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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.

An Effective Regime for Non-viable Banks: US Experience and Considerations for EU Reform

17-07-2019

For 85 years, the US regime for non-viable banks has maintained a high degree of stability and public confidence by protecting deposits, while working to minimize the public cost of that protection. With awareness of the difference in context, EU reformers can draw valuable insights from the US experience. On balance, a review of the US regime supports arguments in favour of harmonization and centralization of bank insolvency proceedings and deposit insurance in Europe’s banking union. A unitary ...

For 85 years, the US regime for non-viable banks has maintained a high degree of stability and public confidence by protecting deposits, while working to minimize the public cost of that protection. With awareness of the difference in context, EU reformers can draw valuable insights from the US experience. On balance, a review of the US regime supports arguments in favour of harmonization and centralization of bank insolvency proceedings and deposit insurance in Europe’s banking union. A unitary regime would improve on the current EU status quo along multiple dimensions: deposit protection, creditor rights, controlling moral hazard, predictability and operational effectiveness, transparency and accountability, and financial stability. It would help break the bank-sovereign vicious circle in the euro area. The US experience suggests that substantial improvements are achievable in a well-designed system of institutional checks and balances that learns and adapts over time.

Ekstern forfatter

A.Gelpern, N.Véron

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”.

EU policies – Delivering for citizens: The fight against tax fraud

28-06-2019

Tax policy, and the fight against tax fraud, have gained particular exposure over the past five years as a result of the light shed by repeated tax leaks and the related journalistic investigations. This has added to the increasing lack of acceptance of damaging tax practices, especially since the recession and the resulting budget constraints. The fight against tax fraud aims at recovering revenue not paid to the public authorities. It also aims at ensuring that fraudsters do not have an advantage ...

Tax policy, and the fight against tax fraud, have gained particular exposure over the past five years as a result of the light shed by repeated tax leaks and the related journalistic investigations. This has added to the increasing lack of acceptance of damaging tax practices, especially since the recession and the resulting budget constraints. The fight against tax fraud aims at recovering revenue not paid to the public authorities. It also aims at ensuring that fraudsters do not have an advantage over compliant taxpayers, thus ensuring tax fairness between taxpayers. Unpaid taxes result in reduced resources for national and European Union (EU) budgets. Though the scale of unpaid taxes is by nature difficult to estimate, available assessments hint at large amounts of resources lost to public finances. Citizens' evaluation of the EU's current involvement in the fight against tax fraud has improved, but the majority of citizens in each Member State still share expectations for even more intensive involvement. Despite this, there is still a considerable gap between citizens' evaluations and expectations of EU involvement. There is still room for improvement in addressing the preferences and expectations of EU citizens. The fight against tax fraud is shared between Member States and the EU. Coming under tax policy, it has remained closely linked to Member State sovereignty, protected by the requirement for unanimity and a special legislative procedure which keeps tax matters firmly under the Council's control. This has been the case since the Union's beginnings, in spite of the proposed limited changes to the tax framework. As shortcomings have been more clearly identified, the discussion has been opened anew in speeches on the State of the Union delivered by the President of the European Commission before the European Parliament. Fighting tax fraud covers not only actions against illegal behaviour, but also the deterrence of fraud and measures to foster compliance. As a result it involves a large reboot of tax provisions, to upgrade them for the scale and features of tax fraud as it is and as it evolves. In spite of the notable deliveries during the 2014-2019 parliamentary term, there remains work ahead, namely because all provisions need to be implemented, enforced, monitored and, if need be, updated, to keep up with the versatility of tax fraud and the pace of digital evolution globally. This is an update of an earlier briefing issued in advance of the 2019 European elections.

Structural Budget Balances in EU Member States - June 2019

28-06-2019

Structural budget balances play an important role in the fiscal policy frameworks of the EU both as part of the application of the Stability and Growth Pact (SGP) and in the implementation of the balanced budget rule by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU (the fiscal section of the Treaty is called “Fiscal Compact”). This document provides a short overview of the concept and application of the structural balance rule(s) in ...

Structural budget balances play an important role in the fiscal policy frameworks of the EU both as part of the application of the Stability and Growth Pact (SGP) and in the implementation of the balanced budget rule by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU (the fiscal section of the Treaty is called “Fiscal Compact”). This document provides a short overview of the concept and application of the structural balance rule(s) in the EU. It will be regularly updated, in particular, the Annex that shows progress made (based on the latest Commission forecast) by Member States in reaching their structural budget commitments under the preventive arm of the SGP.

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