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01 December 2016

Friends 'Weekly' Newsletter


ECON, Basel Committee, CRR, Bank of England's Financial Stability Report, UK banks stress tests, New EU rules for the recovery and resolution of CCPs, IFRS 9, Brexit and more.

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  Articles from 24 November 2016 - 01 December 2016

  Banking
 
 
European Central Bank: Global risk repricing endangers financial stability
The euro area financial system has shown resilience in the face of repeated bouts of financial market turbulence over the past six months according to the latest FSR of the ECB. However, risks to euro area financial stability related to possible global asset market corrections have intensified.
BIS' Stefan Ingves: Reflections of a Basel Committee Chairman
The Chairman of the Basel Committee gave a brief update on the Committee's progress towards finalising the Basel III reforms during the International Conference of Banking Supervisors, and said the group had agreed the “contours” of its reform package, which will be finalised in January.
London Economics: Impact of the Capital Requirements Regulation (CRR) on the access to finance for business and long-term investments
This report assesses whether increased minimum capital requirements, through observed changes in banks’ regulatory capital ratios, impact bank lending using data on a broad sample of banks in Europe. Graham Bishop was part of the London Economics team that produced the study.
Financial Times: Berlin and Paris on collision course over EU banking rules
Germany and France are set to clash over a planned overhaul of EU banking regulations amid concerns in Berlin that the proposals fail to do enough to shield taxpayers from the costs of banking crises.
Bank of England: Financial Stability Report, November 2016
The BoE reported that, since the referendum on membership of the European Union, UK financial stability has been maintained through a challenging period of uncertainty around the domestic and global economic outlook.
Bank of England: Stress testing the UK banking system: 2016 results
Bank of England has announced the results of its 2016 stress test of the UK banking system. The 2016 stress test incorporated a synchronised UK and global recession with associated shocks to financial market prices, and an independent stress of misconduct costs.
 
  Securities
 
 
European Commission: New EU rules for the recovery and resolution of Central Counterparties
The European Commission proposed new rules to ensure that systemic market infrastructures in the financial system, known as CCPs, can be dealt with effectively when things go wrong.
FSB: Public responses to the August 2016 discussion note on Essential Aspects of CCP Resolution Planning
These comments will assist the FSB in developing standards or guidance for CCP resolution and resolution planning. The FSB will consult on proposals for such guidance by early 2017.
 
  Corporate Governance/Accounting
 
 
European Commission: Official IFRS 9 adoption
The Commission has published a Regulation endorsing IFRS 9 'Financial Instruments' in the Official Journal of the EU, confirming the decision to adopt IFRS 9.
EBA launches second impact assessment of IFRS 9 on EU banks
The EBA expects that institutions will be able to provide more detailed and accurate insights into their implementation of IFRS 9 as the information provided by the respondents in the first exercise reflected the early stage of implementation.
 
  Political
 
 
The Telegraph: BoE's Carney warns EU faces financial drought if it cuts off UK overnight
The European Union desperately needs finance from Britain and will face severe knocks to its economy if member nations do not agree to a transitional period to give banks and finance firms time to adapt to Brexit, Bank of England Governor Mark Carney has warned.
Financial Times: City must apply EU rules to keep lead role, says eurogroup chief
Dijsselbloem said UK must abide by EU rules post Brexit to secure ‘passporting’ rights.
POLITICO: Hard Brexit to hurt almost all sectors of Brit economy - CEBR report
Pulling Britain out of the EU’s single market would cause wide-scale damage to the country’s economy, according to a report commissioned by cross-party anti-Brexit MPs.
ECB's Mario Draghi statement at the ECON Committee of the European Parliament hearing
Draghi focused on the upcoming challenges at global and euro area levels and discussed the still uncertain impact of Brexit and its implications from a Single Market perspective.
Bloomberg: UK Lawmakers Demand Pre-Brexit Deal on EU Resident Rights
A group of 81 British lawmakers have written to Council President Donald Tusk to demand an agreement is reached on rights for Britons living in the EU and for Europeans in the UK before Brexit talks are opened. Tusk dismissed the proposal, saying its main argument "has nothing to do with reality."
 

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