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Dominique Laboureix, chair of the European Union’s Single Resolution Board, said he wanted to send a clear message to investors that the regulator would uphold the legal framework for absorbing losses in the case of another bank failure.
- The Swiss decision has led some Credit Suisse AT1 bondholders to consider legal action, and it sparked uncertainty for bondholders around the world.
- “We wanted to tell it very clearly to the investors, to avoid to be misunderstood: we have no choice...
BRUSSELS — The EU shouldn’t ignore financial-market jitters over the health of the banking sector, the head of the European authority for managing bank failures said, as he warned a lack of trust could spiral despite the resilience of the sector.
Bank...
EU plans to bring more mid-sized banks into the resolution framework and tinker with the conditions for a rainy-day fund for bank failures won’t be a “free lunch,” according to the head of the European authority for handling bank failures.
- Read on...
Dans un entretien exclusif à L’Agefi, Dominique Laboureix, président du Conseil de résolution unique (SRB) européen depuis fin novembre, juge que la gestion des crises SVB et Credit Suisse ne remet pas en cause le modèle européen
Single Resolution Board chair adamant Brussels will not take investors in bank debt ‘by surprise’
A senior EU policymaker has pledged not to wrongfoot investors by upending bank creditor hierarchies, after a market uproar at Switzerland’s decision to...
“Europe will not be made all at once, or according to a single plan. It will be built through concrete achievements which first create a de facto solidarity”.
These words, from the 1950 Schuman declaration, are still very pertinent today. As Chair of...
The adoption of the Deposit Guarantee Scheme Directive in 2014 was an essential landmark in the setup of the Single Rulebook for the EU banking sector. While it helps to foster financial stability and reduce the risk of bank runs across the Union, it is...
Ms König, coalition talks are currently in progress in Berlin. What expectations do you have of the new federal government – for example on the subject of the Banking Union, which is also important for the SRB?
I hope we will keep the completion of the...
One of the main goals of the ongoing review of the Crisis Management and Deposit Insurance framework is to enhance how we address the failure of medium-sized banks. The lack of diversification of their liabilities (mainly equity and deposits) potentially...
In Europe, we have built our resolution framework from scratch in just a few short years. This required prioritising tasks in the initial phases. Up to now, we have mainly focused on the operationalisation of the bail-in tool, as it is the preferred...
The COVID-19 pandemic constitutes an unprecedented global shock. The latest economic forecasts point at the deepest recession since World War II and, at this stage, we do not yet know its full and final impact on the economy: it remains a very large...
When talking about the predictability of the resolution framework, one has to state clearly, that we have a viable system in place, providing clear rules on using resolution tools and allocating losses in case of a bank failure. For example, a harmonised...
A centralized liquidation regime in the EU would address the current gap in the framework for medium-sized banks
This year marks the SRB’s fifth anniversary – an appropriate time to reflect on how the crisis management framework has worked so far and...
Trust among authorities is the main driver to overcome ring-fencing attempts
Resolution strategies for banking groups with subsidiaries in several countries can follow either a single point of entry (SPE) or a multiple point of entry (MPE) approach. For...
The definition of a bank’s size as small, medium or big is relative. The Banking Union (BU) established a definition for significant institutions and a dedicated framework. However, there are many other institutions as well as significant institutions...
If the European Union’s motto is ‘United in Diversity’, then perhaps the Banking Union’s motto should be something along the lines of ‘Strength in Diversity’.
The Banking Union is a diverse mosaic of small and complex financial institutions. In some...
As the mandate of the current European Commission and Parliament draws to an end, it is worth reflecting on the progress made, as well as the priorities on the resolution framework for the next EU legislature.
From the perspective of the Single...
Extensive literature exists on the benefits of financial integration and consolidation of banks. From the perspective of the Single Resolution Board, whose mandate focuses on achieving banks’ resolvability, having strong European banks is a natural...
The resolution of banks is a specific insolvency procedure, introduced as an alternative to liquidation under national laws. Under the EU regulatory framework, resolution only applies where resolving a failing bank is in the public interest – be it out of...
A key task of resolution authorities (RA) is to ensure financial stability and continuity of critical services of a failed bank so that it can meet all obligations due after resolution. To achieve this RA have been given a number of tools. However, while...
“Implementing EDIS would centralise deposit guarantee funds and align the EU and US more closely."
Given the importance of coordination for managing the failure of international banks, the SRB will strive to work with international authorities to make...
Once the Banking Union is completed there is little reason for ring-fencing writes Elke König
The European Commission’s risk reduction package proposes to implement important international provisions in order to reduce risks and achieve further progress...
MREL is a key tool to improve banks’ resolvability and safeguard taxpayers’ money, writes Elke König
As the SRB keeps saying, MREL is a journey. It is a journey with a clear destination – to ensure banks’ resolvability, thereby strengthening financial...
Takeaways from the first application of the EU’s crisis management framework
Ten years after the outbreak of the financial crisis, the EU and its Member States (MS) today are in a far better position to manage the negative externalities banking can...