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This first ECON scrutiny session continues the ECON’s discussions on CRD/CRR during the previous legislature and covers in particular the delegated act on market risk (C(2019) 9068). In addition, two forthcoming regulatory technical standards (RTS) are discussed, namely the RTS on mapping of derivative transactions on which the EBA has finalised its draft (EBA-RTS-2019-02), and the RTS on criteria to define managerial responsibility and control functions on which the EBA has started a consultation ...

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.

Banking Union: What next?

Eingehende Analyse 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.

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 paper discusses the problem of valuation in bank resolution. In an overview over the most relevant principles of valuation theory, the paper notes the difficulties inherent in valuing risks and illiquidity in holding non-traded assets. Subsequently, the paper briefly reviews the resolution of Banco Popular Español, and then discusses the need for clarification of the no-investor-worse-off principle, the relation between the price in a sale of business and the presumed outcome in an insolvency ...

This study discusses the challenges concerning bank valuation reports in resolution. The resolution mechanism has three types of valuation reports, respectively to determine whether a bank is failing or likely to fail (valuation 1), to inform the use of the resolution tools including bail-in (valuation 2), and to ensure that the no creditor worse off condition is respected (valuation 3). The first experience with the preparation of valuation reports shows that even with the more formal procedures ...

This paper discusses from a legal perspective the challenges and difficulties involved in the production of the valuation reports required by the BRRD and considers the option of a moratorium tool for use by the resolution authorities as a possible way forward, which could address the concerns about timing and flexibility in the valuation process. Given the discretionary powers of the resolution authorities and the need for SRB independence, the paper also considers the wider issues of legitimacy ...

Review of the 2017 SREP results

Eingehende Analyse 21-03-2018

This paper reviews the 2017 SREP results with a view to assessing their capital market implications and seeing whether the information provision about the SREP results could be improved. Aggregated SREP information as published by the ECB can be useful in detecting trends in banks’ conditions, but it cannot be meaningfully applied to assess capital market reactions to the SREP results. Bank-level SREP disclosures are voluntary, and therefore are expected to be biased towards news that is favourable ...

Review of the 2017 SREP results

Eingehende Analyse 14-03-2018

This report looks at the methodology used by the ECB to carry out its supervisory evaluation of banks (“SREP”), as well as at the aggregate results disclosed by the supervisors and the figures released over time by individual banks. Our review suggests that greater disclosure may improve uniformity in how the SREP is implemented across institutions, as well as consistency between SREP analyses and supervisory priorities. Disclosure towards banks could be enhanced by using a standard, detailed template ...

The EU’s Heads of State or Government gave the green light in December 2017 to the second phase of negotiations on the United Kingdom's withdrawal from the EU. They agreed that ‘sufficient progress’ had been made in talks on issues in the first phase. Those include the UK's financial obligations on leaving the EU, the rights of EU citizens within the UK and of UK citizens within the EU, and how to deal with the border between Northern Ireland and Ireland. The next phase of talks will focus on transitional ...