Implications of the SSM for the Nordic banking sector. Stefan Ingves, June

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Implications of the SSM for the Nordic banking sector. Stefan Ingves, June 5 2014"

Transcription

1 Implications of the SSM for the Nordic banking sector Stefan Ingves, June

2 Financial trilemma Financial stability Financial integration National supervision

3 Arrangements for cross-border cooperation MoU:s 2010 MoU between relevant authorities in the Nordic and Baltic countries 2008 MoU between EU authorities 2006 MoU between Nordic Central Banks 2000 MoU between Nordic supervisory authorities Crisis management simulation exercises Several domestic and cross-border crisis simulation exercises Large Nordic crisis management simulation exercise in 2007

4 Arrangements for cross-border cooperation II Various fora for Nordic-Baltic cooperation 2002 Nordic-Baltic cross-border supervisory college

5 The Swedish banking system is large in relation to the Swedish economy December 2013, per cent Switzerland as per december 2012 Sources: ECB, the European Commission, the Swiss National Bank and the Riksbank

6 Arguments that have been made for joining Our cost benefit analysis indicates that the UK, Spain, Sweden and the Netherlands are the main beneficiaries and thus have the largest economic incentives to join Europe s Banking Union. (Schoenmaker, Siegman (2013) -Benefits of joining the banking union)

7 Euro leaders motivation for SSM establishment it is imperative to break the vicious circle between banks and sovereigns. The Commission will present Proposals for a single supervisory mechanism...when an effective single supervisory mechanism is established the ESM could recapitalize banks directly (Euro area summit statement 29 June 2012)

8 Cost for secured financing Percentage points Italy France Spain Germany Sweden Swap rate Sources: Barclays Research and Bloomberg

9 Indicative cost for un-secured financing CDS-premia, basis points Germany Spain France Italy Netherlands Sweden Sources: Bloomberg and the Riksbank

10 Indication: Swedish banks under SSM via foreign subsidiaries Balance sheet (bn ) No 1 No 1 No 2 No 2 No 2 No 1 Sources: bank reports 2012 & the Riksbank

11 Will the banking union be a success? It has already calmed markets but challenges remain

12 Challenges: from country to pan- European focus Gigantic merger cultural shift National interest no longer the focus Regulatory capture longer distance to supervisors Credibility at stake Appropriate division of labour ECB/National Supervision

13 Challenges - Banking Union in a wider context The world Non-EU European Countries Non-SSM EU countries FSB IMF Non-eurozone SSM BCBS ESA:S ESRB Supervisory colleges Eurozone Resolution colleges

14 Sweden: Groups operating across the borders of banking union Swedish and UK banks have subsidiaries under SSM Split between home and host countries representation in SSM presents a new challenge The Nordic-Baltic supervisory college has been functioning very well Due to mutual trust, openness and exchange of information Utmost importance that work in supervisory colleges be based on these successful factors also going forward

15 The Basel Committee on banking supervision Banking union is no panacea, still a need to further develop regulatory frameworks The Basel Committee is the banking union s best friend Well capitalized banks are not only safer - but more able to lend and support the real economy in the long term

16 Basel work going forward: important for the success of the Banking union Finalizing Basel III Leverage ratio Net stable funding ratio & Liquidity Coverage Ratio G-SIB framework Focus on monitoring and assessing implementation of Basel standards: timely and consistent Promote effective supervision

17 Problem: Comparability & reliability of risk-weight calculations An illustrative example showing differences in risk-weight calculations for a similar set of exposures Bank A Low RWA Bank B High RWA 7 % 4.5 % - 4 ppt Basel III minimum requirement Common Equity Tier 1 Common Equity Tier 1 17

18 Summing up SSM is the logical answer to the integrated European financial markets The Nordic-Baltic countries have a track record of good cooperation utmost importance that this can continue also when some of us are under the SSM and some not Ultimately, what matters is that banks are stable and sound work on strengthening the resilience of banks must continue

Towards a more stable banking system next steps for the Basel Committee

Towards a more stable banking system next steps for the Basel Committee Towards a more stable banking system next steps for the Basel Committee Centre for Business and Policy Studies/SIFR Finance panel 3 October 2014 Stefan Ingves Governor of the Riksbank and Chairman of the

More information

Vienna 2 Initiative. Working Group on the European Banking Union and Emerging Europe 12

Vienna 2 Initiative. Working Group on the European Banking Union and Emerging Europe 12 1 Vienna 2 Initiative Working Group on the European Banking Union and Emerging Europe 12 General considerations The countries of Central, Eastern and South Eastern Europe (CESEE) have today very different

More information

Questions and answers

Questions and answers Questions and answers DATE: 25 November 2011 DEPARTMENT: Financial stability department SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn@riksbank.se

More information

Introduction, Scope of Application, and Calculation of Requirements

Introduction, Scope of Application, and Calculation of Requirements page 201-1 Introduction, Scope of Application, and Calculation of Requirements Topic Table of contents Location in Transitional Directive * Page Introduction 201-2 Scope of Application Sections 20 39 201-3

More information

ESM direct bank recapitalisation instrument -Main features of the operational framework and way forward -

ESM direct bank recapitalisation instrument -Main features of the operational framework and way forward - Luxembourg, 20 June 2013 ESM direct bank recapitalisation instrument -Main features of the operational framework and way forward - Following the 29 June 2012 statement by the Heads of State or Government

More information

The EMU and the debt crisis

The EMU and the debt crisis The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the

More information

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart

More information

Overcoming the Crisis

Overcoming the Crisis Overcoming the Crisis Klaus Regling, Managing Director, ESM Bank of Greece Athens, 10 July 2014 Reasons for the crisis The crisis was caused by a very specific mix of circumstances: Excessive deficit/debt

More information

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012 The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 1 The run-up to the financial crisis 1. Sharp rise in debt and asset prices low

More information

Banking Union and Nexus between Banks and Sovereigns Jan Frait Executive Director Financial Stability Department

Banking Union and Nexus between Banks and Sovereigns Jan Frait Executive Director Financial Stability Department Banking Union and Nexus between Banks and Sovereigns Jan Frait Executive Director Financial Stability Department Presentation for the workshop Eurozone and the Banking Union Institute for International

More information

Press release Press enquiries: +41 61 280 8188 press@bis.org www.bis.org

Press release Press enquiries: +41 61 280 8188 press@bis.org www.bis.org Press release Press enquiries: +41 61 280 8188 press@bis.org www.bis.org Ref no: 35/2010 12 September 2010 Group of Governors and Heads of Supervision announces higher global minimum capital standards

More information

Net Stable Funding Ratio

Net Stable Funding Ratio Net Stable Funding Ratio Aims to establish a minimum acceptable amount of stable funding based on the liquidity characteristics of an institution s assets and activities over a one year horizon. The amount

More information

05.11.2013. Closing Speech by the Governor of the Banco de España 6th Santander International Banking Conference Luis M.

05.11.2013. Closing Speech by the Governor of the Banco de España 6th Santander International Banking Conference Luis M. 05.11.2013 Closing Speech by the Governor of the Banco de España 6th Santander International Banking Conference Luis M. Linde Governor I would like first to give my thanks to Banco de Santander for inviting

More information

THE ECB AS SUPERVISOR. Karel Lannoo CEO, CEPS

THE ECB AS SUPERVISOR. Karel Lannoo CEO, CEPS THE ECB AS SUPERVISOR Karel Lannoo CEO, CEPS www.ceps.eu 2 Overview Why? Ireland vs Nevada Spain vs Florida What and how? Tasks Structure When and who? Outstanding and non-harmonised? Member states vs

More information

Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Basel Committee on Banking Supervision Implementation of Basel standards A report to G20 Leaders on implementation of the Basel III regulatory reforms November 2015 This publication is available on the

More information

Basel Committee on Banking Supervision. A brief history of the Basel Committee

Basel Committee on Banking Supervision. A brief history of the Basel Committee Basel Committee on Banking Supervision A brief history of the Basel Committee October 2015 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2014. All rights

More information

Regulatory Practice Letter November 2014 RPL 14-20

Regulatory Practice Letter November 2014 RPL 14-20 Regulatory Practice Letter November 2014 RPL 14-20 BCBS Issues Final Net Stable Funding Ratio Standard Executive Summary The Basel Committee on Banking Supervision ( BCBS or Basel Committee ) issued its

More information

16th Annual Capital Adequacy and Allocation. AN IN-DEPTH LOOK AT RISK WEIGHTED ASSETS Gonzalo GASÓS (EBF Senior Adviser)

16th Annual Capital Adequacy and Allocation. AN IN-DEPTH LOOK AT RISK WEIGHTED ASSETS Gonzalo GASÓS (EBF Senior Adviser) 16th Annual Capital Adequacy and Allocation (Organised by Marcus Evans) London, 10-12 September 2012 AN IN-DEPTH LOOK AT RISK WEIGHTED ASSETS Gonzalo GASÓS (EBF Senior Adviser) Regarding the risk weighted

More information

Low repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015

Low repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Low repo rate supports upturn in inflation Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Sweden - a small open economy in an uncertain world Large oil price fluctuations Negative interest

More information

Stability in the Eurozone: Challenges and Solutions

Stability in the Eurozone: Challenges and Solutions Stability in the Eurozone: Challenges and Solutions Ludger Schuknecht Director General Economic and Fiscal Policy Strategy; International Economy and Finance IMFS Working Lunch, Frankfurt (Main), 15 July

More information

Glossary & Definitions

Glossary & Definitions Glossary & Definitions SEB Glossary & Definitions December 2014 Asset quality... 3 Credit loss level... 3 Gross level of impaired loans... 3 Net level of impaired loans... 3 Specific reserve ratio for

More information

The new European Banking Union landscape. Dirk Schoenmaker, Duisenberg school of finance

The new European Banking Union landscape. Dirk Schoenmaker, Duisenberg school of finance DSF POLICY BRIEFS No. 35/ October 2014 The new European Banking Union landscape Dirk Schoenmaker, Duisenberg school of finance Abstract The countries participating in the new European Banking Union have

More information

Rapporto sulla Stabilità Finanziaria Novembre 2013

Rapporto sulla Stabilità Finanziaria Novembre 2013 Rapporto sulla Stabilità Finanziaria Novembre 2013 Fabio Panetta Member of the Governing Board - Banca d Italia Milano, Università Bocconi - 18 Novembre 2013 Outline of the Presentation o The macroeconomic

More information

Economic commentaries

Economic commentaries No. 8 2012 Economic commentaries The Basel I floor transitional arrangement and backstop to the capital adequacy framework Henrik Borchgrevink, Norges Bank Financial Stability* *The views expressed in

More information

To G20 Finance Ministers and Central Bank Governors

To G20 Finance Ministers and Central Bank Governors THE CHAIRMAN 22 February 2016 To G20 Finance Ministers and Central Bank Governors The more difficult economic and financial conditions since the start of this year reflect in part downward revisions to

More information

Vienna 2 Initiative. Observations on the proposed Directive for Bank Recovery and Resolution (BRRD) and the Single Resolution mechanism (SRM) 1

Vienna 2 Initiative. Observations on the proposed Directive for Bank Recovery and Resolution (BRRD) and the Single Resolution mechanism (SRM) 1 1 Vienna 2 Initiative Observations on the proposed Directive for Bank Recovery and Resolution (BRRD) and the Single Resolution mechanism (SRM) 1 On June 28, the Council set out its position on the proposed

More information

How to improve financial stability and resilience of systemically important financial institutions after the crisis?

How to improve financial stability and resilience of systemically important financial institutions after the crisis? How to improve financial stability and resilience of systemically important financial institutions after the crisis? EBA Policy Research Workshop How to regulate and resolve systemically important banks

More information

The Basel Committee on Banking Supervision: Its Global Role and Current Initiatives

The Basel Committee on Banking Supervision: Its Global Role and Current Initiatives The Basel Committee on Banking Supervision: Its Global Role and Current Initiatives United Nation s General Assembly Working Group on the World Financial and Economic Crisis and its Impact on Development

More information

Subordinated bonds at attractive yields

Subordinated bonds at attractive yields INVESTMENT OPPORTUNITY June 2015 For professional investors BY JAN WILLEM DE MOOR, PORTFOLIO MANAGER OF ROBECO FINANCIAL INSTITUTIONS BONDS Subordinated bonds at attractive yields Strong market momentum

More information

EVOLUTION OF FINANCIAL REGULATION AT BCBS AND FSB

EVOLUTION OF FINANCIAL REGULATION AT BCBS AND FSB EVOLUTION OF FINANCIAL REGULATION AT BCBS AND FSB SINCE 2008 Christoph Baumann* THE FINANCIAL STABILITY BOARD AND THE BASEL COMMITTEE ON BANKING SUPERVISION International financial regulation has been

More information

Banking Regulation. Pros and Cons

Banking Regulation. Pros and Cons Certificate in Social Banking Money and Society Banking Regulation Pros and Cons Professor Dr. Gregor Krämer Chair for Banking, Finance, and Accounting Alanus University of Arts and Social Sciences, Alfter,

More information

Ministry of Finance Finansinspektionen Sveriges Riksbank

Ministry of Finance Finansinspektionen Sveriges Riksbank Ministry of Finance Financial Markets Department Dnr: Fi2015/04660/FMA/B Banking Dnr: 15-13707 Financial Stability Department Dnr: 2015-00579 European Commission DG Financial Stability Financial Services

More information

Nykredit Capital Markets Day. Ulrik Nødgaard October 31, 2013

Nykredit Capital Markets Day. Ulrik Nødgaard October 31, 2013 Nykredit Capital Markets Day Ulrik Nødgaard October 31, 2013 Agenda 1. Sector performance 2. SIFI 3. Guidelines for the fulfillment of the pillar II add-on 4. Agricultural sector 5. Asset Quality Review/Comprehensive

More information

NPL resolution in progress: the Hungarian experience Gergely Fábián

NPL resolution in progress: the Hungarian experience Gergely Fábián NPL resolution in progress: the Hungarian experience Gergely Fábián Vienna Initiative 2: NPL Resolution in emerging Europe: Taking Stock and Next Steps 26 June 215 29Q1 21Q1 211Q1 212Q1 213Q1 214Q1 215Q1

More information

FAQ in Nepalese perspective

FAQ in Nepalese perspective What is Basel Capital Accord? Basel-II FAQ in Nepalese perspective Basel Capital accord is a capital adequacy framework developed by the Basel committee. In 1988, the Basel Committee decided to introduce

More information

The Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015

The Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015 The Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015 Subject to Board Approval Posting date: January 29, 2016 Contents NORTHERN TRUST OVERVIEW AND SCOPE OF APPPLICATION.

More information

Measuring Banking Union Efficiency Improvement for EA and non-ea Countries

Measuring Banking Union Efficiency Improvement for EA and non-ea Countries Measuring Banking Union Efficiency Improvement for EA and non-ea Countries Martin Hodula VSB-Technical University Ostrava Economic Faculty, Department of European Integration Sokolská třída 33 Ostrava,

More information

Strengthening the banking union and the regulatory treatment of banks sovereign exposures Informal ECOFIN, April 22, 2016 Presidency note

Strengthening the banking union and the regulatory treatment of banks sovereign exposures Informal ECOFIN, April 22, 2016 Presidency note Strengthening the banking union and the regulatory treatment of banks sovereign exposures Informal ECOFIN, April 22, 2016 Presidency note Introduction One of the key priorities of the Dutch Presidency

More information

Separating fact and fiction

Separating fact and fiction March 2015 Separating fact and fiction A Finance Watch note looking at some of the confusing and contradictory arguments made against regulating the structure of the largest, too-big-to-fail, too-complex-to-manage-andregulate

More information

Interview with Gabriel Bernardino, Chairman of EIOPA, conducted by Anke Dembowski, Institutional Money (Germany)

Interview with Gabriel Bernardino, Chairman of EIOPA, conducted by Anke Dembowski, Institutional Money (Germany) 1 Interview with Gabriel Bernardino, Chairman of EIOPA, conducted by Anke Dembowski, Institutional Money (Germany) 1. Insurance companies vs. Occupational Retirement Provision (IORPs) EIOPA has submitted

More information

Arnout H. E. M. Wellink. President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision

Arnout H. E. M. Wellink. President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision 118 27. Mai 2008 Banking Supervision in Europe: Developments and Challenges 1. The banking system has gone through major

More information

Linette Field Deputy Director General DG-MS III. Single Supervisory Mechanism

Linette Field Deputy Director General DG-MS III. Single Supervisory Mechanism Linette Field Deputy Director General DG-MS III Single Supervisory Mechanism : overview The SSM, which entered into operation on November 4 th, is a step towards greater European harmonisation The SSM

More information

How Europe is Overcoming the Euro Crisis?

How Europe is Overcoming the Euro Crisis? How Europe is Overcoming the Euro Crisis? Klaus Regling, Managing Director, ESM University of Latvia, Riga 3 March 2014 Eight reasons for the sovereign debt crisis 1. Member States did not fully accept

More information

Designing the funding side of the Single Resolution Mechanism (SRM): A proposal for a layered scheme with limited joint liability

Designing the funding side of the Single Resolution Mechanism (SRM): A proposal for a layered scheme with limited joint liability Jan Pieter Krahnen - Jörg Rocholl Designing the funding side of the Single Resolution Mechanism (SRM): A proposal for a layered scheme with limited joint liability White Paper Series No. 10 Designing the

More information

Economic Commentaries

Economic Commentaries n Economic Commentaries In its Financial Stability Report 214:1, the Riksbank recommended that a requirement for the Liquidity Coverage Ratio (LCR) in Swedish kronor be introduced. The background to this

More information

THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE

THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE THE ROLE OF CENTRAL BANKS IN FINANCIAL SUPERVISION. THE EUROPEAN UNION PERSPECTIVE ANNA JURKOWSKA-ZEIDLER Faculty of Law and Administration, University of Gdansk Abstract There are two main arguments for

More information

Annual Accounts 2015 Press conference. Annika Falkengren President & CEO

Annual Accounts 2015 Press conference. Annika Falkengren President & CEO Annual Accounts 2015 Press conference Annika Falkengren President & CEO 1 Highlights 2015 Exceptional times Market volatility Strengthened resilience 2 Repricing of risk Swedish credit spreads 5y covered

More information

Identifying top threats to Luxembourg banks

Identifying top threats to Luxembourg banks Identifying top threats to Luxembourg banks 7 March 2012 Agenda 09h00 09h10 Welcome 09h10 09h30 Macro-economic environment: the biggest threat to Luxembourg Banks 09h30 10h15 Identifying the other top

More information

Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement.

Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement. 0114/00014990/en Indicative Results Alpha Bank Ltd Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 Please find attached the relevant announcement. ABCY Attachment: 1. Preliminary

More information

The Vienna Initiative

The Vienna Initiative The Vienna Initiative KNF Conference on Household Lending Warsaw, October 20, 2010 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe The problem Parent Banks severely affected

More information

Basel Committee on Banking Supervision. Good practice principles on supervisory colleges

Basel Committee on Banking Supervision. Good practice principles on supervisory colleges Basel Committee on Banking Supervision Good practice principles on supervisory colleges October 2010 Copies of publications are available from: Bank for International Settlements Communications CH-4002

More information

PRESS RELEASE Amsterdam, 23 July 2010

PRESS RELEASE Amsterdam, 23 July 2010 CORPORATE COMMUNICATIONS PRESS RELEASE Amsterdam, 23 July 2010 ING comfortably passes CEBS stress test Outcome reflects strong capital position and resilient balance sheet Under adverse stress scenario

More information

List of legislative acts

List of legislative acts 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

More information

Guidelines on preparation for and management of a financial crisis

Guidelines on preparation for and management of a financial crisis CEIOPS-DOC-15/09 26 March 2009 Guidelines on preparation for and management of a financial crisis in the Context of Supplementary Supervision as defined by the Insurance Groups Directive (98/78/EC) and

More information

4. Developments in the Financial System Architecture

4. Developments in the Financial System Architecture 4. Developments in the Financial System Architecture The G20 together with the Financial Stability Board (FSB) and standard-setting bodies has played a key role in developing reforms to address the issues

More information

2014 EU-wide stress test: Frequently Asked Questions

2014 EU-wide stress test: Frequently Asked Questions 2014 EU-WIDE STRESS TEST: FAQS 29 April 2014 2014 EU-wide stress test: FAQs 2014 EU-wide stress test: Frequently Asked Questions Scope Why does the EBA run an EU-wide stress test? The EU-wide stress test

More information

THE REGULATORY LANDSCAPE IS CHANGING, ARE YOU READY? RECENT UPDATES TO PRA AND TLAC STANDARDS

THE REGULATORY LANDSCAPE IS CHANGING, ARE YOU READY? RECENT UPDATES TO PRA AND TLAC STANDARDS THE REGULATORY LANDSCAPE IS CHANGING, ARE YOU READY? RECENT UPDATES TO PRA AND TLAC STANDARDS PRA OPERATIONAL CONTINUITY REQUIREMENTS FURTHER ENHANCEMENTS BUT GREATER COSTS 15 October saw the release of

More information

New data on financial derivatives 1 for the UK National Accounts and Balance of Payments

New data on financial derivatives 1 for the UK National Accounts and Balance of Payments New data on financial derivatives 1 for the UK National Accounts and Balance of Payments By Andrew Grice Tel: 020 7601 3149 Email: mfsd_fmr@bankofengland.co.uk This article introduces the first publication

More information

Extract from. Études et Dossiers No. 360. Global regulatory and supervisory repair: aligning national interests and international necessities

Extract from. Études et Dossiers No. 360. Global regulatory and supervisory repair: aligning national interests and international necessities International Association for the Study of Insurance Economics Études et Dossiers Extract from Études et Dossiers No. 360 26 th PROGRES International Seminar Global regulatory and supervisory repair: aligning

More information

FSB launches peer review on deposit insurance systems and invites feedback from stakeholders

FSB launches peer review on deposit insurance systems and invites feedback from stakeholders Press release Press enquiries: Basel +41 61 280 8037 Press.service@bis.org Ref no: 26/2011 1 July 2011 FSB launches peer review on deposit insurance systems and invites feedback from stakeholders The Financial

More information

BANK OF THE FUTURE. A CHANGING VISTA Developments in banking regulation in selected jurisdictions

BANK OF THE FUTURE. A CHANGING VISTA Developments in banking regulation in selected jurisdictions BANK OF THE FUTURE A CHANGING VISTA Developments in banking regulation in selected jurisdictions A report for the British Bankers Association December 2010 Contact us UK Michael Raffan T +44 20 7832 7102

More information

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011 Basel 3: A new perspective on portfolio risk management Tamar JOULIA-PARIS October 2011 1 Content 1. Basel 3 A complex regulatory framework With possible unintended consequences 2. Consequences on Main

More information

Risk management at Swedbank

Risk management at Swedbank board of directors report 35 Risk management at Swedbank Preventing and managing risk is central to Swedbank s operations. Risk management begins with our business operations in meetings with customers,

More information

MONETARY UNION AND BANKING UNION

MONETARY UNION AND BANKING UNION MONETARY UNION AND BANKING UNION DANIEL GROS CEPS College of Europe October, 2012 Monetary Union and Banking Union Part I: The Euro crisis in pictures Fundamental issue Excess savings in Northern Europe

More information

Why Credit Suisse? Private Banking & Wealth Management 3Q2014

Why Credit Suisse? Private Banking & Wealth Management 3Q2014 Why Credit Suisse? Private Banking & Wealth Management 3Q2014 October 2014 Disclaimer Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that

More information

Outlook for the Norwegian economy. Foreign Press Association in Norway International Press Centre, Oslo 21 February 2012

Outlook for the Norwegian economy. Foreign Press Association in Norway International Press Centre, Oslo 21 February 2012 Outlook for the Norwegian economy Foreign Press Association in Norway International Press Centre, Oslo February What now Europe? Continued high level of market uncertainty Austerity measures in many countries

More information

Long term financing for housing in Europe

Long term financing for housing in Europe Long term financing for housing in Europe 4th September 2015 Rio de Janeiro Christian König Association of Private Bausparkassen representative of our members interests (12 Bausparkassen) towards politics,

More information

Europe s banking union in the global financial system: constructing open and inclusive institutions

Europe s banking union in the global financial system: constructing open and inclusive institutions Europe s banking union in the global financial system: constructing open and inclusive institutions Alexander Lehmann and Lars Nyberg Abstract The global reach of Europe s banks is extensive and their

More information

Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013

Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 With the exchange rate floor in place for over a year, the Swiss economy remains stable, though inflation remains

More information

EBF Preliminary views on Banking Union and deposit insurance

EBF Preliminary views on Banking Union and deposit insurance EBF_016371F 4 November 2015 EBF Preliminary views on Banking Union and deposit insurance Background In 2009, the European Commission consulted on the recast of the Deposit Guarantee Schemes Directive (DGSD)

More information

Central Credit Registers (CCRs) as a Multi Purpose Tool to close Data Gaps

Central Credit Registers (CCRs) as a Multi Purpose Tool to close Data Gaps Central Credit Registers (CCRs) as a Multi Purpose Tool to close Data Gaps Michael Ritter Deutsche Bundesbank Chair of the ESCB Working Group on Credit Registers Mexico City, May 2014 AGENDA I. General

More information

External authors: Ata Can Bertay

External authors: Ata Can Bertay ANKING UNION ECONOMIC GOVERNANCE BANKING UNION ECONOMIC GOVERNANCE BANKING UNION ECONOMIC GOVERNANCE BANKING UNION ECONO RAs SRM MIP MTO NRP CRD SSM SGP EIP MTO SCP ESAs EFSM EDP AMR CSRs AGS DGS EFSF

More information

Basel Committee on Banking Supervision. Consultative Document. Basel III: The Net Stable Funding Ratio. Issued for comment by 11 April 2014

Basel Committee on Banking Supervision. Consultative Document. Basel III: The Net Stable Funding Ratio. Issued for comment by 11 April 2014 Basel Committee on Banking Supervision Consultative Document Basel III: The Net Stable Funding Ratio Issued for comment by 11 April 2014 January 2014 This publication is available on the BIS website (www.bis.org).

More information

NEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION

NEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION NEED OF FINANCIAL INSTITUTIONS SUPERVISION THROUGH AN SINGLE FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION MEDAR LUCIAN-ION, Professor PHD, CHIRTOC IRINA-ELENA, Assistant professor PHD, CONSTANTIN BRANCUSI

More information

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8%

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% IR release 2 November 2015 Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% Operating profit in Group in third quarter at EUR 429 m (Q3 2014:

More information

Implementation of the Basel II Framework in Mauritius

Implementation of the Basel II Framework in Mauritius Implementation of the Basel II Framework in Mauritius 1. Introduction Risks and uncertainties form an integral part of banking. The risk profile, more importantly the risk managing techniques of banks

More information

Definition of Capital

Definition of Capital Definition of Capital Capital serves as a buffer to absorb unexpected losses as well as to fund ongoing activities of the firm. A number of substantial changes have been made to the minimum level of capital

More information

Opting into the Banking Union before Euro Adoption. OeNB Workshop Toward a Genuine Economic and Monetary Union

Opting into the Banking Union before Euro Adoption. OeNB Workshop Toward a Genuine Economic and Monetary Union Opting into the Banking Union before Euro Adoption OeNB Workshop Toward a Genuine Economic and Monetary Union September 10, 2015 Banking Union before Euro OR Banking Union Before Euro Adoption: Flak Jacket

More information

AFG would like to stress an important issue which is the way entities enter into these operations.

AFG would like to stress an important issue which is the way entities enter into these operations. AGA n 4342/Div FSB Secretariat of the Financial Stability Board, c/o Bank for International Settlements, CH-4002, Basel, Switzerland Paris, 15 December 2014 AFG response to the FSB s consultation on Strengthening

More information

Swedbank s risk profile

Swedbank s risk profile 34 Swedbank s risk profile Swedbank defines risk as a potentially negative impact on the Group s value which can arise due to ongoing internal processes or future internal or external events. The concept

More information

Risk & Capital Management under Basel III

Risk & Capital Management under Basel III www.pwc.com Risk & Capital Management under Basel III London, 15 Draft Agenda Basel III changes to capital rules - Definition of capital - Minimum capital ratios - Leverage ratio - Buffer requirements

More information

Financial Stability Report Press Conference. Tuesday 5 th July Opening Remarks by the Governor

Financial Stability Report Press Conference. Tuesday 5 th July Opening Remarks by the Governor Financial Stability Report Press Conference Tuesday 5 th July 2016 Opening Remarks by the Governor Today, I want to outline how the Financial Policy Committee (FPC) is ensuring that the financial system

More information

Citi Global Financial Conference Hong Kong, 19 November 2013

Citi Global Financial Conference Hong Kong, 19 November 2013 Citi Global Financial Conference Hong Kong, 19 November 2013 Hanse Ringström, Chairman SEB Asia Ulf Grunnesjö, Head of Investor Relations 1 SEB the Nordic corporate bank with a global reach Income distribution

More information

Governor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy

Governor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy Governor Erkki Liikanen Bank of Finland Monetary policy and its transmission to the economy 9.6.2015 1 1. Commitment to accommodative monetary policy benefits the economic outlook 2 Interest rate policy

More information

Basel Committee on Banking Supervision. Ninth progress report on adoption of the Basel regulatory framework

Basel Committee on Banking Supervision. Ninth progress report on adoption of the Basel regulatory framework Basel Committee on Banking Supervision Ninth progress report on adoption of the Basel regulatory framework October 2015 This publication is available on the BIS website (www.bis.org). Bank for International

More information

(Basel), December Date of Access: 23 March

(Basel), December Date of Access: 23 March Finance: Basel III [147] Commitment [#147]: We commit to the full and timely implementation of the financial sector reform agenda agreed up through Seoul, including: implementing Basel II, II.5 and III

More information

Keynote Speech by Masamichi Kono at the 9 th DICJ Roundtable Kyoto, 17 February, 2016

Keynote Speech by Masamichi Kono at the 9 th DICJ Roundtable Kyoto, 17 February, 2016 Keynote Speech by Masamichi Kono at the 9 th DICJ Roundtable Kyoto, 17 February, 2016 It is my great honor and pleasure to be with you this morning on the occasion of the 9 th DICJ Round Table, hosted

More information

EBA Work Programme 2015

EBA Work Programme 2015 30 September 2014 EBA Work Programme 2015 1. In accordance with Regulation (EU) No 1093/2010 1 of the European Parliament and of the Council of 24 November 2010 establishing the European Banking Authority

More information

União Bancária: A nova fronteira da regulação financeira na UE

União Bancária: A nova fronteira da regulação financeira na UE The functioning of the Banking Union Pedro Duarte Neves Vice-Governor Lisboa, 25 January 2016 União Bancária: A nova fronteira da regulação financeira na UE 1. Lessons from the crisis 2. Regulatory and

More information

The Role of Financial System in Emerging Markets Czech Experience

The Role of Financial System in Emerging Markets Czech Experience The Role of Financial System in Emerging Markets Czech Experience Vladimir Tomsik Vicegovernor Czech National Bank Lessons Learned on the Way to the Prosperity Economic Transformation Seminar in Myanmar

More information

Stefan Ingves: Coming stronger out of a crisis lessons from Sweden

Stefan Ingves: Coming stronger out of a crisis lessons from Sweden Stefan Ingves: Coming stronger out of a crisis lessons from Sweden Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Brussels Economic Forum, Brussels, 18 May 2011. * * * If in debt,

More information

GREENWICH ASSOCIATES. 2013 Greenwich Leaders: European Corporate Banking

GREENWICH ASSOCIATES. 2013 Greenwich Leaders: European Corporate Banking 0 Leaders: European Corporate ing February 0 The European sovereign debt crisis has created a twotiered market in corporate banking and cash management: s from troubled periphery nations are struggling

More information

* * * BIS central bankers speeches 1

* * * BIS central bankers speeches 1 Luis M Linde: Situation of and challenges facing the European and Spanish banking industry following the start-up of the Single Supervisory Mechanism (SSM) Opening address by Mr Luis M Linde, Governor

More information

Basel II and its Impact on Financial Services

Basel II and its Impact on Financial Services AG. DEPUTY GOVERNOR D. OPIOKELLO S ADDRESS AT THE OPENING OF THE 6 TH EAST AFRICAN BANKING SCHOOL, JULY 03, 2006 Basel II and its Impact on Financial Services Background I am pleased to speak to you this

More information

Adequacy of loss-absorbing capacity of global systemically important banks in resolution. Consultative Document

Adequacy of loss-absorbing capacity of global systemically important banks in resolution. Consultative Document Adequacy of loss-absorbing capacity of global systemically important banks in resolution Consultative Document 10 November 2014 Adequacy of loss-absorbing capacity of global systemically important banks

More information

Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions

Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Background On 25 June 2012, the Spanish Government applied for external financial assistance

More information

Client Update Amendments to U.S. Bank Capital and Other Rules to Address the Global Implementation of Special Resolution Regimes for Banks

Client Update Amendments to U.S. Bank Capital and Other Rules to Address the Global Implementation of Special Resolution Regimes for Banks 1 Client Update Amendments to U.S. Bank Capital and Other Rules to Address the Global Implementation of Special Resolution Regimes for Banks NEW YORK Byungkwon Lim +1 212 909 6571 blim@debevoise.com Emilie

More information

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director

Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Slide: Name Slide Thanks very much, it s a great pleasure to be here today and I d like to thank our hosts Deutsche Bank

More information

European Stability Mechanism Draft Guideline on Financial Assistance for the Direct Recapitalisation of Institutions

European Stability Mechanism Draft Guideline on Financial Assistance for the Direct Recapitalisation of Institutions European Stability Mechanism Draft Guideline on Financial Assistance for the Direct Recapitalisation of Institutions Article 1 Scope 1. The Board of Governors of the ESM may decide to grant financial assistance

More information

Tightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability. Bank Resolution Framework in Poland

Tightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability. Bank Resolution Framework in Poland Tightening Financial Regulation, Broadening Role of Deposit Insurance - Resolution Serving Financial Stability Bank Resolution Framework in Poland Jerzy Pruski President and Chair of the Executive Council,

More information