43

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Ámbito político
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Amending the bank resolution framework – BRRD and SRMR

28-06-2019

In May 2019, the European Parliament and the Council adopted the proposals amending the EU legislative framework on bank resolution, consisting of the Banking Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation. Resolution is the restructuring of a bank which is failing or likely to fail, aiming at safeguarding continuity of the bank's critical functions, preserving financial stability and minimising rescue costs to taxpayers. The adopted amendments incorporate into ...

In May 2019, the European Parliament and the Council adopted the proposals amending the EU legislative framework on bank resolution, consisting of the Banking Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation. Resolution is the restructuring of a bank which is failing or likely to fail, aiming at safeguarding continuity of the bank's critical functions, preserving financial stability and minimising rescue costs to taxpayers. The adopted amendments incorporate into EU law the Total Loss-Absorbing Capacity standard, set at international level to improve large financial institutions' capacity to absorb losses and recapitalise in case they are placed in resolution. The new legislative texts were published in the Official Journal on 7 June 2019, and come fully into force on 28 December 2020.

General safety of vehicles and protection of vulnerable road users

11-04-2019

As part of the third 'Europe on the move' package of measures, on 27 May 2018, the European Commission presented a proposal for a regulation on type-approval requirements for motor vehicles and their trailers, as regards their general safety and the protection of vehicle occupants and vulnerable road users. The regulation is part of the EU's efforts to halve the number of fatal and serious injuries in road crashes between 2020 and 2030. It would introduce a number of advanced vehicle safety features ...

As part of the third 'Europe on the move' package of measures, on 27 May 2018, the European Commission presented a proposal for a regulation on type-approval requirements for motor vehicles and their trailers, as regards their general safety and the protection of vehicle occupants and vulnerable road users. The regulation is part of the EU's efforts to halve the number of fatal and serious injuries in road crashes between 2020 and 2030. It would introduce a number of advanced vehicle safety features that passenger cars, vans, buses and trucks would have to have as standard equipment in order to be sold on the internal market. It would replace three current type-approval regulations: the General Vehicle Safety Regulation, the Pedestrian Protection Regulation and the Hydrogen-Powered Motor Vehicles Regulation. In March 2019, the European Parliament and the Council reached a provisional agreement on the proposal, that clarifies exact requirements for different safety features and brings forward the deadlines for their mandatory instalment in vehicles. Parliament is expected to vote on it during the April II plenary session.

Financing bank resolution: An alternative solution for arranging the liquidity required

21-11-2018

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money ...

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money). This paper proposes an ECB liquidity facility with an SRF-guarantee as an alternative solution for banks in resolution. The funds available should be broadly sufficient to address potential liquidity needs for resolution tools. The proposed solution primarily requires agreement on the ESM-backstop for the SRF, a firmer commitment for (possible) future contributions for the SRF as well as a change to the current emergency liquidity assistance or introduction of a new dedicated Transitional Liquidity Assistance by the Eurosystem.

Autor externo

W.P. De Groen, CEPS

The financing of bank resolution - who should provide the required liquidity?

14-11-2018

This paper addresses two distinct yet interconnected problems. The first is whether the provision of Emergency Liquidity Assistance (ELA) on an individual bank basis should be centralised within the European Central Bank (ECB) and the second is whether existing liquidity financing arrangements are fit for the role. The paper argues that ELA centralisation would not require Treaty amendment and that a liquidity backstop is needed. However the latter cannot be provided by the ECB due to the prohibition ...

This paper addresses two distinct yet interconnected problems. The first is whether the provision of Emergency Liquidity Assistance (ELA) on an individual bank basis should be centralised within the European Central Bank (ECB) and the second is whether existing liquidity financing arrangements are fit for the role. The paper argues that ELA centralisation would not require Treaty amendment and that a liquidity backstop is needed. However the latter cannot be provided by the ECB due to the prohibition of monetary financing and other Treaty and EU law requirements. The choice of the EU entity which should be entrusted with the specific mandate will largely depend on the characteristics the facility would take. The paper considers such characteristics and analyses which authority may best fit that role. The paper also suggests that a well-structured facility could have a positive broader macroprudential impact, and that a fine balance needs to be struck between the risk of moral hazard and the beneficial effect this facility may have on market confidence.

Autor externo

Costanza A Russo Rosa M. Lastra, Queen Mary University of London

How to provide liquidity to banks after resolution in Europe’s banking union

14-11-2018

Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. After resolution but before full market confidence is restored, the liquidity needs of resolved banks might exceed what can be met through regular monetary policy operations or emergency liquidity assistance. All liquidity needs that emerge must be met for resolution to be a success. In the euro area, this can only be done credibly ...

Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. After resolution but before full market confidence is restored, the liquidity needs of resolved banks might exceed what can be met through regular monetary policy operations or emergency liquidity assistance. All liquidity needs that emerge must be met for resolution to be a success. In the euro area, this can only be done credibly for systemically important banks by the central bank. We discuss how to establish guarantees against possible losses in order to allow liquidity provisioning in times of resolution.

Autor externo

Maria Demertzis, Inês Gonçalves Raposo, Pia Hüttl, Guntram Wolff (Bruegel)

Abundant Liquidity and Bank Lending Activity: an Assessment of the Risks

14-09-2018

This paper assesses the risks facing the euro area banking system, as it returns to normal financial conditions without ECB support. In the first part we argue that risks to bank lending mainly stem from the transmission of external monetary policy effects that may not be aligned with ECB policies. The second part of the paper therefore offers some ideas on the need to moderate spillover effects from outside monetary policies or events. We also review how far new prudential policies, regulatory measures ...

This paper assesses the risks facing the euro area banking system, as it returns to normal financial conditions without ECB support. In the first part we argue that risks to bank lending mainly stem from the transmission of external monetary policy effects that may not be aligned with ECB policies. The second part of the paper therefore offers some ideas on the need to moderate spillover effects from outside monetary policies or events. We also review how far new prudential policies, regulatory measures and/or policies can be used to mitigate those unfavourable risks. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs.

Autor externo

Andrew HUGHES HALLETT

Excess Liquidity and Bank Lending Risks in the Euro Area

14-09-2018

Low interest rates and excess liquidity in the euro area, which exceeded €1,900 billion in September 2018, might create financial stability risks. We clarify the notion of excess liquidity and highlight that its current level is primarily the result of European Central Bank asset purchases. Overall, we conclude that financial stability risks in the euro area are low, but increased home bias and housing prices necessitate full attention from macroprudential authorities. Monetary policy tools are anyway ...

Low interest rates and excess liquidity in the euro area, which exceeded €1,900 billion in September 2018, might create financial stability risks. We clarify the notion of excess liquidity and highlight that its current level is primarily the result of European Central Bank asset purchases. Overall, we conclude that financial stability risks in the euro area are low, but increased home bias and housing prices necessitate full attention from macroprudential authorities. Monetary policy tools are anyway ill-suited to fostering financial stability objectives. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Autor externo

Zsolt DARVAS, David PICHLER

Motor vehicles: new approval and market surveillance rules

05-07-2018

The automotive industry is a major player in the European economy, accounting for 6.4% of gross domestic product and 2.3 million jobs in the European Union (EU). In September 2015, the Volkswagen (VW) case highlighted weaknesses in the implementation of type-approval rules for motor vehicles in the European Union, in particular as regards standards on emissions of air pollutants and carbon dioxide. In 2016, as part of preparations from previous years but also in response to the VW case, the European ...

The automotive industry is a major player in the European economy, accounting for 6.4% of gross domestic product and 2.3 million jobs in the European Union (EU). In September 2015, the Volkswagen (VW) case highlighted weaknesses in the implementation of type-approval rules for motor vehicles in the European Union, in particular as regards standards on emissions of air pollutants and carbon dioxide. In 2016, as part of preparations from previous years but also in response to the VW case, the European Commission proposed strengthening the type-approval system for motor vehicles. Its goal is to ensure effective enforcement of rules (including through market surveillance), to strengthen the quality and independence of technical tests and to introduce EU oversight on the type-approval process. After completion of the legislative procedure, the final act was signed on 30 May 2018. The regulation will apply from 1 September 2020.

Homologación y vigilancia del mercado de vehículos

11-04-2018

En 2016, tras el trabajo realizado en años anteriores, aunque también como respuesta al caso Volkswagen (VW), la Comisión Europea presentó una propuesta para reforzar la homologación de tipo y la vigilancia del mercado de los vehículos de motor. En las negociaciones en primera lectura con el Consejo se alcanzó un acuerdo que debe ser sometido a votación durante la sesión plenaria de abril.

En 2016, tras el trabajo realizado en años anteriores, aunque también como respuesta al caso Volkswagen (VW), la Comisión Europea presentó una propuesta para reforzar la homologación de tipo y la vigilancia del mercado de los vehículos de motor. En las negociaciones en primera lectura con el Consejo se alcanzó un acuerdo que debe ser sometido a votación durante la sesión plenaria de abril.

Research for TRAN Committee - Road enforcement databases: economic feasibility and costs

10-04-2018

This in-depth analysis investigates the economic feasibility and cost of creating national road enforcement databases following the introduction of new smart tachographs (so-called “Generation 2” digital tachographs) into the EU road haulage market. Two scenarios are considered: the first includes building new databases capable of handling new smart tachograph data, and the second mainly relies on upgrading existing databases for this new usage (such as Tachonet, the European Register of Road Transport ...

This in-depth analysis investigates the economic feasibility and cost of creating national road enforcement databases following the introduction of new smart tachographs (so-called “Generation 2” digital tachographs) into the EU road haulage market. Two scenarios are considered: the first includes building new databases capable of handling new smart tachograph data, and the second mainly relies on upgrading existing databases for this new usage (such as Tachonet, the European Register of Road Transport Undertakings (ERRU), or the Vehicle Information Platform (VIP) based on EUCARIS). Two options are also analysed: the first includes retrofitting the whole fleet of Heavy Goods Vehicles (HGVs) and buses from year 1, and the second is based on a more gradual introduction of new smart tachographs, only for new vehicles.

Autor externo

Przemyslaw BORKOWSKI and Monika BAK

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