2.0) (4.8) (40.2) (10.9) (1.1) 17,4 20,4 8,1 17,1 17,7 20,1 28,4 17,2 21,5 64,5 N 23,8 25,4 22,8 13 8,5 11,2 25,4 21,7 17,9 8,9 (0.7) (2.6) (1.9) (4.0) (1.7) (3.1) (2.6) (1.4) (2.5) (15.5) (2.4) (2.0) (5.1) (2.5) (2.0) (0.9) (2.1) (2.9) (3.5) (0.8) 14,5 16,3 8,7 14,3 16,8 21, ,5 15,5 30,9 14,1 18,8 18,4 15,1 13,9 5 10,8 21,3 13,1 12,9 11,2 (0.5) (1.6) (0.8) (1.9) (0.9) (2.0) (1.2) (1.3) (1.2) (5.2) (3.9) (1.8) (1.0) (1.7) (2.0) (1.1) (0.9) (0.8) (1.5) (1.3) (0.5) 13,3 14,3 9,8 9,5 15,1 16,2 18,8 18,9 14,2 31,2 12, ,9 13,9 14,1 6,1 9,3 14,9 11,6 10,1 12,8 (0.4) (1.1) (0.9) (0.8) (0.6) (1.8) (1.1) (0.8) (0.5) (3.1) (2.2) (1.1) (0.8) (1.0) (1.4) (1.4) (1.1) (0.7) (0.6) (1.8) (0.3) 12,2 10,7 9,9 8,3 13,2 10,8 12,8 17,9 10,7 25 9, , ,7 4,6 8,2 12,4 9,5 8,6 12,2 (0.6) (1.1) (0.9) (0.9) (0.5) (1.4) (1.6) (0.8) (1.1) (5.3) (2.6) (1.3) (1.0) (1.1) (1.6) (1.4) (1.0) (0.6) (0.8) (1.8) (0.4) 9,7 8 8,1 6,7 11,7 8,1 9,5 16,9 7,5 23 8,6 10,7 7,9 10,5 10,2 4,1 7 9,4 8,4 6 11,6 (0.4) (1.1) (0.7) (0.5) (0.5) (1.5) (0.8) (0.8) (0.7) (3.6) (1.5) (1.1) (0.6) (1.4) (1.5) (1.1) (0.7) (0.6) (0.9) (1.9) (0.3) Development of Financial Burden indicators, Medians Cyprus Euro area Wave 1 ( ) Wave 2 (2014) Wave 1 ( ) Wave 2 (2014) Debt to income ratio 1,57 2,51 0,63 0,72 Debt service to income ratio 0,23 0,36 0,14 0,14 Source: European Central Bank, April 2017 Rennos Ioannides 11
12 NPE ratio Banks: what s next? (1/3) Possibly still under-provisioned? NPE ratio versus provision coverage ratio by country 50 GR CY 40 High NPE countries IE PT IT BG HR SI HU 9 RO PL 5 ES EU AT 4 MT SK DK LT FR 3 LV BE NL 2 DE FI NO GB CZ 1 EE SE LU Provision Coverage ratio Source: European Banking Authority Rennos Ioannides 12
13 Banks: what s next? (2/3) Regulations getting tougher New Provisioning Guidance (ECB Guidance to Banks on NPLs, Addendum) to be applied to all new NPEs from Unsecured Part After two years of NPE vintage 100% Secured Part After three years of NPE vintage 40% After four years of NPE vintage 55% After five years of NPE vintage 70% After six years of NPE vintage 85% After seven years of NPE vintage 100% Rennos Ioannides 13
14 Banks: what s next? (3/3) Regulations getting tougher Approval dated 31 October 2018 by the Council of the EU on capital requirements for NPLs will go to the European Parliament to become a Directive ( law ) Statutory Prudential Backstops Proposal to amend the Capital Requirements Regulation: o Introduction of a statutory prudential backstop common minimum coverage levels for newly originated loans that become non-performing o Unsecured non-performing exposures to be covered within three years, 35% in year 2, 100% in year 3 o Secured non-performing exposures to be fully covered within nine years (in pre-determined annual step factors starting in year 3) Rennos Ioannides 14
15 PART B The Estia Scheme: key provisions 15
16 Estia Scheme: objectives In the words of the Ministry of Finance: 1. Protect primary residences 2. Facilitate vulnerable borrowers to service their loans 3. Contribute to the stabilisation of the banking sector and to sustainable economic growth 4. Contribute to the management of the most problematic segment of NPLs 5. Safeguard (i) the public perception of fairness and equity, (ii) limit moral hazard and (iii) avoid the abuse of the scheme by strategic defaulters Rennos Ioannides 16
17 Estia Scheme: facts and figures Facts and figures from the Ministry of Finance: in million NPLs possibly eligible for Estia (around borrowers) Total Impairment Provisions (1.904) Net Book Value Provision Coverage 56% Market Value of Primary residences Market Value of other collateral assets 485 Rennos Ioannides 17
18 Estia Scheme: eligibility criteria(1/3) 1. Collateral Loan Status - Demographics Description Collateral Loan status Demographics Criterion Main residence At least 20% of borrower s loans to have been NPL > 90 days past due as at 30/09/2017. Loans which were subsequently restructured are excluded Permanent resident in Cyprus since 2013 Can be a legal entity as well Rennos Ioannides 18
19 Estia Scheme: eligibility criteria(2/3) 2. Household set-up related income criteria Household set-up Couple with 4 or more dependents Couple with 3 dependents Couple with 2 dependents Couple with 1 dependent Couple with no dependents Single Gross Household Income Up to pa Up to pa Up to pa Up to pa Up to pa Up to pa Rennos Ioannides 19
20 Estia Scheme: eligibility criteria(3/3) 3. Household asset wealth Asset Category Market Value Primary residence Up to (average of 2 valuations) Other Assets (real estate, motor vehicles, financial assets etc) Cash and / or bank deposits Up to 80% of primary residence market value with a maximum cap of Relates to net value (gross market value, as per indexed LRO valuation for real estate assets, minus non-primary residence loans) Any excess over 20% of net other assets, to be used to reduce loans Rennos Ioannides 20
21 Estia Scheme: key terms 1. Primary residence collateralised loan reduced to the lower of outstanding loan amount at restructuring date and the market value of the primary residence. Residual loan is warehoused and fully written off once restructured loan is fully paid off (but see point 2 below). Reduction of at least 5% in all cases 2. If there are other collaterals (on top of the primary residence), the residual loan is restructured at lower of the residual amount and the market value of these other assets minus an undefined haircut on the asset (at the discretion of each participating bank) 3. Loans rescheduled (subject to compliance with viability criteria) over maximum of 25 years; if borrower > 65 years old, duration extended for 5 years 4. Interest rate: first 7 years Euribor + 2,5% (total interest rate cap of 3,5%), from year 8 onwards Euribor + 2% (no cap) 5. Borrower pays 2/3 of restructured loan instalment, the state covers 1/3 on an annual basis Rennos Ioannides 21
22 Estia Scheme: high-level process 1. Each bank must decide if it will participate in the scheme. In such a case, each bank will sign a Memorandum of Understanding with the responsible governmental agency. Each bank will have to offer the scheme to ALL eligible borrowers without exception 2. Applicants submit application to their bank with all required documentary evidence (household income of last two years, asset values, real estate and financial asset statements of three years, written consent for documentary evidence verification) 3. Bank checks against the scheme s eligibility criteria and against its own viability / debt servicing ability criteria 4. Application is submitted to the governmental agency which assesses the application, verifies the evidence submitted, informs both the applicant and the bank in writing 5. If the bank assesses a proposition as non-viable, the governmental agency will decline the application and will report on a monthly basis on those declines to the Ministry of Finance which will appraise eligibility to other suitable schemes Rennos Ioannides 22
23 PART C The Estia Scheme: is it fit for purpose? 23
24 Estia Scheme: fit for purpose? (1/4) Verdict: a very useful tool in managing this delicate and substantial segment of the loan portfolio But: still misses key objectives (despite the welcome recent amendments in the income and asset criteria compared to the previous benchmarks) 1. Captures borrowers with loans which were 90+ days past due at 30/09/2017 which will be assessed as being viable to sustain the reduced restructured loan instalments: - Excludes those which were previously or subsequently restructured - Excludes those conscientious borrowers which have kept paying up their loans by making ends meet (changing their lifestyle, reducing expenses) - Excludes all those truly deprived households which cannot service even the reduced restructured loan instalments (ie, will not meet the viability criteria). Financial hardship is likely one of the main contributors to a large stock of NPLs (IMF) - Includes all those strategic defaulters who may have never paid a single instalment against their loans or who were not really affected by the economic crisis Rennos Ioannides 24
25 Estia Scheme: fit for purpose? (2/4) 2. The recent amendments which link income criteria with the structure of the household are in the right direction. But still quite generous: Household Size Estia Income Criteria Median Annual Gross Income Mean Annual Gross Income 1 Up to Up to Up to Up to Up to Up to Source: European Central Bank, April 2017 Rennos Ioannides 25
26 Estia Scheme: fit for purpose? (3/4) 3. The market value of the primary residence covers the majority of households: Real assets, value of HMR - distribution EUR thousands Mean p10 p20 p30 p40 p50 p60 p70 p80 p90 euro area BE DE EE IE GR ES FR IT CY LV LU HU MT NL AT PL PT SI SK FI 204,4 270,4 231,4 69,2 189, ,6 214,8 215,2 230,2 30,3 647, ,4 243,9 288,7 87,4 108,4 105,8 59,9 187,5 57,5 133,9 56 9, ,3 60,1 73, , , ,9 29,1 35, ,9 89,1 165, , ,2 109, ,2 359,4 13, ,7 35, ,6 119, , , ,3 145,4 181,4 162,9 42, ,6 145,6 220, , ,4 130, ,9 12, , ,8 78,1 72, , , ,3 182, ,1 555,6 26,1 180,6 219, ,4 91,3 87, , , , ,3 204, , , ,8 79, , , , ,2 26, ,8 232,3 271,4 326,5 95, , , ,7 240, , ,3 269, ,7 119, ,1 257,6 362, , ,5 377, ,2 61, , , ,3 332,7 Source: European Central Bank, April 2017 Rennos Ioannides 26
27 Estia Scheme: fit for purpose? (4/4) 4. The net value of other assets (up to ) covers the majority of households: Net Household Wealth (NB: includes the primary residence) Median Mean Bottom 20% % % % % % Source: European Central Bank, April 2017 Rennos Ioannides 27
28 PART D Some Recommendations: looking ahead 28
29 Recommendations on Estia (1/5) 1. Further refinement of key eligibility and other criteria for Estia, for example: o Link primary residence market value with income bands and the household structure and size o Re-visit downwards other assets net value o Include restructured loans (pre and post 30/09/2017) o Remove never-paid-anything strategic defaulters. Introduce for example minimum payment benchmark to be eligible, eg at least 10% of originally (or amended) scheduled instalments to have been paid over the time-life of the loan; run asset alienation searches (real estate, cars) eg over 5 years and introduce criteria for exclusion for strategic defaulters o Apply uniform and objective decision-making rules and viability criteria across all banks instead of each bank using its own assessment criteria o Freeze foreclosures on these properties until scheme is fully up and running Rennos Ioannides 29
30 Recommendations on Estia (2/5) o o o Regularly (eg every three years) re-assess eligibility criteria as circumstances change Change requirement for all guarantors signing all restructuring documents. Written Notification to suffice. Not only for Estia but for all restructurings Subsidised debt counselling to physical persons and SMEs (not only for Estia but for all cases) 2. Introduce schemes to protect truly deprived households which cannot meet the viability criteria: o o o o Set up mortgage to rent (sale and leaseback) schemes Social housing schemes House trade-down schemes and electronic platforms (sale of homes, trade down for lower value homes or rental, similar loan write-down benefits to apply) Run in parallel to Estia Rennos Ioannides 30
31 Recommendations - Judiciary (3/5) 3. Immediate revamp of Judicial System to make it fit for purpose We currently suffer from justice delayed is justice denied : Doing Business 2018: 138 th out of 190 countries on contracts enforcement Global Competitiveness Index 2018: 73th out of 140 countries on efficiency of legal system in settling disputes o Introduce (and adhere to) maximum time limits (eg civil actions start to finish of maximum two years) o Revamp civil law and rules o Review corporate legislation (eg receiverships, audited accounts filing, simplify examinership up-front administrative requirements etc) o Set-up specialised benches for insolvency cases (receiverships, examinerships, liquidations and bankruptcies, foreclosure etc) o Fully automate case management and filing o Arbitration o Subsidised debt counselling for physical persons and SMEs Rennos Ioannides 31
32 Recommendations - Strategy (4/5) 4. National Plan Ahead Strategy for the management of Private Debt: o Business Plan Blueprint o Governed by board of independent experts o Project based approach with milestones and full accountability o Full, uniform and universal segmentation of all borrowers and related strategies Rennos Ioannides 32
33 Recommendations - Lessons (5/5) 5. Learn from the past and incorporate in systems processes: o History has a stubborn tendency of repeating itself o Humans have a tenacious inclination to have a short memory o Excessive liquidity in the banking sector + cut-throat competition for a share of a finite pie + high cost base of banks may lead to loosening of credit standards, unsustainable net interest margins and the risk of another round of lax lending cycle? o Rising economic sentiment, rising real estate prices, rising rentals, minimal returns on deposits risky ingredients for a possible new real estate boom and a new vicious circle? o o Critical need for more assertive and intrusive banking supervision (on-site and off-site) and monitoring, and Full credit bureau information (all credits, not just banks, historical track record, all legal actions) Rennos Ioannides 33
34 THANK YOU! Rennos Ioannides Phone
Carving out legacy assets: A successful tool for bank restructuring?
1 Carving out legacy assets: A successful tool for bank restructuring? Lisbon University of Law 8 May 2017 Willem Pieter de Groen Centre for European Policy Studies (CEPS) Non-performing loans (NPLs) potential
More informationDealing with Non-Performing Loans
Dealing with Non-Performing Loans European Versus Czech Perspective Marek Mora Board member Czech National Bank Financial Stability Seminar 11 th Edition 26 October 2017, NBR Bucharest Contents 1. Situation
More informationBANCA NAŢIONALĂ BANCA ROMÂNIEI
All views expressed are those of the author and do not necessarily represent the opinions of and should not be attributed to the National Bank of Romania. BANCA NAŢIONALĂ BANCA ROMÂNIEI A Monitoring the
More informationReducing the European NPL burden Smith Novak Conference, London Tom McAleese, Managing Director
Reducing the European NPL burden Smith Novak Conference, London Tom McAleese, Managing Director September 28, 2017 Key themes impacting the NPL market 1 The size of the NPL problem 2 2 The regulators response
More informationANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008
www.efesonline.org 25.2.29 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than
More informationANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 2008
www.efesonline.org 25.2.29 ANNUAL ECONOMIC SURVEY OF EMPLOYEE OWNERSHIP IN EUROPEAN COUNTRIES IN 28 INTRODUCTION TO COUNTRY FILES Employee ownership is progressing faster and stronger across Europe than
More information"Overcoming Europe s Policy Trilemmas: Economics, Politics and Governance in a Union Under Stress"
"Overcoming Europe s Policy Trilemmas: Economics, Politics and Governance in a Union Under Stress" Marco Buti DG Economic and Financial Affairs European Commission Brown University, 31 October 2016 Outline
More informationTHE 2016 EU JUSTICE SCOREBOARD
THE 2016 EU JUSTICE SCOREBOARD Quantitative data April 2016 This document contains a selection of graphs with quantitative data from the 2016 EU Justice Scoreboard. (The figure numbers correspond to those
More informationINTERGENERATIONAL FAIRNESS ESDE 2017 CONFERENCE 10 OCTOBER 2017 #ESDE2017. Barbara Kauffmann Director of Employment and Social Governance Directorate
ESDE 2017 CONFERENCE 10 OCTOBER 2017 #ESDE2017 INTERGENERATIONAL FAIRNESS Barbara Kauffmann Director of Employment and Social Governance Directorate European Commission DG Employment, Social Affairs and
More informationBulgarian Banking Association
Peter Praet Member of the Executive Board of the ECB Presentation to the Bulgarian Banking Association Sofia, 24 May 2017 Euro area real GDP, composite PMI and ESI (annual % change) Distribution of growth
More informationEBA Call for Evidence and Discussion Paper on SMEs
EBA Call for Evidence and Discussion Paper on SMEs Preliminary analysis for the SME report in accordance with the EBA mandate in Article 501 CRR Public Hearing - 4 September 2015 Contents 1. Background
More informationAlpha Bank Romania. Introducing Cover Bonds in Romania
Alpha Bank Romania Introducing Cover Bonds in Romania May 218 RO residential market: building on a growth momentum Population is living in overcrowded dwellings. Home ownership is considered a prerequisite
More informationFinancial stability is seen in the narrow sense of households being able to repay loans, and banks being exposed to the risk of non-performing loans,
FINANCE AND HOUSING IN CENTRAL AND EASTERN EUROPE: A DEMAND-SIDE APPROACH Liviu Voinea, Deputy Governor, National Bank of Romania Finance and Housing Panel, Bruegel Annual Meetings 217 In 215, ESRB published
More informationUPDATE ON THE EBA REPORT ON LIQUIDITY MEASURES UNDER ARTICLE 509(1) OF THE CRR RESULTS BASED ON DATA AS OF 30 JUNE 2018.
UPDATE ON THE EBA REPORT ON LIQUIDITY MEASURES UNDER ARTICLE 509(1) OF THE CRR RESULTS BASED ON DATA AS OF 30 JUNE 2018 20 March 2019 Contents List of figures 3 List of tables 4 Abbreviations 5 Executive
More informationTHE EURO AREA AT A CROSSROADS
I N T E R N A T I O N A L M O N E T A R Y F U N D THE EURO AREA AT A CROSSROADS Jeffrey Franks Director, IMF Europe Office International Monetary Fund February 2, 2017 1 MONETARY UNION HAS IMPORTANT ACHIEVEMENTS
More informationEBA REPORT ON ASSET ENCUMBRANCE JULY 2017
EBA REPORT ON ASSET ENCUMBRANCE JULY 2017 1 Contents List of figures 3 Executive summary 4 Analysis of the asset encumbrance of European banks 6 Sample 6 Scope of the report 6 Total encumbrance 7 Encumbrance
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 17.9.2018 COM(2018) 629 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL 11th FINANCIAL REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND
More informationLA SOSTENIBILITÀ E L ADEGUATEZZA DEI SISTEMI PENSIONISTICI NEI PAESI OCSE
LA SOSTENIBILITÀ E L ADEGUATEZZA DEI SISTEMI PENSIONISTICI NEI PAESI OCSE Anna Cristina D ADDIO Social Policy Division, OECD http://www.oecd.org/els/social/pensions CONFERENZA FINALE del progetto IESS
More informationMacro-financial outlook with a view on NPL s and debt restructuring. Vedran Šošić, Vicegovernor
Macro-financial outlook with a view on NPL s and debt restructuring Vedran Šošić, Vicegovernor February 215 Outline of the presentation Banking system performing well. Elevated NPL level appears to be
More informationEBA REPORT BENCHMARKING OF REMUNERATION PRACTICES AT THE EUROPEAN UNION LEVEL AND DATA ON HIGH EARNERS (DATA AS OF END 2016)
EBA REPORT BENCHMARKING OF REMUNERATION PRACTICES AT THE EUROPEAN UNION LEVEL AND DATA ON HIGH EARNERS (DATA AS OF END 2016) 1 Benchmarking of remuneration practices at the European Union level and data
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES COMMISSION STAFF WORKING DOCUMENT. Annexes to the
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 16.5.2006 SEC(2006) 579 COMMISSION STAFF WORKING DOCUMENT Annexes to the REPORT FROM THE COMMISSION TO THE COUNCIL, THE EUROPEAN PARLIAMENT AND THE EUROPEAN
More informationEU Budget 2009: billion. implemented. 4. The European Union as a global player; ; 6.95% 5. Administration ; 6.
20.09.2010 EU Budget 2009: 112.107 billion 4. The European Union as a global player; 7 788 ; 6.95% 3. Citizenship, freedom, security and justice; 1 930 ; 1.72% 2. Preservation and management of natural
More informationSYSTEMIC RISK BUFFER. Background analysis for the implementation of the Systemic Risk Buffer as a macro-prudential measure in Estonia
SYSTEMIC RISK BUFFER Background analysis for the implementation of the as a macro-prudential measure in Estonia May 214 SUMMARY Starting from 1 January 214 the revised prudential requirements for credit
More information2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT
2018 EU-WIDE TRANSPARENCY EXERCISE AND RISK ASSESSMENT REPORT Mario Quagliariello Director of Economic Analysis and Statistics Background Briefing with analysts and journalists 14 December 2018 Outline
More informationRISK DASHBOARD DATA AS OF Q2 2018
RISK DASHBOARD DATA AS OF Q2 2018 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the EU banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio
More informationGROWTH AND JOBS: NEXT STEPS
GROWTH AND JOBS: NEXT STEPS Presentation of J.M. Barroso, President of the European Commission, to the informal European Council of 30 January 2012 Tackling the «vicious circles» affecting Europe Europe
More informationPoland Social Sector and Public Wages Public Expenditure Review From Maastricht to Vision 2030 Overview
Poland Social Sector and Public Wages Public Expenditure Review From Maastricht to Vision 2030 Overview Warsaw, Poland May 17, 2010 From Maastricht to Vision 2030 Poland spends fairly well Recent reforms
More informationMM, EFES EN. Marc Mathieu
MM, EFES EN Marc Mathieu La Tribune Hewitt % 100 90 80 EUROPEAN GROUPS HAVING EMPLOYEE SHARE PLANS Graph first year plans UK IE FR NL, FI DA SV, BE, CH EUROPE NO 70 DE, IT 60 50 AT 11 NEW ES 40 30 GR,
More informationAn asset-based approach to measuring vulnerability in OECD countries
An asset-based approach to measuring vulnerability in OECD countries Adolfo Morrone (Istat) and Katherine Scrivens (OECD) 22 nd November, 2011 IARIW Conference, Paris Vulnerability A person (or household)
More informationState of play of CAP measure Setting up of Young Farmers in the European Union
State of play of CAP measure Setting up of Young Farmers in the European Union Michael Gregory EN RD Contact Point Seminar CEJA 20 th September 2010 Measure 112 rationale: Measure 112 - Setting up of young
More informationReform strategies: the experience of emerging European economies and their effects on sustainability and equity
Cross-country experiences Session 3 Reform strategies: the experience of emerging European economies and their effects on sustainability and equity Per Eckefeldt European Commission Directorate General
More informationEBA REPORT ON HIGH EARNERS
EBA REPORT ON HIGH EARNERS DATA AS OF END 2017 LONDON - 11/03/2019 1 Data on high earners List of figures 3 Executive summary 4 1. Data on high earners 6 1.1 Background 6 1.2 Data collected on high earners
More informationFacilitating youth access to finance: Opportunities provided by financial instruments. Dr Nivelin NOEV EC / DG AGRI F.3
Facilitating youth access to finance: Opportunities provided by financial instruments Dr Nivelin NOEV EC / DG AGRI F.3 ENRD workshop, 10/12/2018 Brussels DG AGRI analytical base on FIs: fi-compass EAFRD
More information4. The European pension fund sector 35
4. The European pension fund sector 35 The current macroeconomic environment and ongoing low interest rates pose challenges to the European occupational pension fund sector. Low interest rates keep the
More informationFrom Crisis to Recovery: The Challenges ahead for the European Economy
From Crisis to Recovery: The Challenges ahead for the European Economy Moreno Bertoldi Head of Unit Countries of the G-20, IMF, G-groups European Commission COMEXI 24 June 2014 PART I: Current Economic
More informationThe Macroeconomic Imbalance Procedure (MIP)
The Macroeconomic Imbalance Procedure (MIP) Jonas Fischer European Commission, DG ECFIN EP, 10 July 2018 [Di/con]vergence in euro area external positions Group A (surplus/creditor countries): AT, BE, DE,
More informationDATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions
DIRECTORATE GENERAL STATISTICS LAST UPDATE: 10 APRIL 2013 DIVISION MONETARY & FINANCIAL STATISTICS ECB-UNRESTRICTED DATA SET ON INVESTMENT FUNDS (IVF) Naming Conventions The series keys related to Investment
More informationFOCUS AREA 5B: Energy efficiency
Rural Development Programmes 204-2020: Key facts & figures FOCUS AREA 5B: Energy efficiency. Introduction Focus Area (FA) 5B is designed to increase efficiency in energy use in agriculture and food processing.
More informationEUROPE 2020 Towards the 2013 Annual Growth Survey
EUROPE 2020 Towards the 2013 Annual Growth Survey Marcel Haag Head of Unit Secretariat General, European Commission 1 Restoring growth: a pressing priority EU GDP level in recent years (first quarter 2005
More informationRETIREMENT Differences in State of Affairs and legacies across the EU28
RETIREMENT Differences in State of Affairs and legacies across the EU28 EC/OECD Workshop on delivering longer working lives and higher retirement ages Brussels, 12-13 November 2014 Fritz von Nordheim European
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL
EUROPEAN COMMISSION Brussels, 27.9.2017 COM(2017) 554 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL 10th FINANCIAL REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND
More informationFOCUS AREA 6C: Access to and quality of ICT
Rural Development Programmes 2014-2020: Key facts & figures FOCUS AREA 6C: Access to and quality of ICT 1. Introduction Focus Area (FA) 6C is designed to enhance the accessibility, use and quality of information
More informationLEADER implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015
LEADER 2007-2013 implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015 #LeaderCLLD 2,416 2,416 8.9 Progress on LAG selection in the EU (2007-2013) 3.000 2.500 2.000 2.182 2.239 2.287
More informationImproving the quality of public finance an analytical framework 2018 Ludwig Erhard Lecture
Improving the quality of public finance an analytical framework 2018 Ludwig Erhard Lecture Marco Buti Director-General Economic and Financial Affairs, European Commission Lisbon Council The 2018 Euro Summit:
More informationAlbane DEMBLANS Secretariat-General of the European Commission
Albane DEMBLANS Secretariat-General of the European Commission European Economic and Social Committee 1 June 2016 Economic and social context European Semester 2016 Economic and social context A moderate
More informationThe Resolution of Non- Performing Loans in the euro area
Reiner Martin Deputy Head of Division Macroprudential Policy European Central Bank The Resolution of Non- Performing Loans in the euro area Oesterreichische Nationalbank Wien, 18 September 2017 This presentation
More informationTHE 2015 EU JUSTICE SCOREBOARD
THE 215 EU JUSTICE SCOREBOARD Communication from the Commission to the European Parliament, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions
More informationPart C. Impact on sample design
Part C. Impact on sample design Ing. Marie Hörmannová, CSc. Business Cycle Surveys Department Introduction In December 2006, the European Council adopted the regulation establishing the revised EU statistical
More information2. THE EUROPEAN INSURANCE SECTOR
2. THE EUROPEAN INSURANCE SECTOR The prolonged low interest rate environment, growing trade tensions and considerable political and policy uncertainty, not least regarding the outcome of on-going negotiations
More informationHow sustainable is public debt in CESEE?
How sustainable is public debt in CESEE? 82 nd East Jour Fixe of Oesterreichische Nationalbank 11 June 218 S. Pamies Sumner ECFIN C2 Sustainability of public finances Content Short introduction on the
More informationBUSINESS INVESTMENT AND INVESTMENT FINANCE IN MALTA EVIDENCE FROM THE EIBIS 2017 SURVEY
BUSINESS INVESTMENT AND INVESTMENT FINANCE IN MALTA EVIDENCE FROM THE EIBIS 217 SURVEY Article published in the Quarterly Review 218:1, pp. 3-36 BOX 2: BUSINESS INVESTMENT AND INVESTMENT FINANCE IN MALTA
More informationCOMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Commission Recommendation
EUROPEAN COMMISSION Brussels, 12.3.2014 SWD(2014) 62 final COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Commission Recommendation on a new approach
More informationFOCUS AREA 2A: Improving economic performance of all farms, farm restructuring and modernisation
Rural Development Programmes 2014-2020: Key facts & figures FOCUS AREA 2A: Improving economic performance of all farms, farm restructuring and modernisation 1. Introduction Focus Area (FA) 2A is designed
More informationAxis 4 (Leader) Implementing Local Development Strategies
Axis 4 (Leader) Implementing Local Development Strategies Basic Information: Axis 4 Leader: Implementing local development strategies with a view to achieving the objectives of one or more of the axes
More informationDirect Payments: Financial mechanisms in the new system
Direct Payments: Financial mechanisms in the new system The fiche presents the main financial provisions in the new direct payments' system introduced with the 203 CAP reform and their implementation by
More informationMacroeconomic Policies in Europe: Quo Vadis A Comment
Macroeconomic Policies in Europe: Quo Vadis A Comment February 12, 2016 Helene Schuberth Outline Staff Projection of the Euro Area Monetary Policy Investment Rebalancing in the euro area Fiscal Policy
More informationRISK DASHBOARD DATA AS OF Q1 2018
RISK DASHBOARD DATA AS OF Q1 2018 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the EU banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio
More informationFOCUS AREA 6B: Fostering local development
Rural Development Programmes 014-00: Key facts & figures FOCUS AREA 6B: Fostering local development 1. Introduction Focus Area (FA) 6B is designed to foster local development in rural areas. Two measures
More informationCountry specific footnotes
Country specific footnotes Date: 15.01.2018 Government Guarantees (table: gov_cl_guar) Country specific notes related to guarantees BE BG CZ DK DE due to improved data coverage, undertaken sector reclassifications
More informationCompleting EMU: Arguments and proposals for the next term of office of the European Parliament and the European Commission
Completing EMU: Arguments and proposals for the next term of office of the European Parliament and the European Commission Public Hearing, European Economic and Social Committee, 5 December 2013 Taneli
More informationFiscal sustainability challenges in Romania
Preliminary Draft For discussion only Fiscal sustainability challenges in Romania Bucharest, May 10, 2011 Ionut Dumitru Anca Paliu Agenda 1. Main fiscal sustainability challenges 2. Tax collection issues
More informationBanking Activity Review
A C T I V I T I E S O F F I N A N C I A L M A R K E T P A R T I C I P A N T S Banking Activity Review 17 ISSN 233-8327 (ONLINE) Reproduction for educational and non-commercial purposes is permitted provided
More informationThe challenges of an ageing population. Budgetary and labour force projections for Belgium and the EU Member States
The challenges of an ageing population Budgetary and labour force projections for Belgium and the EU Member States Alexander Schwan, European Commission WSE Arbeidsmarktcongres 2013 07.02.2013 Provinciehuis
More informationRISK DASHBOARD DATA AS OF Q4 2015
RISK DASHBOARD DATA AS OF Q4 20 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio 6 Total
More informationEuropean contract law in consumer transactions
Flash Eurobarometer European Commission European contract law in consumer transactions Report: 2011 Flash Eurobarometer 321 The Gallup Organization This survey was requested by DGJUSTICE: and coordinated
More informationImputed Rents in EU-SILC. Results from Net-SILC2 work package on imputed rents
Imputed Rents in EU-SILC Results from Net-SILC2 work package on imputed rents Meeting of providers of OECD income distribution data Paris 21-22 February 2013 Veli-Matti Törmälehto, Statistics Finland 22/02/2013
More informationBenchmarking options for the effective achievement of the renewable energy target of the EU energy strategy by 2030
Benchmarking options for the effective achievement of the renewable energy target of the EU energy strategy by 2030 IAEE 2017 Authors: Lukas Liebmann, Christoph Zehetner, Gustav Resch Energy Economics
More informationEuropean Semester and monitoring policy for investment in health and well-being
European Semester and monitoring policy for investment in health and well-being Presentation by dr Stefan ISZKOWSKI, Policy Officer for Employment and Social Aspects of European Semester, DG EMPL at EuroHealthNet
More informationInvestment and Investment Finance open questions?
Investment and Investment Finance open questions? COMPNET 13 th ANNUAL CONFERENCE CHIEF ECONOMISTS PANEL 29 June 2017 Debora Revoltella Economics Department European Investment Bank Key issues Questions
More informationRISK DASHBOARD DATA AS OF Q4 2017
RISK DASHBOARD DATA AS OF Q4 2017 2 Contents 1 Summary 3 2 Overview of the main risks and vulnerabilities in the banking sector 4 3 Heatmap 5 4 Risk Indicators (RIs) 4.1 Solvency Tier 1 capital ratio 6
More informationEUROPE S SOURCES OF GROWTH
EUROPE S SOURCES OF GROWTH Presentation of J.M. Barroso, President of the European Commission, to the European Council of 23 October 2011 A roadmap to stability and growth 1. Give a decisive response to
More informationAnalysis of the deleveraging process of non-financial enterprises in Bulgaria
Analysis of the deleveraging process of non-financial enterprises in Svilen Pachedzhiev, BULGARAN NATONAL BANK Towards recovery and Sustainable Growth in the Altered Global Environment, Skopje, April 28-29,
More informationOn 19/06/2012 the Court delivered its ruling in Case C-307/10 IP Translator, giving the following answers to the referred questions:
Common Communication on the Implementation of IP Translator v1.2, 20 February 2014 1 On 19/06/2012 the Court delivered its ruling in Case C-307/10 IP Translator, giving the following answers to the referred
More informationEBRD 2016 Transition report presentation. Some additional lessons from the EU
EBRD 2016 Transition report presentation Some additional lessons from the EU Zsolt Darvas Bruegel 7 December 2016 1 Generational earnings elasticity (less mobility ) Social (or intergenerational) mobility:
More informationEIOPA/ESRB adverse financial market scenarios for insurance stress test
EIOPA/ESRB adverse financial market scenarios for insurance stress test Introduction According to its mandate, the EIOPA shall, in cooperation with the ESRB, initiate and coordinate Union-wide stress tests
More informationIn 2010, Europe faced a choice
Europe 2020 Ruth Paserman DG Enterprise and Industry Head of Unit Europe 2020 and National Competitiveness Policies Alpeuregio summer school 2014 2 July 2014 In 2010, Europe faced a choice 2010-2020: a
More informationASSISTANCE SYSTEM IN ROMANIA
THE REFORM OF SOCIAL ASSISTANCE SYSTEM IN ROMANIA PhD LĂCRĂMIOARA CORCHEȘ -General Director General Directorate for Social Assistance/ Ministry of Labor, Family, Social Protection and Elderly of Romania
More informationHours Worked Across the World: Facts and Driving Forces
: Facts and Driving Forces Goethe University Frankfurt Anglo-German Foundation Annual Lecture April 18, 2018 1 Hours worked worldwide 1 Hours worked worldwide 2 Hours worked in Europe and the US - Decomposition
More informationPSD I and PSD II Presentation Global Money Transfer Summit 2013
PSD I and PSD II Presentation Global Money Transfer Summit 2013 29-30 October 2013 Structure of the presentation PSD I: Impact PSD II: Overview of main proposed changes Assessment of proposed changes relative
More informationNeoclassicism in the Balkans
Neoclassicism in the Balkans Vladimir Gligorov Vienna, May 12, 21 Neoclassical Growth> Stylized Foreign investment driven because of higher productivity in capital scarce countries Investments mostly in
More informationEvaluation of the Part-Time and Fixed-Term Work Directives. Conference on EU Labour Law, 21 October 2013, Brussels
Evaluation of the Part-Time and Fixed-Term Work Directives Conference on EU Labour Law, 21 October 2013, Brussels Agenda Aims of the Directives Level of change introduced by the Directives Measures to
More informationEuropean Commission. Statistical Annex of Alert Mechanism Report 2017
European Commission Statistical Annex of Alert Mechanism Report 2017 COMMISSION STAFF WORKING DOCUMENT STATISTICAL ANNEX Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT,
More informationSocial trends and dynamics of poverty and social exclusion. ESDE conference Brussels 06/02/2013
Social trends and dynamics of poverty and social exclusion ESDE conference Brussels 06/02/2013 1-in-4 people in the EU at risk of poverty or exclusion 27% of working age population at risk of poverty for
More informationLibrary statistical spotlight
/9/2 Library of the European Parliament 6 4 2 This document aims to provide a picture of the, in particular by looking at car production trends since 2, at the number of enterprises and the turnover they
More informationReamonn Lydon & Tara McIndoe-Calder Central Bank of Ireland CBI. NERI, 22 April 2015
The Household Finance and Consumption Survey The Financial Position of Irish Households Reamonn Lydon & Tara McIndoe-Calder Central Bank of Ireland CBI NERI, 22 April 2015 Disclaimer Any views expressed
More informationGender equality in the Member States
Women on -- Factsheet 2 Gender equality in the Member States The arguments: On average, a mere 13.7 of board members and 15 of non-executive board members of the largest companies listed on stock exchanges
More informationLEADER implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015
LEADER 2007-2013 implementation update Leader/CLLD subgroup meeting Brussels, 21 April 2015 #LeaderCLLD 2,416 2,416 8.9 Progress on LAG selection in the EU (2007-2013) 3 000 2 500 2 000 2 182 2 239 2 287
More informationEuropean Commission. Economic Tendency Surveys in the EU
European Commission Directorate General Economic and Financial Affairs Economic Tendency Surveys in the EU Andreas Reuter Business and consumer surveys and short-term forecast (DG ECFIN A4.2) International
More informationThe Mystery of Low Productivity Growth: Some Insights from Belgium
The Mystery of Low Productivity Growth: Some Insights from Belgium Bank of Poland - 26 October 218 Luc Dresse (luc.dresse@nbb.be) Chief Advisor Economics and Research Dept. LU BE US NL DK DE FR SE EU15
More informationHOW RECESSION REFLECTS IN THE LABOUR MARKET INDICATORS
REPUBLIC OF SLOVENIA HOW RECESSION REFLECTS IN THE LABOUR MARKET INDICATORS Matej Divjak, Irena Svetin, Darjan Petek, Miran Žavbi, Nuška Brnot ??? What is recession?? Why in Europe???? Why in Slovenia?
More informationA new approach to education PPPs in the Eurostat/OECD exercise
A new approach to education PPPs in the Eurostat/OECD exercise OECD Meeting on PPPs for Non-European Countries, 27 29 April 2009 Eurostat losure Authorized Public Disclosure Authorized Public Disclosure
More information2015 Ageing Report Per Eckefeldt European Commission Directorate General for Economic and Financial Affairs
2015 Ageing Report Per Eckefeldt European Commission Directorate General for Economic and Financial Affairs Workhop on Pensions Luxembourg, 14 November 2014 1 Outline What's next? Preparation of the 2015
More informationQUALITY REPORT: ANNUAL FINANCIAL ACCOUNTS
QUALITY REPORT: ANNUAL FINANCIAL ACCOUNTS PROGRESS REPORT AND INVENTORY 19 th November 2013 Eurostat C-1 Page 1 TABLE OF CONTENTS 1. ABOUT THIS REPORT... 3 2. DATA TRANSMISSIONS DURING 2013... 3 3. COMPLETENESS
More informationEuropean contract law in business-to-business transactions
Flash Eurobarometer European Commission European contract law in business-to-business transactions Report: 2011 Flash Eurobarometer 320 The Gallup Organization This survey was requested by DG JUSTICE:
More informationInvestment in Ireland and the EU
Investment in and the EU Debora Revoltella Director Economics Department Dublin April 10, 2017 20/04/2017 1 Real investment: IE v EU country groupings Real investment (2008 = 100) 180 160 140 120 100 80
More informationSTATE AID TO BANKS AND CREDIT FOR SMES: IS THERE A NEED FOR CONDITIONALITY?
STATE AID TO BANKS AND CREDIT FOR SMES: IS THERE A NEED FOR CONDITIONALITY? Rym Ayadi, Professor, Director IRCCF, HEC Montreal Fourth EBA Policy Research Workshop, EBA, London, 18-19 November 2015 HEC
More informationVanessa Redak (University of Vienna, Austria) Is the European banking system safer ten years after the crisis?
Vanessa Redak (University of Vienna, Austria) Is the European banking system safer ten years after the crisis? EuroMemo GROUP 24th Annual Conference on Alternative Policy in Europe 10 yearsintothecrisis
More informationEU Budget for the future New legislative package for cohesion policy #CohesionPolicy #EUinmyRegion
EU Budget for the future New legislative package for cohesion policy 2021-2027 #CohesionPolicy #EUinmyRegion ALIGNED TO POLITICAL PRIORITIES Simplification, transparency and flexibility Source: European
More informationHeterogeneity and the ECB s monetary policy
Benoît Cœuré Member of the Executive Board Heterogeneity and the ECB s monetary policy Paris, 29 March 2019 Persistence of inflation differentials main pre-crisis concern Inflation dispersion in the euro
More information1: yes directly; 2: yes, in collaborat.; 3: yes, with judicial aut AT BE CY CZ DK EE FI FR DE EL HU IS IE IT LV LT LU MT NL NO PL PT SK SI SE ES UK
Market Abuse Directive -2003/6/EC Ref: 07-382 Supervisory Powers draft combined table of questions June 07 1: yes directly; 2: yes, in collaborat.; 3: yes, with judicial aut AT BE CY CZ DK EE FI FR DE
More information