15

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Covered bonds – Issue and supervision, exposures

25-02-2019

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. In November 2018, Parliament and Council both adopted their respective negotiating positions. The file is currently the subject of trilogue negotiations. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Review of the European supervisory authorities (ESAs)

20-12-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 20 September 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). Against the backdrop of the financial crisis and global efforts to safeguard financial stability, in 2011 the EU established three European Supervisory Authorities (ESAs) for the supervision of individual banking, investment, insurance ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 20 September 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). Against the backdrop of the financial crisis and global efforts to safeguard financial stability, in 2011 the EU established three European Supervisory Authorities (ESAs) for the supervision of individual banking, investment, insurance and pension markets: the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA). These ESAs also contribute to the development and application of a single rulebook for financial regulation in the European Economic Area. In 2015, in view of further integration of the financial sector, the EU launched the Capital Markets Union, stressing the need to strengthen both regulatory and supervisory convergence. The latter was particularly highlighted in the Five Presidents' 2015 report on completing Europe's economic and monetary union and in a reflection paper of May 2017. In this context, the Commission's 2017 work programme announced the review of the European System of Financial Supervisors (ESFS), which comprises the ESAs and the European Systemic Risk Board. Accordingly, the review of the current ESA regulations addresses the micro-prudential aspects of the continuing financial integration, together with the extension of ESA responsibilities through a number of recent pieces of sectoral legislation, also covered in the IA (IA, pp. 8-9, 25). Finally, the prospect of Brexit – which will entail a relocation of the EBA – further increases the need for the EU27 to strengthen EU-wide convergence of supervisory practices, in order to protect consumers and investors and to promote financial stability. While the ESA regulations are considered to have worked well in general, a first review in 2014 found several shortcomings (IA, p. 9). The IA notes that for specific cross-border activities in particular, the balance between ESA and national supervision is problematic. Also, the considerable divergence between national supervisory practices across the EU makes the current system inconsistent, since the day-to-day supervision of small financial actors remains a national competence, as does the implementation of the cited sectoral regulations involving ESA activities (IA, pp. 20, 142).

Regular public hearing with Danièle Nouy, Chair of the Supervisory Board - ECON on 9 November 2017

07-11-2017

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: the ECB addendum on NPLs, the LCR ratio in case of Banco Popular, the Supervisory Banking Statistics for the second quarter of 2017, recent guidance documents published by the SSM, and recent external ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: the ECB addendum on NPLs, the LCR ratio in case of Banco Popular, the Supervisory Banking Statistics for the second quarter of 2017, recent guidance documents published by the SSM, and recent external briefing papers provided for the ECON Committee.

Prudential requirements for credit institutions and investment firms

23-10-2017

The new framework for 'simple, transparent, and standardised' (STS) securitisations has implications for the overall prudential framework for credit institutions and investment firms. The Commission has proposed to amend the existing Capital Requirements Regulation (CRR) accordingly, to adjust risk retention profiles to reflect properly the specific features of STS securitisations. Parliament is due to vote on the proposal during the October II plenary session.

The new framework for 'simple, transparent, and standardised' (STS) securitisations has implications for the overall prudential framework for credit institutions and investment firms. The Commission has proposed to amend the existing Capital Requirements Regulation (CRR) accordingly, to adjust risk retention profiles to reflect properly the specific features of STS securitisations. Parliament is due to vote on the proposal during the October II plenary session.

The resolution of Banco Popular

28-08-2017

This briefing focusses on the resolution of Banco Popular by the Single Resolution Board.

This briefing focusses on the resolution of Banco Popular by the Single Resolution Board.

Overcapacities in the European Banking Sector

26-07-2017

This briefing explores the issue of possible overcapacities in the European Banking Sector that are said to be a factor for the current low level of bank profitability.

This briefing explores the issue of possible overcapacities in the European Banking Sector that are said to be a factor for the current low level of bank profitability.

The orderly liquidation of Veneto Banca and Banca Popolare di Vicenza

25-07-2017

This briefing focusses on the failure of two Italian banks, Veneto Banca and Banca Popolare di Vicenza (hereunder “the Veneto banks”), and their subsequent liquidation through a special insolvency procedure under Italian law.

This briefing focusses on the failure of two Italian banks, Veneto Banca and Banca Popolare di Vicenza (hereunder “the Veneto banks”), and their subsequent liquidation through a special insolvency procedure under Italian law.

Precautionary recapitalisations under the Bank Recovery and Resolution Directive: conditionality and case practice

05-07-2017

This briefing focusses on the possibility provided by the Bank Recovery and Resolution Directive (BRRD) to recapitalize a bank outside resolution. It explains the legal framework, in particular the conditionality attached to such precautionary recapitalisations, and reviews the few cases where the use of this instrument was discussed.

This briefing focusses on the possibility provided by the Bank Recovery and Resolution Directive (BRRD) to recapitalize a bank outside resolution. It explains the legal framework, in particular the conditionality attached to such precautionary recapitalisations, and reviews the few cases where the use of this instrument was discussed.

Regular public hearing with Danièle Nouy, Chair of the Single Supervisory Mechanism - ECON on 19 June 2017

16-06-2017

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: information in the public domain relating to the resolution of Banco Popular, the ECB’s supervisory expectations for banks relocating to the euro area in the context of Brexit, the Supervisory ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB) as referred to in Regulation 1024/2013 and the Interinstitutional Agreement between the European Parliament and the ECB. The following issues are addressed in this briefing: information in the public domain relating to the resolution of Banco Popular, the ECB’s supervisory expectations for banks relocating to the euro area in the context of Brexit, the Supervisory Banking Statistics for the fourth quarter of 2016, two guidance documents published by the SSM, and a summary of an external briefing paper on banks’ structural changes.

The European Systemic Risk Board: Output since Inception

23-05-2017

This briefing looks back at five years of existence of the ESRB and gives an overview of its concrete output. It will be regularly updated.

This briefing looks back at five years of existence of the ESRB and gives an overview of its concrete output. It will be regularly updated.

Buduća događanja

10-12-2019
EU institutional dynamics: Ten years after the Lisbon Treaty
Drugo događanje -
EPRS
11-12-2019
Take-aways from 2019 and outlook for 2020: What Think Tanks are Thinking
Drugo događanje -
EPRS

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