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16 July 2015

Friends 'Weekly' Newsletter


CRR and CRD IV, ECB, euro area bank lending survey, ISDA, EMIR, EIOPA, Solvency II, BCBS, Brussels for Breakfast, EU budget, IMF, Greece, Euro summit, Grexit and more.

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  Articles from 09 July 2015 - 16 July 2015

  Banking
 
 
EC: Possible impact of the CRR and CRD IV on bank financing of the economy
The public consultation will enable the European Commission to obtain stakeholders’ views and evidence on the potential impact of Capital Requirements Regulation (CRR) and Directive (CRD IV) on bank lending to the economy.
ECB: Results of the July 2015 euro area bank lending survey
Euro area banks reported a continued net easing of credit standards on loans to enterprises and households for house purchase, and that additional liquidity from the TLTROs continues to be used for granting loans.
 
  Securities
 
 
ISDA publishes EMIR classification letter
The International Swaps and Derivatives Association has published a new classification letter that will enable counterparties to notify each other of their status for clearing and other regulatory requirements under EMIR.
 
  Insurance
 
 
EIOPA calls for high quality public disclosure under Solvency II
The purpose of the publication by EIOPA is to stress the importance of high quality public information and the relevant use of external audit services in relation to Solvency II public disclosures.
 
  Asset Management
 
 
EIOPA 2015 Market development report on occupational pensions and cross-border IORPs
A report by EIOPA found that while the number of active schemes increased by one to 76, the number of authorised cross-border funds increased by two over the last year.
 
  Corporate Governance/Accounting
 
 
BCBS: Corporate governance principles for banks
Effective corporate governance is critical to the proper functioning of the banking sector. While there is no single approach to good corporate governance, the Basel Committee's revised principles provide a framework to achieve robust and transparent risk management.
 
  Grahams Articles, Comments & Speeches
 
 
112th Brussels for Breakfast
Main topics included: Grexit, BRRD, Five Presidents Report, Instant Payments, Target2 and “29th Regime”.
 
  Political
 
 
European Commission mobilises more than €35 billion from the EU budget for boosting jobs and growth in Greece
(15 July)The Jobs and Growth Plan for Greece is meant to flank the comprehensive set of reforms that could form part of a programme under the European Stability Mechanism to be negotiated in the coming weeks between Greece and its international partners.
IMF: Greece - An Update of IMF Staff’s Preliminary Public Debt Sustainability Analysis
Greek debt is expected to peak at close to 200 percent of GDP in the next two years: it has become highly unsustainable, and would need a deeper debt relief than the EU would consider.
European Council: Press remarks by Eurogroup President Dijsselbloem after the Eurozone summit
(13 July) Within two days, the Greek parliament must approve a number of reforms for the new agreement to begin formal negotiations under the ESM Treaty: a new fund for privatisation and recapitalisation of banks, along with taxes hikes and pensions reforms.
Yanis Varoufakis: Dr Schäuble’s Plan for Europe - Do Europeans approve?
The former Greek Finance Minister argues that the plan for Greece from the German government was a Grexit instead of a new bailout programme, even before Alexis Tsipras government was elected.
European Council: Remarks by President Donald Tusk after the Euro Summit on Greece
(12 July) The Greek government and the European leaders have reached an agreement, which now will need the support of several national parliaments. Negotiations on a new ESM programme are ready to be started.
 
  Budgetary
 
 
Economic and fiscal policies: European Council issues recommendations to member states
The Council thereby formally concluded the 2015 'European Semester' after the European Council endorsed the recommendations at its meeting in June.
 

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