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20 October 2011

This week in "Brussels"
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Articles from 13 October 2011 - 20 October 2011

Banking

BIS: Progress report on Basel III implementation
The Basel Committee's first Progress Report on Basel III implementation provides a high-level view of its members' progress in adopting Basel II, Basel 2.5 and Basel III, as of end September 2011.   View Article
Basel III: New strains and old debates - challenges for supervisors, risk managers and auditors
Mr Jaime Caruana, General Manager of the BIS, gave a speech at the Bank of Portugal conference in Lisbon entitled 'Basel III and the new challenges for supervisors, risk managers and auditors'.  View Article
BIS: How to cope with the too-big-to-fail problem?
Comments by Mr Stephen G Cecchetti, Economic Adviser and Head of the Monetary and Economic Department of the Bank for International Settlements, prepared for the 10th Annual Conference of the International Association of Deposit Insurers.  View Article
EBA publishes follow-up review of banks' transparency in their 2010 Pillar 3 reports
The European Banking Authority (EBA) published its follow-up review of banks' transparency in their 2010 Pillar 3 reports. The review welcomes the efforts made by banks to improve their disclosures and to convey their risk profile, but calls for further improvements.  View Article
The impact of CRD IV on international trade and trade finance
According to BusinessEurope and BAFT-IFSA, Basel III may raise trade finance costs by 18-40 per cent, which is likely to be passed on to corporate clients.  View Article
BNP urges EFSF to issue credit default swaps
The FT reports that BNP's suggestion is a rival to a plan by Allianz and Deutsche Bank that the European Financial Stability Facility should insure investors against the first losses in case of a default.   View Article
Commission confirms inspections in suspected cartel in the sector of euro interest rate derivatives
The Commission has concerns that companies active in the sector of financial derivative products may have violated EU antitrust rules that prohibit cartels and restrictive business practices.  View Article
European Banking Federation: Euribor-EBF is a transparent structure
The EBF feels that there is perhaps not enough understanding of the elaboration of the benchmarks themselves in the EC. The EBF is happy to share its expertise and open its files to help the enquiry. But for the time being, no official notification from the Commission has been received.   View Article
BIS: Locational banking statistics
The locational banking statistics gather quarterly data on international financial claims and liabilities of bank offices in the reporting countries.   View Article
BIS: Consolidated banking statistics
The consolidated banking statistics report banks' on-balance sheet financial claims on the rest of the world, and thereby provide a measure of the risk exposures of lenders' national banking systems.   View Article
IMF: Making banks safer - can Volcker and Vickers do it?
The International Monetary Fund issued a working paper which assesses proposals to redefine the scope of activities of systemically important financial institutions.   View Article
Eurofinas response to the European Commission consultation on the application of Directive 2005/29/EC on Unfair Commercial Practices
Eurofinas sees transparent and fair commercial practices as key in building long-term confidence relationships between retail financial services institutions and consumers. Eurofinas acknowledge the importance of appropriate regulation of commercial practices.  View Article
FT: Banks and insurers defend 'liquidity swaps'
Banks and insurers have hit back at the UK regulator's moves to block a new form of funding transaction between banks and insurers.  View Article
GFMA statement in advance of G20 Finance Ministers' meeting
The Global Financial Markets Association (GFMA) released the following statement ahead of this weekend's G20 Finance Ministers' meeting in Paris, France.  View Article
WSBI/ESBG message to the G20 Leaders Summit
WSBI/ESBG call the attention of G20 members to key concerns, and highlight some proposals regarding in particular the regulatory, supervisory and prudential framework for the banking sector, financial consumer protection, microfinance, and the international accounting standards.  View Article
BBA TalkingPoint, 'Lending to Small Businesses', and BBA's reply
The importance of lending to small businesses is stressed as being one of the priorities in creating jobs, wealth and prosperity. The Government would do better to put its energies into helping to stimulate private sector demand so that businesses can find the customers with confidence to buy.  View Article
José Manuel González-Páramo: The conduct of monetary policy – lessons from the crisis and challenges for the coming years
Mr González-Páramo describes and explains the experience of the ECB's monetary policy over the past four years of crisis, and mentions some of the main challenges that modern central banking will have to face in the future.  View Article
High time for coordinated European solution on sovereign debt, say European banks
The European Banking Federation (EBF) reiterates its call for a coordinated solution to stem the deteriorating confidence in sovereign debt.   View Article
EurActiv: Banks rebuff EU calls for higher capital
European banks have issued a sharply-worded warning to EU leaders over the escalating debt crisis, after the European Commission urged them this week to buffer capital levels or face pay cuts.  View Article
Bank capital rules: Stakeholders state their views
Economic and Monetary Affairs Committee MEPs discussed the best design for the latest rules regulating bank capital requirements with industry representatives, academics, the chair of the European banking watchdog, and the head of the recently-founded counter-finance lobby group, Finance Watch.  View Article
EU banks could shrink to hit capital rules
Leading European banks say they would rather sell assets than raise expensive new capital to meet compulsory demands from the European Union for higher capital ratios, threatening a further contraction of credit to the enfeebled eurozone economy.  View Article
ECRI News - Autumn 2011
The European Credit Research Institute (ECRI) published the Autumn edition of its quarterly Newsletter. The issue includes information on upcoming ECRI events and ECRI research, as well as the latest news on credit markets and retail financial services.  View Article
Mortgage arrears – Central Bank of Ireland supervisory strategy
Matthew Elderfield, deputy governor of the Central Bank of Ireland, said that borrowers in arrears need to engage with their lenders and in doing so they have the numerous protection mechanisms of the Code of Conduct of Mortgage Arrears in place to ensure they are treated fairly.  View Article
Basel Committee announces Mr Wayne Byres as its next Secretary General
The Basel Committee announced the selection of Mr Wayne Byres as its next Secretary General.  View Article
Commission temporarily approves rescue aid for Dexia Bank Belgium and opens in-depth investigation
The EC acknowledges that the measure is necessary to preserve financial stability. However, at this stage the Commission is not able to conclude whether the acquisition by the Belgian State complies with EU State Aid rules. Belgium has six months to notify a new restructuring plan for the bank.  View Article

Securities

Commission published the review of the Market in Financial Instruments Directive
The proposal, consisting of a Directive and a Regulation, aims to make financial markets more efficient, resilient and transparent, and to strengthen the protection of investors. It will also increase the supervisory powers of regulators and provide clear operating rules for all trading activities.  View Article
Deutsche Börse supports the goals of MiFID II
Deutsche Börse also pointed out that publication of this amendment proposal marked only the starting point. In the coming two years, the MiFID will be subject to an extensive review within the ordinary legislative procedure  View Article
ECR: EU's MiFID and MAD proposals are good place to start
MEP Dr Swinburne is generally supportive of these proposals which should bring the rest of the EU up to UK standards, but she is concerned that ESMA or the EU may demand powers to carry out criminal investigations and prosecutions that should remain the prerogative of national regulators and enforcers.  View Article
Commission published the review of the Market Abuse Directive
The proposal clarifies that market abuse occurring across both commodity and related derivative markets is prohibited, and reinforces cooperation between financial and commodity regulators.  View Article
EuropeanIssuers comment on Market Abuse rules
EuropeanIssuers believe that market abuse rules should be sound in order to ensure market integrity and promote investor confidence.  View Article
European Parliament cracks down on short selling and sovereign debt speculation
MEPs and the Polish Presidency reached a deal on the regulation beefing up standards and requirements for the practices of short selling and trading in credit default swaps (CDS), a financial product insuring against default.  View Article
Commission published FAQ on short selling and CDS
During the financial crisis and in the context of market volatility in euro denominated sovereign bonds, Member States reacted differently to the issues raised by short selling and credit default swaps. This legislative framework at European level will deal with these issues in a coherent way.  View Article
Barnier welcomed trilogue agreement by Council and Parliament on new rules for short selling and CDS
Barnier stressed that the short selling did not cause the crisis, but that it can aggravate price declines in distressed markets. The events of autumn 2008 and those of recent months amply demonstrate the urgent need for a common European framework for short selling and credit default swaps.   View Article
FT: EU ban on naked CDS to become permanent
A permanent ban on so-called naked credit default swaps is to be imposed across the European Union, after lawmakers reached a deal to restrict the sovereign credit insurance to investors seeking to hedge long positions.  View Article
Trends in IPO Listings by SMEs in the EU
This paper considers a number of issues, both cyclical and structural, that may be affecting trends in European IPO listings, with a particular focus on the availability and use of venture capital financing and the use of trade sales as an exit strategy.  View Article
SEC and FSA hold strategic dialogue meeting
Securities and Exchange Commission Chairman, Mary L Schapiro, and senior SEC staff met today with the UK Financial Services Authority's chief executive, Hector Sants, as part of the regular, ongoing SEC-FSA Strategic Dialogue to discuss regulatory approaches to current issues.  View Article
Communiqué of Finance Ministers and Central Bank Governors of the G20
Finance ministers and central bankers from the Group of 20 nations urge European leaders who are meeting on October 23 in Brussels to deliver a comprehensive plan to resolve decisively the continent's deepening sovereign debt crisis.  View Article
FN: Global regulators call for aggressive push in derivatives reforms
Regulators urge countries to "aggressively push forward" planned reforms of the trillion dollar derivatives markets that were blamed for helping precipitate the global financial crisis.  View Article
WSJ: EU seeks more power for national regulators over derivatives
The European Commission will propose new powers this week for national regulators to limit investor positions in commodity derivatives and increase oversight of high-frequency and algorithmic trading, according to a draft document.  View Article
FN: Italian volte-face raises prospect of naked CDS ban
At the end of September, Italy extended the restrictions on credit default swaps trading it had introduced in the summer, and it looks to be coming round to the idea of a ban on so-called “naked” credit default swap trading.  View Article
FN: Spotlight falls on exchange-traded fund securities lending
Exchange-traded funds came in for further criticism last week, as investors raised fresh concerns about ETF providers lending out underlying securities of the physical product.  View Article
WSJ: Where are the ETFs?
One of the fastest-growing financial products in the past 20 years, the exchange-traded fund isn't getting the traction it could be getting in Europe.  View Article
WSJ: No urge to merge
Overshadowed by their giant peers, a handful of smaller European exchanges are resisting the merger frenzy and focusing on expanding in domestic or regional markets.  View Article
FN: Fears grow over regulatory crunch
Fears are growing that Europe's main regulatory watchdog, the European Securities and Markets Authority, is buckling under the weight of its extraordinary workload, which may result in the financial services industry not being properly consulted during the regulatory process.  View Article

Insurance

ECON Committee: Consideration of amendments of the Omnibus II Directive
Rapporteur Burkhard Balz (EPP, DE) announced that more than 180 amendments had been tabled, mostly on the liquidity premium, temporary equivalence for non-Member States, and the transitional approach to the application of the second programme.   View Article
IMF calls for EU-wide deposit insurance scheme
As one of the four key elements of the future EU financial stability framework, the IMF has called for an EU-wide deposit insurance scheme, saying this would help ensure that sovereign problems do not trigger destabilising bank runs.   View Article
European insurance market facing critical moment
The European non-life insurance sector is approaching critical moments, with economic, regulatory and market forces set to test the industry as a whole severely.  View Article
IAIS's comment letter on mandatory effective date IFRS 9
The IAIS commented on the IASB's Exposure Draft, Mandatory Effective Date of IFRS 9 Financial Instrumnets.  View Article
Alberto Corinti: Q&A on EU insurance industry
Alberto Corinti, director at Promontory Financial group, formerly of CEIOPS, gives a regulator's perspective on the biggest challenges facing the European insurance industry at the moment.  View Article

Asset Management

ALFI response to the ESMA consultation on possible implementing measures of the AIFMD
ALFI responded to the ESMA consultation on possible implementing measures of the Alternative Investment Fund Managers' Directive in relation to supervision and third countries.  View Article
EFAMA report: Turmoil in financial markets sees investors retreat to safe havens
23 associations representing more than 97 per cent of total UCITS and non-UCITS assets at end August 2011 provided net sales and/or net assets data.  View Article
ESMA publishes an opinion on practical arrangements for the late transposition of the UCITS IV Directive
Without prejudice to any initiatives taken by the European Commission in case of late transposition by Member States, ESMA intends to address the situation at an operational level in order to minimise, as far as possible, the impact on industry and investors deriving from lack of transposition.  View Article
EDHEC-Risk Institute releases results of European survey on use of equity and bond indices by institutional investors
In spite of their shortcomings and the development of alternative indices, cap-weighted and debt-weighted indices remain the reference for European institutional investors and asset managers.  View Article
FN: Why solvency for pensions would be a dreadful mistake
This article argues that pension schemes cannot afford to stop worrying about the risk of Brussels imposing on them a solvency regime that would hamper their ability to meet their long-term liabilities.  View Article

Corporate Governance/Accounting

Audit policy: Letter from Philippe de Buck to Commissioner Barnier
In the letter, BusinessEurope raised concerns about various measures the EC is currently discussing for the audit market. In particular, the mandatory rotation of audit firms and mandatory joint audits may have unintended consequences for the European audit market.   View Article
FRC and (UK) BIS consultation on the future role of the FRC
A consultation proposing the refocusing and streamlining of the Financial Reporting Council (FRC) is being launched by the Department for Business, Innovation and Skills (BIS) and the FRC.  View Article
FRC: UK's first Financial Reporting Lab
The FRC launched the "Financial Reporting Lab" which brings together companies and investors to identify practical solutions to today's reporting problems, such as the length and complexity of reports and accounts.  View Article
EFRAG's final letter on IAS 12 Income Tax – rebuttable presumption to determine the manner of recovery
EFRAG issued its final comment letter on the Interpretations Committee's tentative rejection decision on IAS 12 Income tax – rebuttable presumption to determine manner of recovery.  View Article
FASB requests comments on proposed technical corrections to Codification
The FASB issued a proposed Accounting Standards Update that would make certain technical corrections to the FASB Accounting Standards Codification. Stakeholders are encouraged to review and comment on the proposed changes by December 13, 2011.  View Article

Financial Services Policy

ECON Committee: Public hearing on economic governance and crisis management in the EU
During the hearing, MEPs quizzed Jürgen Stark on: the situation in programme countries (Greece, Portugal, Ireland); the enhanced EFSF and the ESM; the implementation of the economic governance package; as well as longer-term reforms in the economic governance.   View Article
Jürgen Stark: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Mr Stark spoke about the follow-up and implementation of the economic governance package, longer-term reforms in the economic governance framework, and the issuing of common bonds in the euro area.  View Article
ECON Committee: First exchange of views on the Common Consolidated Corporate Tax Base (CCCTB)
In her initial remarks, Ms Thyssen (EPP, DE) explained that the EC's proposal represented a common set of rules for calculating the tax base for companies active in the European Union based on a voluntary model.   View Article
Bruegel: There is no such thing as EFSF leverage without the ECB
Shahin Vallée writes that in the last few weeks, policymakers have explored a range of possible options to augment the EFSF's firepower. But most of these solutions had important drawbacks. The idea that one can leverage the EFSF without the ECB is a fantasy.  View Article
ECON Committee: Annual report on EU competition policy
MEP Schwab's draft report called on the Commission to consider extra-judicial agreements before setting the level of fines, and also advocated the preservation of the attractiveness of the leniency programmes by encouraging absolute confidentiality.  View Article
FSA Woodall: RDR implementation considerations
Linda Woodall, Head of the FSA's Investments Department, spoke at the Personal Finance Society conference in London on some of the key challenges facing firms with the implementation of the RDR, and what firms should be doing to meet the new requirements.  View Article
FSA warns revenue-share deals will be outlawed under RDR
The Financial Services Authority has warned that revenue-sharing arrangements where advice firms hold shares in a platform and benefit financially by investing client assets on that platform will not be allowed to continue after the RDR.  View Article

Economic Crisis

EFSF amendments approved by all Member States
Following parliamentary approval by Slovakia, the amendments to the EFSF's Framework Agreement have now been ratified by all 17 Member States. EFSF stands ready to implement its new scope of activity once it has received the amendment confirmations by all euro area Member States in writing.  View Article
Reuters: Eurozone rescue plans shrouded in doubt
A split between the International Monetary Fund and the European Union is threatening to delay Greece's next aid payment, in another blow to European efforts to stem the debt crisis.  View Article
ECB published occasional paper: ‘The Size and Composition of Government Debt in the Euro Area’
The aim of this paper is to analyse government debt in the euro area, both in terms of size and composition, with reference to individual euro area countries, to illustrate the uses and implications of detailed government debt assessments.  View Article
Reuters: Spain downgrade ups pressure on EU to act
A downgrade to Spain's credit ratings has piled more pressure on European leaders to make rapid progress on solving the region's debt crisis or face unbearable borrowing costs.  View Article
Bloomberg: Papandreou presses austerity amid strikes
Greek Prime Minister, George Papandreou, vowed to push through a further round of austerity measures in the face of public anger, appealing to European leaders to help cut Greece's debt burden at a weekend summit.  View Article
EurActiv: Sarkozy open to eurozone finance minister idea
French President, Nicolas Sarkozy, deems "interesting" a Dutch proposal to empower a European Commissioner with the task of enforcing budget discipline in the euro area.  View Article
WSJ: Portugal unveils deep cuts
Portugal's government unveiled harsh new austerity measures to control its budget deficit over the next two years, as it seeks both to convince European peers that it has the political will to keep the promises it made when it was bailed out, and to avoid Greece's fate.  View Article
WSJ: Merkel tempers EU summit hopes
As investors look towards a Sunday meeting of European leaders for a sweeping solution to Europe's debt crisis, a spokesman for German Chancellor, Angela Merkel, on Monday warned against hoping that all the eurozone's debt woes would be resolved by then.  View Article
Bloomberg: France risks losing top grade on bailout fund
Proposals to strengthen Europe's bailout fund by offering to guarantee portions of the debt owed by the region's weaker governments threaten to weaken France's top credit rating.  View Article
FN: Citi's Buiter compares EFSF to a peashooter
Professor Willem Buiter, Citigroup's chief economist, gave some interesting evidence to the UK House of Lords' European Union economic and financial affairs sub-committee today, as it looked to understand the eurozone debt crisis.  View Article
FT: French warning to euro summit
France warned on Tuesday that European unity would be at risk if eurozone leaders failed to take bold action to tackle its sovereign debt crisis at a crucial summit this weekend.  View Article
FT: Bondholders warn on Greek deal
Eurozone banks are raising the threat of being nationalised in an effort to fend off suffering losses of up to 50 per cent on their Greek bonds should the terms of Greece's bailout be redrawn.  View Article
FT: Pressure grows for more Europe
Across the German political spectrum, and among the nation's business and banking community, pressure is growing for “more Europe” as the answer to the plight of the eurozone.  View Article
FT: Policymakers say Greek deal must avoid default
European policymakers insist that any deal to persuade Greek bondholders to take a bigger hit in a new bailout for Athens must avoid a full-scale default, a condition that could limit the size of investors' losses.  View Article
FT: S&P cuts Spain's sovereign debt rating
Spain has suffered a downgrade of its national debt by Standard & Poor's because of concerns about sluggish economic growth and the continuing upheaval in its banking system.  View Article
OECD: Ireland coming out of the crisis, but challenges remain
The Irish economy faces tough challenges as the country exits from a deep recession and banking crisis, but its long-term prospects now appear better than many of the other hard hit European countries, according to the OECD's latest Economic Survey of Ireland.  View Article
BoE Jenkins: Why Greece must default within the eurozone
Robert Jenkins, a member of the Bank of England's interim financial policy committee, explains why there is no choice: Greece needs to default within the eurozone – not outside it.  View Article
Jürgen Stark: Economic adjustment in a monetary union
Mr Stark said that for both Latvia and euro area countries, the challenge is to implement an economic adjustment without using the nominal exchange rate as an instrument. In Latvia, the authorities chose not to use that option, whereas in the euro area that option is no longer available.  View Article
FT: ECB warns against private role in bailouts
The European Central Bank has issued its strongest warning yet about the dangers of German-led demands for private sector involvement in eurozone bailouts, including for Greece.  View Article

International/G20

G20 finance ministers agree new principles to boost financial consumer protection
G20 finance ministers meeting in Paris have agreed on new principles on financial consumer protection developed by the OECD. The principles form part of a broader initiative by G20 leaders to strengthen trust and confidence in the financial sector.  View Article

Think Tanks

CEPR: A framework for two macro policy instruments - money and banking combined
The way in which monetary policy, macro-prudential policy, and micro-prudential regulation of banks should be organised and conducted is a major, as yet unresolved, issue. In CEPR Policy Insight No 58, Hans Gersbach outlines a policy framework for addressing this issue.  View Article
CEPS: Poland and Slovakia - Drawing the same lesson from two different events?
In this Commentary, Piotr Maciej Kaczyński looks at seemingly different recent political developments of late in Poland and Slovakia. Both the Slovak and the Czech governments have suffered recent instability due to their political backing by newly emerging actors. He warns that Poland should not make the same mistake.  View Article
CEPS: A closer look at Dexia - The case of the misleading capital ratios
This CEPS Commentary finds that banking supervisors and regulators attach too much importance to the current capital ratios, despite the multi-indicators approach encouraged by Basel III. Drawing on the recent experience of the Belgian-French bank Dexia, Willem Pieter de Groen shows that reliance on this single capital indicator can be very costly.   View Article
CEPS: State Aid lessons from 2008 for a ‘Troubled Asset Relief Programme’ (TARP) for the euro
The European Union should move quickly to enact an American-style 'TARP' in the eurozone to strengthen the financial sector and maintain lending, argues CEPS CEO, Karel Lannoo.  View Article

Commentaries

Wolfgang Münchau: Why Europe’s officials lose sight of the big picture
The many failures of the eurozone's crisis response policy have a common cause: the eurozone is a large closed economy. Each of its 17 members is small and open. The political leaders who run the eurozone have a small open economy mindset – every one of them, without exception.   View Article
OMFIF: Why the creditors don't want to join the EMU debt club
David Marsh comments that ever-rising costs of bailing out deficit countries throughout the euro area will be borne increasingly by the people who suspected they were going to pay for it all along – German taxpayers.  View Article
John Wyles: A change to the blueprint
Writing for European Voice, Wyles wonders whether the Germans are deluding themselves about the European Union and their country's place in it. As the sovereign-debt crisis drags painfully towards one tipping point this weekend, the German government, shackled by curmudgeonly and resentful public opinion, will have rather more at stake than it may realise.  View Article
Paul De Grauwe: Europe needs the ECB to step up to the plate
In an article for the FT, De Grauwe comments that recapitalisation is seen by many as an essential ingredient in the grand rescue package that the European leaders will be discussing this weekend. But who can recapitalise the eurozone banks quickly?  View Article
Andrew Duff: Britain's European dilemma
In his article for the FT, Andrew Duff comments that nervous as they are, Europe's steps towards federal union pose a gigantic dilemma for the UK. If Britain is not to join the European mainstream, where does it go? Prime minister David Cameron needs some answers when the European Council meets on Sunday.  View Article
Martin Wolf: There is no sunlit future for the euro
In his FT column, Wolf says that it is conceivable – if unlikely – that the eurozone will find ways to manage its emergency. It is inconceivable that it will cure the illness, partly because members are in denial about its nature and partly because it is a chronic condition. The fundamental challenge is not financing, but adjustment.  View Article
Presseurop: How the euro will divide Europe
Mooted eurozone reforms should enhance the single currency's ability to weather financial crises, but will probably deepen the European Union's division into an inner core (the eurozone) and the rest, argues Tomasz Bielecki, a Polish columnist.  View Article
Andrew Watt: A weak euro area but a strong euro? Not as paradoxical as it seems!
For three years the eurozone economy has been mired in an economic crisis from which it is still struggling to emerge; worse, its political crisis drags on. The very future of the currency union is in doubt. Isn't it strange, then, that the currency itself has stayed “strong”?  View Article
George Soros: A path through Europe’s minefield
Earlier this week, a group of almost 100 prominent Europeans delivered an open letter to the leaders of all 17 eurozone countries. The letter said, in so many words, what the leaders of Europe now appear to have understood: they cannot go on “kicking the can down the road”.  View Article
Achleitner: Insurance, not leverage, is way to stabilise eurozone
In this FT Opinion, Allianz's Paul Achleitner says a simpler and more effective alternative would be to allow the EFSF, and then its permanent successor the European Stability Mechanism, to function as a bond insurer for new sovereign bond issuance.   View Article
Douglas J Elliott: Eurozone governments and the financial markets - a troubled marriage
In this Brookings Institution paper, Elliott writes that financial markets and the governments of advanced economies around the world are inextricably tied together in an unbreakable marriage. Right now, the eurozone is a prime example. The financial markets do not seem to understand or trust the governments and those sentiments are returned by many policymakers, including key ones.  View Article




© Graham Bishop

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