DELIVERING CHANGE TO DEPOSIT INSURANCE SYSTEMS

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1 DELIVERING CHANGE TO DEPOSIT INSURANCE SYSTEMS THE EUROPEAN PERSPECTIVE Charles Canonne, European Banking Authority, 2 June 2015 IADI Conference, Basel.

2 Europe who does what? European Banking Authority Banking watchdog - At crossroad between: EU Commission and legislators propose and adopt EU legislation National authorities: transpose and apply legislation 28 National banking supervisors / single supervisor for the Euro area 28 National resolution authorities and funds / single authority and fund for the Euro area 28+ National Deposit Guarantee Schemes Missions: Ensure rules are transposed and applied throughout the EU In a manner conducive to financial stability, depositor protection and the single market Achieves this by: Ensuring convergence in rules: single rulebook, binding technical standards, guidelines Convergence in practices: supervisory handbook, breach of law, peer reviews and stress tests Strenghtening oversight of crossborder groups: role in supervisory and resolution colleges, binding and non binding mediation, role in resolution planning A recently acquired role: bridging the gap between Banking Union members and others (maintain cohesion of single market DELIVERING CHANGE IN DEPOSIT INSURANCE SYSTEMS THE EUROPEAN PERSPECTIVE 2

3 The European learning curve 1994 Directive: focus on payout, 20K coverage, three month repayment period 2009 quick fix : harmonised coverage level and reduced period 2014 crisis management framework a quantum leap DGS: Ex ante risk-based funding (0,8% cov dep) Shortened repayment deadlines (down to 7 days) Home host coordination (one-stop shop) Extended mandate: payout, resolution, failure prevention. Depositor preference BRRD-SRM: resolution authorities, resolution toolbox, resolution funding, cooperative decision-making months transposition but gradual implementation (funding capacity, bail-in tools, planning instruments, stress tests). DELIVERING CHANGE IN DEPOSIT INSURANCE SYSTEMS THE EUROPEAN PERSPECTIVE 3

4 MAIN TRENDS DELIVERING CHANGE IN DEPOSIT INSURANCE SYSTEMS THE EUROPEAN PERSPECTIVE 4

5 1. continuity: Objectives assigned to DGS in European framework Financial stability Avoid panic, ensure trust in the system Ensure swift repayment or continuous access Moral hazard Banks pay for failure costs, not tax payer Riskier banks pay more than less risky banks Failing banks are not saved by publicly endorsed schemes European single market: Banks treated equally Depositors treated equally Financial stability of every MS treated equally DELIVERING CHANGE IN DEPOSIT INSURANCE SYSTEMS THE EUROPEAN PERSPECTIVE 5

6 2. Integrate DGS within the financial safety and crisis management system the mandate question From pay-box to resolution funding and failure prevention Resolution Objective: ensure continuity in access Contribution principle quantum of losses that would otherwise fall on covered deposits Insolvency corollary: no more than would be born in normal insolvency Challenges: What s left for the DGS? (With Depositor preference, reduced likelihood of intervention). Margin for interpretation from no creditor worse off to least cost principle? Synergies with resolution funds? Cooperation between DGS supervisor and resolution authority. National DGS vs single resolution authority? Challenges around failure prevention No bank may be saved if resolution triggers met State aid framework DELIVERING CHANGE IN DEPOSIT INSURANCE SYSTEMS THE EUROPEAN PERSPECTIVE 6

7 3. From rules-based to facts-based system Ex ante funding to end the paper tiger syndrome Convergence in rules: guidelines and technical standards GL on risk based contributions and payment commitments Consistency with supervisory review GL on national stress tests and cooperation agreements Testing operational and funding capabilities Building a legally reliable web of agreements Towards a DGS oversight capacity Assess DGS involvement risks with the general crisis management context: in college participation, resolution planning, resolution notification Mediation on home host disputes Breach of law recommendations Funding and risk monitoring Peer reviews on stress tests 2019 report. From paper tiger to saber tiger! DELIVERING CHANGE IN DEPOSIT INSURANCE SYSTEMS THE EUROPEAN PERSPECTIVE 7

8 EUROPEAN BANKING AUTHORITY Floor 46, One Canada Square, London E14 5AA Tel: Fax:

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