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This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 20 June 2022. The aim of the meeting is to discuss recent developments in macroprudential policy field, potential systemic risks looming ahead, notably the impact of the Russia-Ukraine conflict. The briefing provides (i) summaries of the issues highlighted by the ESRB in its letters to the European Parliament; (ii) the risks building-up ...

This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 1 July 2021. The aim of the meeting is to present the ESRB Annual Report and to discuss recent developments in macroprudential policy field, potential systemic risks looming ahead, notably the impact of the pandemic. The briefing takes stock of (i) the ESRB and national macroprudential authorities’ response to the pandemic outbreak; (ii ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 23 March 2021. During the hearing, Chair Enria will present the Annual Report on supervisory activities 2020, which will be published the same day. This paper addresses (i) the implications of supervisory measures in response to COVID-19; (ii) supervisory work for 2021 (supervisory priorities, stress test, fit and proper assessments ...

Building on earlier EGOV papers, this briefing addresses the evolution of non-performing loans (NPLs) over time, the EU regulatory and supervisory approaches to manage NPLs and highlights areas where gaps may still be observed. Renewed interest in asset management companies as a possible instrument to deal with NPLs is discussed in an annex. Concerns around NPLs are growing, as the impact of COVID-19 crisis related responses on banks’ balance sheets begin to be further scrutinised. This briefing ...

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place in ECON on 19 November 2020. This will be the second hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in the macroprudential policy field and the impact of the corona crisis. The briefing provides a (i) summary of the ESRB Annual Report, (ii) addresses the ESRB and national macroprudential ...

This briefing provides an overview of the institutional macroprudential framework in the European Union (EU), distribution of powers and responsibilities and interactions between different institutions.

This briefing provides an overview of European Union’s macroprudential policy toolkit that could be applied to the banking sector. Not all the tools described in this briefing are available for all national macroprudential authorities in the European Union (EU), due to different national legislations. Even though most of the instruments are targeted at the banking sector, national specificities in some cases permit the use of the same instrument to other financial institutions.

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 8 June 2020. This will be the first hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in macroprudential policy field and the impact of the corona crisis. The briefing addresses the ESRB and national macroprudential authorities’ response to the pandemic outbreak, including recent ...

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly ...

In his answer to the European Parliament (EP), Commission’s Executive Vice-President designate V. Dombrovskis explained that “It is necessary to encourage banks to diversify further their sovereign bond portfolios and reduce the home bias, which remains far too strong and leaves banks overly exposed to the fiscal distress of their home government. I do not underestimate the political, legal and technical complexity and sensitivity of these issues across the EU and their financial stability implications ...