Mostrando 10 de 23 resultados

Next Generation EU Borrowing: a first assessment

Análisis en profundidad 29-10-2021

The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets, due to its ambitious and groundbreaking new public debt programme. The European Commission has thus adopted a totally new, diversified borrowing strategy, similar to that of other major issuers, to raise money safely, reliably and in a cost-effective manner. EU debt therefore has to be attractive to financial markets and maintain a strong credit rating.

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 ...

La Comisión ha propuesto una Directiva y un Reglamento para crear un único marco europeo de bonos garantizados. Está previsto que el Parlamento vote en abril los textos acordados en las negociaciones interinstitucionales.

Making it easier for small and medium-sized enterprises (SMEs) to access financing through public markets lies at the heart of the capital markets union – the plan to mobilise capital in Europe. Among the various reasons for going ahead with this union is the fact that existing requirements and listing costs in both regulated and multilateral trading venues continue to be disproportionate to the size and level of sophistication of SMEs. To further respond to this situation, the Commission has proposed ...

A framework for EU covered bonds

Briefing 18-05-2018

The Commission proposed a legislative framework for covered bonds. The supporting impact assessment (IA) provided a coherent problem analysis and the corresponding set of objectives. The impacts analysis focused mainly on the costs and benefits of enhancing the Capital Markets Union potential. However, the IA did not assess the options in terms of their proportionality and did not check the subsidiarity or proportionality of the regulatory options.

La titulación hace referencia al proceso de agrupación y conversión de préstamos en valores, para poder ser vendidos a inversores. En el marco de su labor de construcción de una unión de los mercados de capitales, la Comisión propuso un reglamento que establece normas comunes sobre la titulización y proporciona un marco para una titulización simple, transparente y normalizada. El Parlamento tiene previsto someter a votación dicha propuesta durante el periodo parcial de sesiones de octubre II.

El nuevo marco para una titulización «simple, transparente y normalizada» (STS) tiene repercusiones para el marco prudencial general de las entidades de crédito y las empresas de inversión. La Comisión ha propuesto modificar el vigente Reglamento sobre requisitos de capital a fin de ajustar los perfiles de absorción de riesgos con objeto de reflejar adecuadamente las características específicas de las titulizaciones STS. El Parlamento tiene previsto someter a votación dicha propuesta durante el periodo ...

Prospectuses for investors

Briefing 10-05-2016

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces ...

This note gives an overview of the recent discussions relating to the clarification of the methodology for calculating the Maximum distributable Amount in banking supervision and the volatility on the market for banks contingent convertible bonds ("CoCo bonds").

Bail-in can potentially lead to enhanced market discipline and lower use of public finances only if its application is credible and stringent. This requires that the holders of bail-in able debt have the capacity of absorbing losses but also that the application of bail-in does is consistent with financial stability. Sophisticated investors have typically a larger financial capacity than unsophisticated investors but they are also more reactive to information and/or imposition of losses and are therefore ...