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29 September 2016

Friends 'Weekly' Newsletter


Brexit, World Economic Forum, CRD 5/CRR2, FICOD, AIFMD, ECB, The City of London, Deutsche Bank, BIS, financial inclusion and more.

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Banking Insurance Asset Management
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  Articles from 22 September 2016 - 29 September 2016

  Banking
 
 
POLITICO: Germany preparing Deutsche Bank bailout: report
Germany is drawing up plans to rescue Deutsche Bank if its $14 billion (€12.5 billion) fine from U.S. authorities plunges it into further financial difficulty, according to a report in Die Zeit.
BIS: Guidance on the application of the Core Principles for Effective Banking Supervision to institutions relevant to financial inclusion
The Guidance identifies 19 of the total 29 Core Principles where additional guidance is needed, and both Essential Criteria and Additional Criteria which have specific relevance to the financial inclusion context.
AFME Position Paper: CRD 5/CRR2: Large exposures framework
AFME's paper seeks to consider the main deviations of the large exposures (LE) framework under the Capital Requirements Regulation (CRR) from the BCBS framework.
AFME Position Paper: CRD 5/CRR2: Interaction of IFRS 9 with capital requirements
AFME recognise that EC does not intend to increase required capital level and is aware that the Basel Committee may not finalise a revised specification of how IFRS 9 accounting interacts with the calculation of bank capital requirements until after IFRS 9 becomes effective 1 January 2018.
 
  Insurance
 
 
Insurance Europe: FICOD must recognise Solvency II and avoid duplication
Insurance Europe said that the purpose of the Financial Conglomerate Directive should be to ensure there are no gaps between sectoral legislation, and to avoid duplication and overlap with sectoral regulation, including guidelines issued by the European Supervisory Authorities.
 
  Asset Management
 
 
ESMA publishes the responses to the Call for evidence on asset segregation and custody services under AIFMD
The majority of respondents to this consultation strongly objected to both options on which ESMA consulted and expressed a preference for some of the options which were mentioned in the cost-benefit analysis accompanying the proposal.
 
  Financial Services Policy
 
 
ECB: The next steps in the evolution of the Eurosystem’s market infrastructure
Yves Mersch said the Eurosystem’s strategic reflections on the future development of its market infrastructure centre around three components: the consolidation of TARGET2 and TARGET2-Securities; the settlement of services to support instant payments; and a Eurosystem collateral management system.
 
  Political
 
 
Euro area economy showed resilience after UK referendum, Mario Draghi tells MEPs
The recovery in the euro area is expected to continue at slower pace than envisaged in June due to a lower foreign demand outlook, ECB's Draghi told ECON members. The euro area economy showed resilience to global and political uncertainty, notably following the UK referendum outcome.
Financial Times: City of London fears May government is shifting towards ‘hard’ Brexit
Leading bankers who have held talks with government ministers have told the Financial Times they believe Theresa May, the prime minister, will end up taking Britain out of the EU’s single market and customs union.
Financial Times: City’s special relationship with EU finance system revealed
Banks that use the UK as a gateway to the EU employ more than 590,000 people, have more than £7.5tn of assets and make annual profits of more than £50bn, according to Companies House data analysed by the FT.
CER: Brexit Britain: The poor man of Western Europe?
Contrary to much of the received wisdom, Britain has not been one of Europe’s economic stars over the last 15 years. And Brexit is set to exacerbate the economy’s underlying weaknesses, writes Simon Tilford.
CEPS: The Economics of Brexit: It’s not about the Internal Market
The United Kingdom’s vote to ‘Brexit’ the European Union is on course to become the year’s biggest non-event. Beyond a weaker pound and lower UK interest rates, the referendum has not had much of a lasting impact. Have the costs of Brexit been overblown? Not exactly.
 
  Economic
 
 
IB Times: UK jumps three spots to seventh place in WEF competitiveness rankings
The UK has been ranked as the seventh most competitive economy in the world, according to the World Economic Forum's 2016-17 global competitiveness report. The ranking did not take June's Brexit vote into consideration.
 

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