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24 May 2018

Friends 'Weekly' Newsletter


EBF, Association of German Banks, EMU, banking union, O-SIIs, IRB modelling, clearing houses, European securitisation market, MiFID II, trade negotiations with Australia and New Zealand, customs union, clearing houses after Brexit, Northern Ireland and more.

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Banking Union Capital Markets Union Insurance
Economic Brexit & UK About this email

  Articles from 17 May 2018 - 24 May 2018

  Banking Union
 
 
Position paper of the Association of German Banks on the role of banks in financing the European economy
Banks play a pivotal role in financing the economy and fostering growth, trade, and employment in Europe. This view is supported by a recent study by the Centre for European Economic Research on the role of private banks in corporate finance, based on data on individual bank-firm relationships.
EBA updates list of O-SIIs in the EU
The European Banking Authority updated the 2017 list of Other Systemically Important Institutions (O-SIIs) in the EU. This list also reflects the additional capital buffers that the relevant authorities have set for the identified O-SIIs.
EBA consults on standards on estimation and identification of an economic downturn in IRB modelling
The draft RTS specify the nature, severity and duration of an economic downturn, while the Guidelines focus on the appropriate estimation of the LGD in a situation of economic downturn.
 
  Capital Markets Union
 
 
European Parliament: Economic and Monetary MEPs back stricter EU supervision of clearing houses
MEPs backed plans to set up an ESMA supervisory committee for EU CCPs and impose stricter rules on third country ones, depending on systemic risk.
The Autorité des Marchés Financiers publishes its 2017 annual report
When addressing the press to present the AMF’s annual report, Chairman Robert Ophèle stressed the need to move quickly towards a more integrated EU27 against the backdrop of Brexit. He also discussed key regulation challenges and the AMF’s response.
ESMA liquidity assessments for bonds (May 2018) - ICMA overview
On May 2 2018, ESMA published new liquidity assessments for bonds (except for ETCs and ETNs) in relation to MiFID II/R transparency requirements.
 
  Insurance
 
 
EIOPA publishes the first study on the modelling of market and credit risk
The results of the study show significant variations in asset model outputs, partially resulting from model specificities, which indicates the need for further supervisory actions. The study is a first step in an ongoing process of monitoring and comparing internal market and credit risk models.
EIOPA: Opinion on the solvency position of insurance and reinsurance undertakings in light of the withdrawal of the UK from the EU
The objective of this Opinion is to call upon national supervisory authorities to ensure that all risks to the solvency position of insurers arising from the UK becoming a third country are properly addressed.
 
  Economic
 
 
Council gives the go-ahead to trade negotiations with Australia and New Zealand
The Council authorised the Commission to open trade negotiations with Australia and New Zealand and adopted negotiating directives for each of the negotiations.
New approach on negotiating and concluding EU trade agreements adopted by Council
The Council adopted conclusions on the negotiation and conclusion of EU trade agreements. The conclusions set out the key principles underpinning the Council's approach towards trade negotiations from now on.
ECB's Constâncio: Completing the Odyssean journey of the European monetary union
Constâncio focused on the more relevant points to ensure an EMU: the solution to liquidity crisis in sovereign bond markets; the completion of the banking union; the creation of a European safe asset and a central macro stabilisation function; the launch of a CMU; and the Stability Pact revision.
 
  Brexit & UK
 
 
The Guardian: Former Tory minister plans EU customs union rebellion
Nick Boles, a former business minister, says that if Theresa May fails to secure an extension to keep UK in trade bloc until 2022 he’ll force a vote.
Financial Times: Theresa May concedes on customs union until Irish border resolved
The whole of the UK will remain tied to a customs union with the EU after 2021 until an alternative to having a hard border in Ireland can be found, Theresa May has conceded.
POLITICO: Europeans love the EU (and populists too)
The survey, carried out for the European Parliament by Kantar Public, a consultancy, found that 48 percent of EU citizens surveyed agree their voice counts in the EU, while 46 percent disagree — and Brexit appears to have improved the pro-EU mood.
Bruegel: The effects of Brexit on UK growth and inflation
As we approach the second anniversary of the UK’s Brexit referendum, Bruegel compares the subsequent economic data for the UK and the euro area and see how it diverges from the trends established before the vote.
Tony Blair: Brexit Deadlock
Tony Blair Institute for Global Studies published a guide to the issues around the Customs Union or Customs Partnership as a means of unlocking the deadlock of the Brexit negotiation. The former PM urged the Labour party to lead calls for a People's Vote on the final deal.
Wall Street Journal: UK finance industry pushes for immigration overhaul after Brexit
A joint report by influential trade body TheCityUK and accounting firm EY said there is a “clear risk” to the City’s ability to attract the best global talent after the UK leaves the European Union, and said a new approach to immigration is needed.
Commercial Risk Europe: No guarantees over continuity of insurance policies post-Brexit, says EU
There are no guarantees that insurance policies will not be affected by Brexit, according to the EU’s financial services chief. Valdis Dombrovskis, vice-president for the euro and social dialogue, and in charge of financial stability, financial services and capital markets union, said it is up to firms to take preventive measures.
 

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