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Banking Union: Completing the Single Rule Book

18-07-2019

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

Public hearing with Elke König, Chair of the Single Resolution Board, on the SRB Annual Report 2018 - ECON on 22 July 2019

18-07-2019

This note is prepared in view of a public hearing with the Chair of the Single Resolution Board (SRB), Elke König who will inter alia present the SRB 2018 Annual Report.

This note is prepared in view of a public hearing with the Chair of the Single Resolution Board (SRB), Elke König who will inter alia present the SRB 2018 Annual Report.

Banking Union: What next?

18-07-2019

This briefing summarises the key areas of possible regulatory initiatives with a view to further completing the Banking Union: (1) EDIS, (2) Further harmonisation of banking law (“single rule book’), (3) Home/host issues, (4) Resolution financing, (5) Further harmonisation of insolvency law, (6) safe assets and regulatory treatment of sovereign exposures and (7) AML supervision. These issues are further explained in additional thematic briefings.

This briefing summarises the key areas of possible regulatory initiatives with a view to further completing the Banking Union: (1) EDIS, (2) Further harmonisation of banking law (“single rule book’), (3) Home/host issues, (4) Resolution financing, (5) Further harmonisation of insolvency law, (6) safe assets and regulatory treatment of sovereign exposures and (7) AML supervision. These issues are further explained in additional thematic briefings.

Single Resolution Mechanism - Main Features, Oversight and Accountability

16-07-2019

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put ...

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put together a framework for resolving banks in difficulties. That framework is the Single Resolution Mechanism, headed by an European agency, the Single Resolution Board (SRB), based on Regulation 806/2014 and comprising all national resolution authorities of the Member States participating in the Banking Union.

Single Supervisory Mechanism – Main Features, Oversight and Accountability

16-07-2019

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

The Single Supervisory Mechanism (SSM) is, along with the Single Resolution Mechanism, one of the pillars or the Banking Union (the third pillar, the common deposit guarantee scheme, still pending completion). It comprises the European Central Bank, in its supervisory capacity, and the national supervisory authorities (NCAs) of participating Member States.

Banking Union: Towards new arrangements for the provision of liquidity in resolution?

16-07-2019

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility ...

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility, as planned. The Eurogroup is expected to report back to the Euro-Summit in December 2019. This briefing (1) describes the existing arrangements in the Banking Union, (2) compares those arrangements with the US and the UK regimes and (3) echoes ongoing reflections on possible new arrangements with a view to completing the Banking Union. This briefing is an updated version of a briefing initially drafted in July 2018.

Banking Union: Defusing the “home/host” debate

16-07-2019

While a banking group located in the Banking Union is supervised by a single supervisor (SSM) and no longer by home and host supervisors, subsidiaries are subject to individual requirements with remaining national powers over legal entities of a group. Further integration of banking groups’ risk management has been identified by the Chair of the Single Supervisory Mechanism (SSM) as one of the remaining steps to completing the Banking Union. For the Chair of the SSM, there are “still obstacles to ...

While a banking group located in the Banking Union is supervised by a single supervisor (SSM) and no longer by home and host supervisors, subsidiaries are subject to individual requirements with remaining national powers over legal entities of a group. Further integration of banking groups’ risk management has been identified by the Chair of the Single Supervisory Mechanism (SSM) as one of the remaining steps to completing the Banking Union. For the Chair of the SSM, there are “still obstacles to the integrated management of bank capital and liquidity within cross-border groups operating in the banking union”. As the SSM put it “the fences should be removed; they are out of place within a banking union where the concept of home and host supervisors has disappeared”.

European Parliament's Banking Union reports in 2015 - 2018

26-06-2019

This briefing provides an overview of the European Parliament’s expectations and priorities for the banking union as set out in its annual Banking Union reports during the 8th legislative term. The main themes found in these reports over the last 4 years are highlighted in the first section of this briefing, while the second part turns to the ECB Banking Supervisor’s response to the 2017 Banking Union report, the most recent response available, as well as concrete actions expected from the SRB, who ...

This briefing provides an overview of the European Parliament’s expectations and priorities for the banking union as set out in its annual Banking Union reports during the 8th legislative term. The main themes found in these reports over the last 4 years are highlighted in the first section of this briefing, while the second part turns to the ECB Banking Supervisor’s response to the 2017 Banking Union report, the most recent response available, as well as concrete actions expected from the SRB, who as yet have not provided a formal response. The annex of the briefing includes a comparison of the positions taken by the EP in the annual reports in the following policy areas: banking developments and structures; institutional and organisational issues; regulatory issues; completing the banking unions; risk assessment; supervisory issues and priorities; crisis management; and policies related to Anti-Money-Laundering (AML)

Banking resolution challenges ahead in the Banking Union

16-05-2019

This note presents the summaries of three papers requested by the ECON Committee to external authors, to give a topical assessment of the Single Resolution Board’s past performance and a view on future priorities or areas that would call for increased attention.

This note presents the summaries of three papers requested by the ECON Committee to external authors, to give a topical assessment of the Single Resolution Board’s past performance and a view on future priorities or areas that would call for increased attention.

Banking Supervisory challenges ahead in the Banking Union

16-05-2019

This note presents the summaries of four papers requested by the ECON Committee to external authors on ”The next SSM term: Supervisory challenges ahead", given the recent appointment of Andrea Enria as Chair of the Single Supervisory Mechansim (SSM). The experts were asked to briefly look back at how the SSM (part of the ECB) has over the past years performed against the main goals it was supposed to accomplish; look forward at the supervisory challenges ahead; and to reflect upon which modified ...

This note presents the summaries of four papers requested by the ECON Committee to external authors on ”The next SSM term: Supervisory challenges ahead", given the recent appointment of Andrea Enria as Chair of the Single Supervisory Mechansim (SSM). The experts were asked to briefly look back at how the SSM (part of the ECB) has over the past years performed against the main goals it was supposed to accomplish; look forward at the supervisory challenges ahead; and to reflect upon which modified supervisory practices would facilitate the Parliament’s scrutiny work.

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