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1 List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council d irective 82/891/EEC, and d irectives 2001/24/EC, 2002/47/EC, 2004/25/ EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No. 1093/2010 and (EU) No. 648/2012, of the European Parliament and of the Council CRd IV : d irective 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending d irective 2002/87/EC and repealing d irectives 2006/48/EC and 2006/49/EC CRR : Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012 Solvency II : d irective 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance Omnibus II d irective : d irective 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending d irectives 2003/71/EC and 2009/138/EC and Regulations (EC) No. 1060/2009, (EU) No. 1094/2010 and (EU) No. 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) Banking Law : Law of 25 April 2014 on the legal status and supervision of credit institutions. Organic Law : Law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium EMIR Regulation : Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories SSM Regulation : Regulation (EU) No. 1024/2013 of the Council of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions SRM Regulation : Regulation (EU) No. 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit NBB Report 2014 List of legislative ACTS 315

2 316 List of legislative ACTS NBB Report 2014 institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No. 1093/2010

3 List of boxes, tables and charts Boxes I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. Global economy and euro area 1.1 Global economy Box 1 : The secular stagnation concept The economy in the euro area and its Member States Box 2 : Structural reforms in the euro area Monetary policy of the Eurosystem Box 3 : Why is persistently low inflation a problem? 61 Box 4 : Impact of the balance sheet measures adopted between 2008 and 2013 and the role of banking sector capitalisation Economic developments in Belgium 2.2 Labour market Box 5 : The development of the service voucher scheme d emand and income Box 6 : Business investment slowly recovers Financial developments in Belgium 3.1 Overall financial position of the Belgian economy Box 7 : Impact of ESA 2010 on Belgium s financial accounts Households Box 8 : Valuing Belgium s residential property market 113 Box 9 : Household debt sustainability : effect of income shocks on the repayment capacity of Belgian households 119 NBB Report 2014 List of boxes, tables ANd charts 317

4 4. Public finances 4.1 Overview of fiscal policy Box 10 : European fiscal rules for Belgium General government revenue, expenditure and overall balance Box 11 : Fiscal and parafiscal levies on labour and tax shift options 147 Box 12 : Lower interest rates and their effect on government interest charges Placing the economy on a broader footing 5.3 Towards a more dynamic and flexible economy Box 13 : Regulating service activities at European level 180 II. PRUDENTIAL REGULATION AND SUPERVISION A. FURTHER DEVELOPMENT OF THE NEW SUPERVISION FRAMEWORK 1. Banks : progress with the banking union and implementation of Basel III and the Banking Law 1.3 Comprehensive assessment Box 1 : Qualitative recommendations resulting from the AQR Bank resolution : towards a single resolution mechanism Box 2 : Financing of the single resolution fund Macroprudential policy 4.3 Implementation of macroprudential policy in Belgium Box 3 : Analysis of macroprudential risks 226 B. PRUDENTIAL SUPERVISION 2. Banks, investment firms and payment institutions 2.2 Operational supervision Box 4 : Harmonisation of reporting requirements for banks Insurance companies 3.2 Operational supervision Box 5 : External actuarial experts List of boxes, tables ANd charts NBB Report 2014

5 Tables I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. Global economy and euro area 1.1 Global economy 1 Gd P of the main economies The economy in the euro area and its Member States 2 Overview of the main macroeconomic variables in the euro area 54 3 General government budget balance and debt in the euro area Economic developments in Belgium 2.2 Labour market 4 Labour supply and demand Inflation and labour costs 5 Harmonised index of consumer prices and labour costs 86 6 Labour costs d emand and income 7 Gd P and main expenditure categories 94 8 d eterminants of household gross disposable income, at current prices 95 9 d eterminants of the gross operating surplus of companies, at current prices Balance of payments and net lending to the rest of the world Financial developments in Belgium 3.1 Overall financial position of the Belgian economy 11 Financial assets and liabilities by sector Households 12 Household assets and liabilities Non financial corporations 13 Financial assets and liabilities of non financial corporations Financial institutions 14 Income statement of Belgian credit institutions Breakdown of Tier 1 capital and risk weighted assets Public finances 4.1 Overview of fiscal policy 16 General government accounts International comparison of overall balance and public debt Targets for the overall balance of Belgian general government General government revenue, expenditure and overall balance 19 General government revenue Main fiscal and parafiscal measures 150 NBB Report 2014 List of boxes, tables ANd charts 319

6 21 General government primary expenditure Adjusted primary expenditure by general government sub sector Overall balance of general government and by sub sector Public debt and government guarantees 24 Financing requirements and resources of the federal government Placing the economy on a broader footing 5.1 Major challenges 25 Employment trends by main branch of activity Boosting job creation in the market sector 26 Expenditure on active labour market policies in II. PRUDENTIAL REGULATION AND SUPERVISION A. FURTHER DEVELOPMENT OF THE NEW SUPERVISION FRAMEWORK 1. Banks : progress with the banking union and implementation of Basel III and the Banking Law 1.2 Comprehensive assessment 1 Change in the CET 1 ratio in the baseline scenario and the adverse scenario Continued implementation of Basel III and the Banking Law 2 Comparison of Belgian and European structural reforms Insurance : preparation for the transition to Solvency II 2.1 International developments : amendments to Solvency II by Omnibus II 3 Level 2 rules 218 B. PRUDENTIAL SUPERVISION 2. Banks, investment firms and payment institutions 2.2 Operational supervision 4 Number of institutions subject to the Bank s supervision Insurance companies 3.2 Operational supervision 5 Number of undertakings subject to supervision Colleges for insurance undertakings subject to the Bank s supervision Oversight and financial market infrastructures 4.2 Organisation of supervision and oversight 7 Supervision and oversight, by the Bank, of financial market infrastructures List of boxes, tables ANd charts NBB Report 2014

7 Charts I. ECONOMIC AND FINANCIAL DEVELOPMENTS 1. Global economy and euro area 1.1 Global economy 1 International financial market developments 42 2 Exchange rates 43 3 Commodity prices 44 4 International trade 45 5 Labour market indicators in the main economies 47 6 Overnight money market interest rate expectations and assets on the balance sheet of the main central banks 48 7 Inflation in the main economies The economy in the euro area and its Member States 8 Quarterly profile of Gd P and the main expenditure categories in the euro area 52 9 Gd P in a selection of euro area countries Inflation in the euro area Investment in the euro area Labour market in the euro area Balance of payments current account balance Consolidated debt of the non financial private sector in the euro area Monetary policy of the Eurosystem 15 Inflation and inflation expectations in the euro area Eurosystem s bank lending survey for the euro area Bank financing of non financial corporations in the euro area Counterparts of M Interest rates, money market rates and liquidity surplus in the euro area Liquidity in the Eurosystem Implicit expectations regarding the overnight interest rate in the euro area Real interest rate in the euro area Euro exchange rate Economic developments in Belgium 2.1 Economic situation 24 Gd P in Belgium and confidence indicators Value added of the main branches of activity Business survey indicators for the main branches of activity Labour market 27 Employment, working time and productivity Temporary agency work and temporary lay offs Harmonised unemployment rate in Belgium and the euro area Unemployed job seekers in Belgium Inflation and labour costs 31 Inflation in Belgium and in the three main neighbouring countries Underlying inflation and costs Consumer prices of food 89 NBB Report 2014 List of boxes, tables ANd charts 321

8 34 Gas and electricity consumer prices Belgium s wage handicap in terms of hourly labour costs in the private sector, according to the CEC Unit labour costs in the business sector in Belgium d emand and income 37 Private consumption indicators Savings ratio and capital income Business investment Gross operating surplus and wage bill of companies Financing balance of domestic sectors as a whole Exports and imports of goods and services, by volume Exports and imports of goods in value by product category Financial developments in Belgium 3.1 Overall financial position of the Belgian economy 44 Net financial assets and financial balance Gross debt ratio of the non financial sector Mutual claims and liabilities between non financial corporations and (quasi ) financial corporations Households 47 Formation of financial assets by households : breakdown by asset class Mortgage lending Mortgage loan costs Non regularised defaults d efaults on mortgage loans by year of granting Non financial corporations 52 Cash and deposits held by non financial corporations Selection of new financial liabilities of non financial corporations External funding costs of non financial corporations Lending conditions and determinants according to credit institutions Lending by resident banks to resident non financial corporations Loan demand and determinants according to credit institutions Financial institutions 58 Return on equity Insurance companies : premium income and combined ratio Guaranteed rates of return and breakdown of life insurance companies inventory returns Belgian banks net interest income and yield spreads Belgian banks customer deposits : outstanding amounts plus applied interest rates Loans and debt securities held by credit institutions and insurance companies covering assets Belgian banks balance sheet and cost/income ratios Unrealised gains/losses and solvency margin of Belgian insurance companies Own funds, required margin and regulatory solvency margin of Belgian insurance companies List of boxes, tables ANd charts NBB Report 2014

9 4. Public finances 4.1 Overview of fiscal policy 67 d eterminants of the change in the government s structural overall balance Size and breakdown of fiscal consolidation General government revenue, expenditure and overall balance 69 Corporation tax Primary expenditure of general government and Gd P Public expenditure on health care, pensions and sickness and disability benefits Primary expenditure by category and by entity Ten year government bond yields and breakdown of changes in interest charges Public debt and government guarantees 74 Consolidated gross government debt in Belgium and in the euro area d eterminants of the change in the consolidated gross debt of general government d irect impact of the sovereign debt crisis on Belgian public debt Guarantees granted to financial institutions Placing the economy on a broader footing 5.1. Major challenges 78 Budgetary costs of ageing International employment comparison Employment and value added in the main branches of activity Public finance and trade balance challenges Total factor productivity (TFP) Boosting job creation in the market sector 83 Employment protection legislation Hourly labour costs in the business sector in Wages and employment of low skilled young people in EU15 in Wages by age Financial incentive to accept a low paid job Transition from unemployment to work Breakdown of unemployment by duration and level of education Access to lifelong learning Unemployment in geographic perspective Towards a more dynamic and flexible economy 92 Sources of internal and external TFP growth Job creation and destruction in the period Business start ups Administrative barriers Innovation Regulatory framework for services activities Potential electricity supply depending on the unavailability of production plants 183 NBB Report 2014 List of boxes, tables ANd charts 323

10 II. PRUDENTIAL REGULATION AND SUPERVISION A. FURTHER DEVELOPMENT OF THE NEW SUPERVISION FRAMEWORK 1. Banks : progress with the banking union and implementation of Basel III and the Banking Law 1.1 The single supervisory mechanism 1 Organisation of the SSM supervision units at the ECB and implications for Belgian banks Comprehensive assessment 2 Components of the asset quality review Comparison of the macroeconomic scenarios for Belgium and the EU Contribution of the various factors to the quantitative results of the AQR in Belgium and in the euro area Insurance : preparation for the transition to Solvency II 2.3 EIOPA stress tests 5 SCR ratios situation before the stress test SCR ratios situation after the stress test 222 B. PRUDENTIAL SUPERVISION 1. Overview of the priorities of the annual risk reviews in 2014 and Risk review Risk review Risk review Risk review Cyber risks 9 Annual financial loss due to e banking fraud in Belgium List of boxes, tables ANd charts NBB Report 2014

11 Tables in the statistical annexes 1 Main macroeconomic indicators in the euro area and other major economies (1 2) Main macroeconomic indicators in the euro area and other major economies (2 2) Gd P and main categories of expenditure, by volume Gd P and main categories of expenditure, by volume d eflators of Gd P and the main categories of expenditure Gd P and the main categories of expenditure, at current prices Gd P and the main categories of expenditure, at current prices Value added of the various branches of activity, by volume Labour market Employment rate Unemployment rate Inactivity rate Employment rate : Regional details Unemployment rate : Regional details Inactivity rate : Regional details Harmonised index of consumer prices Summary account of households, at current prices Summary account of corporations, at current prices Summary account of the rest of the world, at current prices Revenue, expenditure and overall balance of general government Overall balance of general government, by sub sector Consolidated gross debt of general government d eterminants of the change in the consolidated gross debt of general government Current and capital transactions according to the balance of payments Formation of financial assets and new financial liabilities of households Formation of financial assets and new financial liabilities of non financial corporations Formation of financial assets and new financial liabilities of monetary financial institutions Formation of assets and new liabilities of financial intermediaries other than monetary institutions Overview of institutions subject to National Bank of Belgium supervision Balance sheet structure of credit institutions governed by Belgian law, by product Main components of the income statement of credit institutions governed by Belgian law Key figures from credit institutions governed by Belgian law Main components of insurance companies balance sheet Main components of insurance companies income statement Level and composition of insurance companies solvency margin Net issues of securities by financial and non financial corporations and general government Interest rates 301 NBB Report 2014 List of boxes, tables ANd charts 325

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