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European Council conclusions: EMU / Banking Union
The European Council held an in-depth discussion on completing the EMU. It focused in particular on enhanced economic policy coordination, strengthening the social dimension of the EMU and completing the Banking Union.
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EP President Schulz: Speech to the European Council 24 October
Schulz said that as it was going to take some years before a resolution fund had been built up and become operational, the ESM could serve as a temporary solution. "If no good agreement is reached by the end of this electoral period, we risk losing everything we have gained so far."
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Remarks by Presidents Van Rompuy and Barroso following the first session of the European Council
"The next crucial step for the Banking Union will be the Single Resolution Mechanism", said Van Rompuy. "Because once supervision is European, we cannot leave failures to the national level."
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Commissioner Barnier: Three priorities for sustainable European banks in the real economy
Speaking at the ESBG conference, Barnier said: "We cannot be satisfied with a situation where the speculative activities of banks inflate their balance artificially and make them both too big to fail as well as too big to be saved". (Includes link to speech by President van Rompuy.)
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Bloomberg: Bank structure plan dealt blow as EU lawmaker says no time
Commissioner Barnier has left it too late ahead of parliamentary elections to submit promised proposals to prevent banks being too internally complex, ECON chair Sharon Bowles told reporters.
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Reuters: EU's Barnier ready to compromise on bank resolution
The Commission is ready to compromise on how many banks will fall directly under the scope of the eurozone's banking resolution authority, potentially limiting it to the largest institutions, Barnier said.
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BoS/Linde: Reflections on the planned Banking Union in Europe
Referring to the upcoming comprehensive bank assessment, Linde said it was in the interest of all that this exercise be rigorous and transparent, so that confidence in the European banking sector could be fully restored.
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EBF: Europe's banks committed to Banking Union and Single Resolution Regime
Europe's banks reiterated their strong support for the Banking Union and the SSM. EBF board members stressed their commitment to assist in implementing the Banking Union framework, to help overcome the current market fragmentation.
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ECB/Mersch: Interview in Het Financieele Dagblad
Mersch discussed i.a. Banking Union and three-year LTROs. On the ECB's new supervisory role, he said: "No bank will be completely absent from our radar".
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Handelsblatt: Eurozone finance ministers consider ESM overhaul
The plan would involve setting up a subsidiary fund to help banks located in non-eurozone countries that opt to participate in the Banking Union. However, such an arrangement would require a change to the ESM Treaty.
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ECB/Asmussen: Interview with Il Sole 24 Ore
Asmussen said that the ESM could be the fiscal backstop to the European resolution agency. It would mean a revision of the ESM Treaty, but that would be a 'lower hurdle' than changing the European Treaty.
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Fitch: Euro bank tests robust enough, but thin on details
The framework's outline is thin on details for identifying banks likely to have capital shortfalls under the AQR and under the EU-wide stress test to be conducted with the EBA. Further details on the process would improve transparency and reduce short-term uncertainties.
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Nicolas Véron: An encouraging start for the ECB's Big Bank Review
Véron finds the ECB's announcements encouraging, even if the most difficult choices still lie ahead - primarily on how to restructure the banks which would be identified as severely undercapitalised or insolvent in next year's assessment.
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Simon Nixon: Draghi risks having worst of all worlds in Banking Union
The odds are stacked against Mario Draghi in his effort to conduct a broad assessment of the eurozone's biggest banks, comments Nixon in the WSJ.
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Bloomberg: EU delays bank capital rule following Nordic protest
The decision for a month's delay follows an outcry from bankers' associations in Denmark, Sweden, Norway and Finland, who say an EBA-proposed reporting requirement for capital buffers would overstate the risks associated with their mortgage assets.
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EBA publishes risk dashboard of EU banking sector
This first risk dashboard summarises the main risks and vulnerabilities in the banking sector in the EU. It looks at the evolution of Key Risk Indicators from 56 banks across the EU, and points to significant improvements, particularly in terms of strengthened capital base.
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EBA publishes final draft ITS on asset encumbrance
These final implementing technical standards, which will be part of the EU Single Rulebook in banking, provide reporting templates and instructions with the ultimate aim of ensuring harmonised reporting of asset encumbrance across institutions.
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EBA consults on draft technical standards on disclosure for leverage ratio
These standards will be part of the EU Single Rulebook in the banking sector and aim at harmonising disclosure of the leverage ratio across the EU by providing institutions with uniform templates and instructions. The consultation runs until 24 January, 2014.
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EBA consults on draft Guidelines on the discount rate for variable remuneration
EBA launched a consultation paper on draft Guidelines setting out the calculation of the discount rate for variable remuneration and clarifying how it should be applied. The consultation runs until 18 January, 2014.
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EBA consults on the use of the Legal Entity Identifier
EBA has launched a consultation on a Recommendation on the use of the Legal Entity Identifier (LEI). The document will require all entities for which information is required under EU reporting obligations to obtain a pre-Legal Entity Identifier code for reporting purposes. Deadline: 28.11.13.
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ECB publishes second SEPA migration report
The ECB's second report analyses the state of play in euro area countries in creating a single market for credit transfers and direct debits in euros across Europe. It also provides guidance on managing the transition process. (Includes link to EPC's latest SEPA newsletter.)
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