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12 May 2016

Friends 'Weekly' Newsletter


ECB, bank stress tests, low interest rates, ESMA, market risks, Solvency II, IFRS Standards, insolvency reform, Brexit and more.

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  Articles from 05 May 2016 - 12 May 2016

  Banking
 
 
Reuters: ECB asks euro zone banks to detail Brexit plans
The European Central Bank has asked large euro zone banks to detail how they are preparing for a British exit from the EU, including how they would deal with the shock to markets and any changes they would have to make to their business models.
Reuters: ECB to review four banks it may start to supervise
The European Central Bank is carrying out a deep-dive analysis of four banks that it may start to supervise directly, it said.
Reuters: BlackRock helps ECB in bank stress test
A consultancy owned by the world's biggest investor, BlackRock, will help the European Central Bank in its stress test of top banks, the two organizations said.
Financial Times: German financial watchdog warns on low rates ‘poison’
Low interest rates are a “seeping poison” for Germany’s banking system, the head of the country’s financial watchdog has warned, in the latest expression of German fears over the European Central Bank’s policies.
 
  Securities
 
 
ESMA sees continued high level of market risks in first quarter
According to the Risk Dashboard, the overall risks to securities markets in Q1 2016 remained unchanged at high levels, with market and credit risks being very high.
Bloomberg: Derivatives traders adopt rules to clear European credit indexes
European Union regulation has come into force that will require traders to start moving the region’s credit derivatives benchmarks through central clearinghouses.
 
  Insurance
 
 
EIOPA: Monthly update of the symmetric adjustment of the equity capital charge for Solvency II - April 2016
The European Insurance and Occupational Pensions Authority (EIOPA) has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of April 2016.
 
  Corporate Governance/Accounting
 
 
IASB: IFRS Foundation publishes the 2016 Pocket Guide to IFRS Standards
The analysis shows that IFRS Standards are required for all or most domestic publicly accountable entities (listed companies and financial institutions) in 119 jurisdictions—83 per cent of those surveyed. Most of the remaining jurisdictions permit their use.
 
  Friends Services
 
 
Insolvency reform: is it still the really high-hanging fruit?
A proposal is expected later this year and Commissioner Hill may yet succeed because insolvency is now seen as a serious macro-economic problem - especially in states where the consequence of the debt overhang have become an urgent political problem for `growth and jobs’.
 
  Political
 
 
BCC EU Survey: Business vote tightens as referendum campaign heads to the finish line
A majority of businesspeople surveyed (54%) say they will vote for the UK to Remain in the EU. Voting intentions have tightened amongst the businesspeople surveyed – with Leave now polling seven points higher (37%) than in the BCC’s February survey.
IoD publishes wide-ranging survey of business views on EU referendum
Business leaders split 63-29 in favour of remain. 6 in 10 say access to the single market is important to their company, but three-quarters think EU needs reform to prevent economic decline.
 

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