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ECON Committee: Banking reform - Banks should operate on behalf of the real economy
The banking sector should be reformed so that retail banking activities such as taking deposits, operating bank accounts and granting loans are separated from riskier activities such as trading with financial instruments and derivatives, says a report adopted by the ECON committee.
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S&D: Euro MPs call for fundamental shake up of banks' structures
ECON vice chair Arlene McCarthy said: "Today's vote is a clear message in favour of structural reform of the EU banking sector by ensuring that banking services that are essential to the real economy are separated from the excessively risky activities of traders and investment bankers".
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Commission publishes Liikanen FAQs
The Commission published an FAQ document regarding its May 2013 consultation on the Structural Reform of the EU Banking Sector (the Liikanen Reforms). The FAQs have been drafted in response to requests for clarification about the data templates published as part of the May consultation.
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Bank of Finland/Liikanen: Banking after the regulatory reforms – Business as usual?
Liikanen looked at research findings and the rapid growth in the EU banking sector. He then elaborated on the HLEG proposals and the rationale behind the HLEG's proposal for mandatory separation, and gave a comparison with other suggested structural reform.
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BoE/Tucker: Banking reform and macro-prudential regulation - Implications for banks' capital structure and credit conditions
Speaking at the SUERF/BoF conference in Helsinki, Tucker tried to dispel some commonly-held misconceptions of how macro-prudential variations of capital requirements would affect credit conditions. He outlined some thoughts on how the reforms might influence the shape of the financial system.
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ECB/Asmussen: Prospects for a European banking union
In his speech, Asmussen discussed what the ECB saw as the current risks to European financial stability. He stressed the need for a banking union, and elaborated on the SSM and the SRM.
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FT: EU struggles to unlink banks from states as summit looms
As banking union has moved from a concept to the nitty-gritty of political negotiation, a complete severing of the link between banks and national governments - i.e. making bank oversight and rescues the responsibility of the EU rather than its Member States - has proven harder than many anticipated.
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Reuters: Eurozone ministers to discuss bail-in rules in bank rescues
Eurozone finance ministers will discuss how to decide which creditors will lose money and in what order during future bank rescues by the bloc's bailout fund, the European Stability Mechanism.
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Handelsblatt: Berlin "categorically" rejects common eurozone resolution mechanism
The German government would like to prevent the planned EU authority for the resolution of ailing banks by any means. If necessary it would take legal action against an EU solution, it was said. The Commission however is trying to speed things up.
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Schäuble fights against EU resolution authority
Schäuble reiterated his demand for a two-stage approach, under which first a network of national resolution authorities would be established, followed then by a treaty change.
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ECB/Asmussen: Reintegrating financial markets
Speaking at the General Assembly of the ESBG, Asmussen referred to the problem of financial fragmentation as being "a key issue in all parts of the euro area". His approach to the problem came from three angles: the roles of governments, the ECB and the future banking union.
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ECB/Mersch: Monetary policy in an environment of low growth and interest rates
Speaking in Copenhagen, Mersch said that the ECB had not 'run out of ammunition', and that more tools and measures could be employed whenever they were needed.
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Bruegel/Wiedemann: Overview of the Karlsruhe Hearing on OMT – Summary
The hearing included an exchange of opinions as to whether or not the ECB's OMT was compatible with its mandate and with German basic law, as well as a debate with expert witnesses, most of them sceptical about the OMT programme.
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De Grauwe & Ji: Fiscal implications of the ECB's bond-buying programme
The monetary-fiscal policy connection is under scrutiny by the German Constitutional Court in the context of the ECB's OMT bond-buying programme. This column argues that most analyses are deeply flawed by the misapplication of private company default principles to the central bank.
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EBA publishes its 2012 Annual Report
The Report provides an overview of the major achievements and activities performed by the Authority in its second year of existence.
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EBA publishes good practices for responsible mortgage lending and treatment of borrowers in payment difficulties
Both Opinions are addressed to competent authorities and aim at promoting common practices, with the ultimate view of enhancing consumer protection and contributing to the stability, integrity and effectiveness of the financial system.
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ESBG response to EBA consultation on draft RTS on the content of recovery plans
ESBG expressed its concerns about developing RTS at such an early stage before there is a finalised legal framework.
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UK Banking Commission publishes report on changing banking for good
The UK Parliamentary Commission on Banking Standards published its Final Report, 'Changing banking for good'. The report outlines the radical reform required to improve standards across the banking industry.
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BBA response to Parliamentary Commission on Banking Standards
Responding to the Parliamentary Commission on Banking Standards' report, 'Changing Banking for Good', BBA Chief Executive Anthony Browne said: "This is the most significant report into banking for a generation".
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TheCityUK responds to the report of the Parliamentary Commission on Banking Standards
Welcoming the Commission's 'invaluable' work, chairman Gerry Grimstone said: "Getting London's house in order is vital if we are to retain our position as Europe's financial centre serving the globe. The Commission's recommendations will help us all achieve this."
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CII response to the Banking Commission
CII CEO Dr Sandy Scott said: "It is clear from the Commission evidence and recommendations that the level of ethical and professional conduct in investment banking has been deficient".
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Carsten Schneider: Europe remains open to bankers' blackmail
The priority is to put in place the means to wind up insolvent lenders, writes Schneider in this FT article.
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