36

résultat(s)

Mot(s)
Type de publication
Domaine politique
Auteur
Date

When and how to unwind COVID-support measures to the banking system?

12-03-2021

This in-depth analysis proposes ways to retract from supervisory COVID-19 support measures without perils for financial stability. It simulates the likely impact of the corona crisis on euro area banks’ capital and predicts a significant capital shortfall. We recommend to end accounting practices that conceal loan losses and sustain capital relief measures. Our in-depth analysis also proposes how to address the impending capital shortfall in resolution/liquidation and a supranational recapitalisation ...

This in-depth analysis proposes ways to retract from supervisory COVID-19 support measures without perils for financial stability. It simulates the likely impact of the corona crisis on euro area banks’ capital and predicts a significant capital shortfall. We recommend to end accounting practices that conceal loan losses and sustain capital relief measures. Our in-depth analysis also proposes how to address the impending capital shortfall in resolution/liquidation and a supranational recapitalisation.

Auteur externe

T. Tröger, R. Haselmann

When and how to unwind COVID-support measures to the banking system?

09-03-2021

Designing exit strategy requires judgment, coordination among different institutions, and graduality. Restoring banks’ balance sheet transparency is a first-order objective. To this end, borrower relief measures should be phased out ahead of the other measures. Relaxation of loan classification and provisioning policies can be lifted in a second stage. The last one to be unwounded would be capital relief initiatives. To provide banks time and space of manoeuvre, exit strategies needs to be communicated ...

Designing exit strategy requires judgment, coordination among different institutions, and graduality. Restoring banks’ balance sheet transparency is a first-order objective. To this end, borrower relief measures should be phased out ahead of the other measures. Relaxation of loan classification and provisioning policies can be lifted in a second stage. The last one to be unwounded would be capital relief initiatives. To provide banks time and space of manoeuvre, exit strategies needs to be communicated in a clear and timely manner.

Auteur externe

T. Beck, B. Bruno, E. Carletti

Non-performing loans - new risks and policies? What factors drive the performance of national asset management companies?

09-03-2021

In the past decade, asset management companies (AMCs) have been an effective tool for relieving banks of large portfolios of non-performing loans (NPLs). Managed over time, AMCs can reduce the financial burden on the overall system. This paper is based on the existing literature and EU experiences of national AMCs created in the aftermath of the global financial crisis. It discusses the advantages and disadvantages of using AMCs, and considers the key elements in their design.

In the past decade, asset management companies (AMCs) have been an effective tool for relieving banks of large portfolios of non-performing loans (NPLs). Managed over time, AMCs can reduce the financial burden on the overall system. This paper is based on the existing literature and EU experiences of national AMCs created in the aftermath of the global financial crisis. It discusses the advantages and disadvantages of using AMCs, and considers the key elements in their design.

Auteur externe

E. Avgouleas, R. Ayadi, M. Bodellini, B. Casu, W. P. De Groen, G. Ferri

Recalibrated Monetary Policy Instruments to Address the Economic Fallout from COVID-19

04-03-2021

In response to the COVID-19 pandemic and the severe recession it has produced, the ECB Governing Council has adopted, since March 2020, an extraordinary set of monetary policy measures aimed at preserving favourable financing conditions and safeguarding price stability in the face of high uncertainty. The monetary policy instruments were recalibrated in the course of 2020, lastly in December 2020. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the effectiveness ...

In response to the COVID-19 pandemic and the severe recession it has produced, the ECB Governing Council has adopted, since March 2020, an extraordinary set of monetary policy measures aimed at preserving favourable financing conditions and safeguarding price stability in the face of high uncertainty. The monetary policy instruments were recalibrated in the course of 2020, lastly in December 2020. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the effectiveness and side effects of the monetary policy instruments employed as well as interactions between them. This publication is prepared by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 18 March 2021.

Auteur externe

Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Marek DABROWSKI, Christophe BLOT, Caroline BOZOU, Jérôme CREEL, Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI

Guidance by the FSB, BCBS and IAIS on COVID related measures

20-11-2020

This briefing gives an overview of measures proposed by the Financial Stability Board, the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors to address the COVID-19 pandemic related financial consequences.

This briefing gives an overview of measures proposed by the Financial Stability Board, the Basel Committee on Banking Supervision and the International Association of Insurance Supervisors to address the COVID-19 pandemic related financial consequences.

Rethinking Monetary and Fiscal Policy in the Post-COVID Euro Area

18-11-2020

In the post-COVID environment, the ECB might face many and related trade-offs associated with the risk of being dominated by policy concerns other than price stability. Most of these risks could be reduced by a revision of the euro area governance framework, the creation of a new mechanism to provide financial assistance, and the implementation of a one-off intervention to reduce the exposure of the Eurosystem towards the euro area sovereign debts. This document was provided by the Policy Department ...

In the post-COVID environment, the ECB might face many and related trade-offs associated with the risk of being dominated by policy concerns other than price stability. Most of these risks could be reduced by a revision of the euro area governance framework, the creation of a new mechanism to provide financial assistance, and the implementation of a one-off intervention to reduce the exposure of the Eurosystem towards the euro area sovereign debts. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON). ahead of the Monetary Dialogue with the ECB President on 19 November 2020.

Auteur externe

Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI

A roadmap to completing the Banking Union

19-06-2020

Completing the Banking Union has been a long term endeavour, on the back of the less successful negotiations on its third leg - the common deposit guarantee scheme. The current crisis caused by the outbreak of COVID-19 will evidently put the current setup of Banking Union to test, but may also create a new impetus and political will for it’s completion. This briefing, based on two earlier EGOV briefings (here and here), (1) sets out the main milestones of such process so far, (2) outlines where work ...

Completing the Banking Union has been a long term endeavour, on the back of the less successful negotiations on its third leg - the common deposit guarantee scheme. The current crisis caused by the outbreak of COVID-19 will evidently put the current setup of Banking Union to test, but may also create a new impetus and political will for it’s completion. This briefing, based on two earlier EGOV briefings (here and here), (1) sets out the main milestones of such process so far, (2) outlines where work was before the coronavirus outbreak and (3) points to areas where progress is still missing and should continue once the urgency of the current crisis is mitigated. It will be regularly updated on the basis of available public information.

Global Currencies During a Crisis: Swap Line Use Reveals the Crucial Ones

15-05-2020

The current crisis has confirmed the importance of the currency swap lines offered by the Federal Reserve. They enhance the role of the USD as the dominant global currency. However, one should not expect much impact on the international role of the euro when the ECB offers similar currency swap lines. Currency competition is not won by competing on the generosity of currency swap lines. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at ...

The current crisis has confirmed the importance of the currency swap lines offered by the Federal Reserve. They enhance the role of the USD as the dominant global currency. However, one should not expect much impact on the international role of the euro when the ECB offers similar currency swap lines. Currency competition is not won by competing on the generosity of currency swap lines. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.

Auteur externe

Daniel GROS, Angela CAPOLONGO

The ECB’s disclosure of Pillar 2 capital requirements

02-04-2020

In January 2020, the European Central Bank (ECB) published for the first time a list with the specific Pillar 2 capital requirements for all banks under the ECB’s direct supervision, each individually mentioned by name. This briefing gives background information on the relevance of that disclosure, complementes the list with additional information, and analyses the data.

In January 2020, the European Central Bank (ECB) published for the first time a list with the specific Pillar 2 capital requirements for all banks under the ECB’s direct supervision, each individually mentioned by name. This briefing gives background information on the relevance of that disclosure, complementes the list with additional information, and analyses the data.

Covered bonds – Issue and supervision, exposures

24-01-2020

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 ...

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, despite benefiting from preferential treatment under the Capital Requirements Regulation (CRR), they share no common definition, which can lead to different securities benefiting from this treatment. To remedy this, the Commission has adopted proposals for, on the one hand, a directive, which would lay down investor protection rules and provide common definitions, and on the other, a regulation, which would amend the CRR with regard to covered bond exposures. Parliament voted in plenary on 18 April 2019 to adopt the texts agreed in trilogue. After linguistic corrections, Parliament approved corrigenda and the two acts were signed on 27 November 2019. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

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