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ECON Committee: Parliament negotiators rescue seriously damaged bank resolution system
EP negotiators have reached a deal with their Member State counterparts on the SRM to deal with failing banks. The elements agreed will help to ensure that the system cannot become a hostage to political power games, and can deliver swift and credible decisions. (Includes Barroso, Barnier and EP group comments.)
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Commissioner Barnier: Reaching an agreement on the SRM is our top priority
At the exchange of views with the ECON Committee, Barnier said that agreements on the SRM, access to a basic bank account and information on packaged investment products could still be reached within the present Parliament's mandate.
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Greens/Giegold: Germany is hindering progression on SRM
In an interview with Zeit, Giegold was asked who should pay in future if a bank goes bankrupt in Europe. "The banks, and not the state", he replied. "But the Federal Government is preventing this from becoming reality."
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FT: France and Germany in dispute over who pays for EU Banking Union
France and Germany disagree over who should foot the bill for Europe's Banking Union, with Paris fearing its banks will pay the biggest share towards a €55 billion rescue fund.
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Huertas & Nieto: How much is enough? The case of the Resolution Fund in Europe
By placing a lid on the Resolution Fund, the BRRD and SRM may in fact be reinforcing the need to develop a blueprint that will ensure that investors, not taxpayers, bear the cost of bank failures.
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Wolfgang Münchau: Europe should say no to a flawed Banking Union
To sacrifice important principles and hope for the best is not a sensible idea, comments Münchau in his FT column.
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ECON Committee: Barnier and Nouy talk Banking Union and bank bonuses with MEPs
Work on setting up the EU's bank supervisor and undertaking the planned asset quality review is "well on track", ECB bank supervisor chair Nouy told the ECON Committee. She also said she was keen to encourage non-eurozone states to opt-in to the SSM.
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ECB publishes letter from supervisory board chair Nouy to ECON/Bowles
Prior to her hearing at the ECON Committee, Nouy answered questions relating i.a. to the implementation of the Interinstitutional Agreement, the AQR/balance sheet assessment, micro-prudential supervision and systemic risk.
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ECB/Cœuré: Monetary policy transmission and bank deleveraging
Deleveraging is not a process that policy-makers should seek to avoid; rather, it needs to take place and be properly managed, said Cœuré. He elaborated on the comprehensive assessment, and stressed the importance of establishing the SRM and the SRF promptly to avoid financial fragmentation.
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VoxEU: Macro-prudential stress tests should not rely on regulatory risk weights
This column argues that macro stress tests would be more effective if capital requirements were measured differently from the current regulatory risk weight-based approach, and in particular, were based on total assets and on market risks.
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ECB/Eurosystem: Public note on security of payment account access services
E-commerce is a rapidly growing and globally expanding industry and has the potential to spur overall economic growth. The security of payments when buying and selling goods or services offered through the internet or other communication networks has become a matter of concern for central banks.
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BoE/Cunliffe: Is the world financial system safer now?
Cunliffe urged the EP to give national regulators authority to wind down troubled financial institutions, saying major banks remained "too big to fail".
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Bank of England launches 15-point strategic plan
BoE governor Mark Carney has devised a wide-ranging overhaul of the Bank's management and organisation. His strategic plan is designed to sweep away barriers between the Bank's various activities in pursuit of what he has dubbed "One Bank". (Includes comment from Simon Nixon.)
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