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Macroprudential Policy beyond Banking

Podrobná analýza 03-05-2023

The argument for applying borrower-based measures (BBMs) to non-banks to make these institutions more resilient is weaker than in the case of banks, as non-bank failures create fewer negative externalities. At the same time, the implications of extending the scope of BBMs to non-banks for income and wealth distributions may be more negative, as this would leave younger and poorer households with no options to obtain housing finance. Therefore, it is not obvious that countries that apply BBMs to banks ...

This in-depth analysis covers the pending challenges of Europe’s bank crisis management framework, with special emphasis on small and medium-sized banks. It focuses on “transfer strategies” for selling failed banks, the framework of funding by deposit guarantee schemes (DGS) and resolution funds, the ranking of deposits to facilitate such transfers, and the need to address banking groups’ challenges.

Plenary round-up – March I 2023

Ve stručnosti 17-03-2023

Among the highlights of the March I plenary session was a debate on the conclusions of the special European Council meeting of 9 February and the preparation of the European Council meeting of 23-24 March 2023, with Charles Michel, the President of the European Council. Members also debated the failure of the Silicon Valley Bank and its implications for European financial stability, a common EU response to save lives at sea, the need to ensure transparency and accountability in the light of alleged ...

There is an emerging consensus among stakeholders to apply resolution more widely going forward, possibly through modifications of the public interest assessment. This briefing reviews the practice of the Single Resolution Board so far and presents some observations based on past experience and policy options that the legislators might want to consider as they set out to reform the resolution framework.

This study investigates the role of financial actors, such as banks and investors, in the EU Emissions Trading System and their role in determining price dynamics and volatility. It concludes that activities on the market should be further monitored and data availability and quality improved. While further regulation of market participants may become necessary in the future, it is, at this stage, more important to focus on improving the Market Stability Reserve (MSR).

This study discusses recent and current conditions relating to financial stability in the euro area, develops, in particular, on the impact of the current ‘inflation crisis’ on financial stability vulnerabilities, and addresses two related priorities for the Single Resolution Board (SRB).

The Banking Union will likely face several risks in the near future, ranging from geopolitical risks to shadow banking risks and the phasing out of Covid-19 support. Such risks might also affect the Single Resolution Board and its priorities. This paper discusses the key short-term risks and analyses how the SRB can be impacted regarding resolution planning, the failing or likely to fail determination, public interest assessment and resolution action.

This paper shows that to successfully deal with bank crises, the EU framework needs to facilitate the smooth transfer of funds, assets and liabilities from financially troubled entities to other entities. Currently, the EU framework does not guarantee that. The reasons are identifiable, and can be remedied.

Resolving Banks: The Retail Challenge

Podrobná analýza 18-10-2022

The credibility to implement bail-in procedures to retail investors seems limited. ECB statistics suggest that Italy, Germany, France, and Austria have large retail investors’ exposure to bank securities. Several policy options to deal with the retail challenge are discussed, including prohibiting banks’ debt securities held by retail investors from being used to meet MREL, a ban on the distribution of complex capital instruments to retail investors, and more stringent MREL requirements for banks ...

The Deposit Guarantee Schemes Directive harmonises a minimum requirement for the funding of Deposit Guarantee Schemes through available financial means, a reserve paid in ex-ante. The Deposit Guarantee Schemes must observe the harmonised minimum target levels as of July 2024. The latest EBA data shows progress in that direction at most Deposit Guarantee Schemes. Three considerations should in particular be borne in mind when assessing the level of funding through available financial means: First ...