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Review of the bank crisis management and deposit insurance frameworks Banking Union Working Group

11-01-2021

This briefing summarises key elements of the intended initiative, based on the information that the Commission provided on 10 November 2020 in its related public consultation and additional public sources. The briefing also briefly focuses on other related issues, namely, misalignments between state-aid and resolution and some European Court of Justice decisions with impact on the crisis management framework, and a box focusing on rele-vant aspects of the Commission’s recently released NPL Action ...

This briefing summarises key elements of the intended initiative, based on the information that the Commission provided on 10 November 2020 in its related public consultation and additional public sources. The briefing also briefly focuses on other related issues, namely, misalignments between state-aid and resolution and some European Court of Justice decisions with impact on the crisis management framework, and a box focusing on rele-vant aspects of the Commission’s recently released NPL Action Plan (an Annex lists most recent EGOV briefings and external papers relevant for these matters). The briefing has been prepared in view of a discussion of the Banking Union Working Groupof the European Parliament on the Commission's revision of the bank crisis management framework.

Banking Union: What next?

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.

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.

Revision of the Fourth Anti-Money-Laundering Directive

23-07-2018

Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of recent terrorist attacks and various tax leaks. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament and Council ...

Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of recent terrorist attacks and various tax leaks. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament and Council each put forward substantial modifications to the Commission proposal, including not amending the aforementioned Directive 2009/101/EC. Others include: the obligation for Member States to provide data to the Commission on trusts and legal arrangements; specific professional secrecy obligations for staff working, or having worked for, competent authorities supervising credit and financial institutions; cooperation between competent authorities; or the obligation for Member States to provide Financial Intelligence Units (FIUs) with access to information – including through registries or central electronic data retrieval systems – which allows the identification of any natural or legal person owning real estate. Parliament voted on the agreement reached in trilogue on 19 April 2018 and Council adopted the act on 14 May 2018. The final act was published in the Official Journal on 19 June 2018. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Revision of the Anti-money-laundering Directive

11-04-2018

The current EU regulatory framework for financial crime –composed of Directive (EU) 2015/849, and Regulation (EU) 2015/847– faces the challenge of keeping pace with technological innovation in financial services, which can create new opportunities to conceal financing, as well as the potential exploitation by criminals of loopholes in the system. Following approval in committee in January, the report is due to be voted in plenary in April.

The current EU regulatory framework for financial crime –composed of Directive (EU) 2015/849, and Regulation (EU) 2015/847– faces the challenge of keeping pace with technological innovation in financial services, which can create new opportunities to conceal financing, as well as the potential exploitation by criminals of loopholes in the system. Following approval in committee in January, the report is due to be voted in plenary in April.

Sovereign Concentration Charges: A New Regime for Banks’ Sovereign Exposures

09-11-2017

Achieving the aim of Europe’s banking union project, to break the vicious circle between banks and sovereigns, requires new policy initiatives. The most direct bank-sovereign linkages are national deposit insurance and concentrated domestic sovereign exposures. Thus, simultaneously with a European Deposit Insurance Scheme (EDIS) as proposed by the European Commission in 2015, the European Union should introduce regulatory disincentives against highly concentrated sovereign exposures of euro area ...

Achieving the aim of Europe’s banking union project, to break the vicious circle between banks and sovereigns, requires new policy initiatives. The most direct bank-sovereign linkages are national deposit insurance and concentrated domestic sovereign exposures. Thus, simultaneously with a European Deposit Insurance Scheme (EDIS) as proposed by the European Commission in 2015, the European Union should introduce regulatory disincentives against highly concentrated sovereign exposures of euro area banks. This paper makes a concrete proposal for a Sovereign Concentration Charges Regulation (SCCR), including calibration and careful transitional arrangements to avoid any disorderly market impact. The SCCR and EDIS together could realistically receive political approval in 2018 and be fully implemented within a decade.

Autor externo

N.Veron, Bruegel

Fiscalidade direta: tributação das pessoas singulares e das sociedades

01-11-2017

O domínio da tributação direta não é diretamente regulamentado pela legislação europeia. No entanto, várias diretivas e a jurisprudência do Tribunal de Justiça da União Europeia estão a estabelecer normas harmonizadas para o imposto sobre o rendimento das sociedades e para o imposto sobre o rendimento das pessoas singulares. Além disso, algumas comunicações salientam a preocupação de prevenir a evasão fiscal e a dupla tributação na União Europeia. Os acordos fiscais prévios («tax rulings») para grandes ...

O domínio da tributação direta não é diretamente regulamentado pela legislação europeia. No entanto, várias diretivas e a jurisprudência do Tribunal de Justiça da União Europeia estão a estabelecer normas harmonizadas para o imposto sobre o rendimento das sociedades e para o imposto sobre o rendimento das pessoas singulares. Além disso, algumas comunicações salientam a preocupação de prevenir a evasão fiscal e a dupla tributação na União Europeia. Os acordos fiscais prévios («tax rulings») para grandes empresas em alguns Estados-Membros, com potenciais efeitos de distorção da concorrência, também estão incluídos no debate político.

União Bancária

01-06-2017

A União Bancária foi criada em resposta à crise financeira e tem atualmente dois elementos, o Mecanismo Único de Supervisão (MUS) e o Mecanismo Único de Resolução (MUR). O MUS supervisiona os bancos de maior dimensão e mais importantes da área do euro, diretamente a nível europeu, enquanto o MUR tem por objetivo a resolução dos bancos insolventes, de uma forma ordenada, com custos mínimos para os contribuintes e para a economia real. Um terceiro elemento, um Sistema Europeu de Seguro de Depósitos ...

A União Bancária foi criada em resposta à crise financeira e tem atualmente dois elementos, o Mecanismo Único de Supervisão (MUS) e o Mecanismo Único de Resolução (MUR). O MUS supervisiona os bancos de maior dimensão e mais importantes da área do euro, diretamente a nível europeu, enquanto o MUR tem por objetivo a resolução dos bancos insolventes, de uma forma ordenada, com custos mínimos para os contribuintes e para a economia real. Um terceiro elemento, um Sistema Europeu de Seguro de Depósitos (EDIS), está atualmente em discussão.

Low and negative interest rates

23-09-2016

The current very low/negative interest rate environment is the subject of much debate. On one side, the central banks claim that it is not the cause of the problem but the solution, as it should boost investments and spur growth. On the other, a number of Member States claim that the low rates 'expropriate' savers, and financial intermediaries argue that they are putting their tried and tested business models at risk. This analysis introduces interest rates, looks at the causes behind their sustained ...

The current very low/negative interest rate environment is the subject of much debate. On one side, the central banks claim that it is not the cause of the problem but the solution, as it should boost investments and spur growth. On the other, a number of Member States claim that the low rates 'expropriate' savers, and financial intermediaries argue that they are putting their tried and tested business models at risk. This analysis introduces interest rates, looks at the causes behind their sustained decline and presents the current state of the debate.

European Deposit Insurance Scheme: Completing the Banking Union

14-03-2016

As part of its ambition to complete the Banking Union, the European Commission proposes the introduction of a European Deposit Insurance Scheme (EDIS), in order to reduce the potential spill-over risk of local bank failures on the financial stability of the economic and monetary union as a whole. According to the proposal of 24 November 2015, the EDIS would be the third pillar of the Banking Union and be introduced gradually, in three separate phases between 2017 and 2024, complementing national ...

As part of its ambition to complete the Banking Union, the European Commission proposes the introduction of a European Deposit Insurance Scheme (EDIS), in order to reduce the potential spill-over risk of local bank failures on the financial stability of the economic and monetary union as a whole. According to the proposal of 24 November 2015, the EDIS would be the third pillar of the Banking Union and be introduced gradually, in three separate phases between 2017 and 2024, complementing national deposit guarantee schemes. It also has implications for the overall resolution framework for banks under the Single Resolution Mechanism (SRM) so the Commission proposes to amend the SRM Regulation (EU) No 806/2014, introducing a common deposit insurance system as of 2024. In parallel, the Commission published a communication proposing additional measures for risk sharing and risk reduction in the banking sector. These include ensuring adequate loss-absorbing resources for banks and measures to improve the comparability of risk-weighted assets.

Limits in Terms of Eligible Collateral and Policy Risks of an Extension of the ECB’s Quantitative Easing Programme

10-02-2016

In December 2015 the European Central Bank (ECB) announced a further expansion of its asset purchase programme (EAPP). The expanded EAPP provides for a six months prolongation of the duration (initially foreseen for the period March 2015 - September 2016), an inclusion of certain securities issued by regional and local governments in the list of eligible assets and cutting the deposit facility rate by 10bp i.e. to - 0.30%.

In December 2015 the European Central Bank (ECB) announced a further expansion of its asset purchase programme (EAPP). The expanded EAPP provides for a six months prolongation of the duration (initially foreseen for the period March 2015 - September 2016), an inclusion of certain securities issued by regional and local governments in the list of eligible assets and cutting the deposit facility rate by 10bp i.e. to - 0.30%.

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