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The assignment of a claim refers to a situation where a creditor (the assignor) transfers the right to claim a debt from the debtor to another person (the assignee) who then becomes a creditor vis-a-vis the debtor (replacing in this role the original creditor). This mechanism is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. The ...

This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, ...

Solvency II review

Briefing 11-04-2022

The IA covers two Commission proposals representing the biggest amendment to date of the Solvency II framework, which came into force in the EU in 2016. Important parts of the framework laid down in delegated and implementing acts will be updated by the Commission at a later stage. This IA builds on a broad consultation of stakeholders, and on extensive advice from the European Insurance and Occupational Pensions Authority (EIOPA). In addition to various reports from EIOPA including a holistic IA ...

This note is prepared in view of an ordinary public hearing with the Chair of the Single Resolution Board (SRB), Elke König, which will take place on 14 March 2022. This briefing (1) addresses mainly the situation of Sberbank Europe that has been declared failing-or-likely-to-fail, giving background information (i) on the bank, (ii) the process, (iii) the actions taken, (iv) the public interest assessments made, and (v) the implications for deposit guarantee schemes. In view of the current situation ...

This note is prepared in view of an ordinary public hearing with the Chair of the Single Resolution Board (SRB), Elke König, which will take place on 1 December 2021. This briefing addresses the following topics: (i) cooperation with other authorities, (ii) home/host authorities and the issue of internal MREL, (iii) evolution of MREL stock and shortfalls, (iv) contributions to the Single Resolution Fund, and (v) summaries of external papers on the status quo of impediments to resolvability.

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

To efficiently resolve a bank that is failing or likely to fail, and for which resolution is deemed in the public interest, it is important that impediments that hamper its resolvability are removed. Noting the limited public disclosure of banks and the Single Resolution Board (SRB), this paper assesses improvements in resolvability of a sample of 72 eurozone banks based on some key indicators. The main findings suggest that resolvability has marginally improved since the SRB resumed its full legal ...

Credit servicers directive

In sintesi 13-10-2021

In March 2018, the European Commission adopted a proposal for a directive on credit servicers and credit purchasers as part of its overall strategy to tackle high volumes of non-performing loans (NPLs) accumulated on EU banks’ balance sheets. The proposal aims to foster the development of secondary markets for NPLs by removing undue obstacles to credit servicing and to the transfer of bank loans to third parties across the EU. The European Parliament is expected to vote during the October II plenary ...

In February 2021, the Commission launched a consultation that sought to gather stakeholders’ experience with the current crisis management and deposit insurance framework as well as their views on the revision of the framework. The results of that consultation were published in a summary report. As the experience with the application of the current framework indicates that some adjustments may be warranted, this briefing summarises some of the underlying issues.

This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 1 July 2021. The aim of the meeting is to present the ESRB Annual Report and to discuss recent developments in macroprudential policy field, potential systemic risks looming ahead, notably the impact of the pandemic. The briefing takes stock of (i) the ESRB and national macroprudential authorities’ response to the pandemic outbreak; (ii ...