Friends 'Weekly' Newsletter

26 May 2016

ECB, EBA, deposit guarantee schemes, STS securitisation, CCPs, EIOPA, HM Treasury analysis on immediate effects of Brexit, UK financial services, the European Deposit Insurance Scheme, Corporate tax avoidance, VAT, and more.

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  Articles from 19 May 2016 - 26 May 2016

  Banking
 
 
ECB: Euro area systemic stress contained despite bouts of global financial market turbulence
The euro area financial system was able to absorb the strong turmoil around the turn of the year according to the latest Financial Stability Review of the ECB. Bank, financial and sovereign stress all stood at low levels in early May.
EBA publishes final Guidelines on stress tests for deposit guarantee schemes
The EBA published its final Guidelines on stress tests for deposit guarantee schemes (DGSs). The Guidelines provide a systematic methodology for planning, running and reporting on stress tests conducted by DGSs to assess their resilience to various types of scenarios in times of banking stress.
Reuters: ECB preparing fresh non-performing loan proposal
Euro zone banks need to reduce their high running costs and strengthen their balance sheets, ECB supervisory chief Daniele Nouy said, adding that fresh proposals on dealing with a long legacy of bad loans was coming.
 
  Securities
 
 
European Parliament: Report on STS securitisation is published
Rapporteur Paul Tang published a working document on common rules on securitisation and creating a European framework for STS securitisation that will form the basis for the discussions that will take place in the Parliament, starting with the first exchange of views amongst ECON Committee members.
ISDA: Clearing members analyze the resolution of central counterparties in new white paper
As CCPs continue to play an increasingly important role in the global financial system, The Clearing House and ISDA issued a white paper identifying key issues that regulators should consider as they develop a comprehensive resolution framework for systemically important CCPs.
 
  Insurance
 
 
EIOPA launches the EU-wide Insurance Stress Test 2016
This regular exercise aims to assess insurers' vulnerabilities and should not be interpreted as a pass-or-fail test. It is designed to assess the resilience of the European insurance sector to severe adverse market developments based on a common analytical framework.
 
  Friends Services
 
 
120th Brussels for Breakfast/12th Brussels for Brunch: A month to the Brexit Referendum
With the Referendum imminent, this blog covers some of the main Brexit topics discussed, as well as summarising key regulatory events since the last Brussels for Breakfast.
 
  Political
 
 
Lord Hill: "UK financial services: better off in the EU and the Single Market"
Commissioner Hill gave a speech at the London School of Economics in which he explained how the benefits of membership of the EU and the Single Market have been significant for British business and the British economy.
HM Treasury analysis: the immediate economic impact of leaving the EU
The central conclusion of the analysis is that the effect of this profound shock would be to push the UK into recession and lead to a sharp rise in unemployment.
ComRes EU referendum poll: Remain stays ahead while economy jumps in importance
52% of the respondents say they would vote for Remain, compared to 41% who say they would vote Leave. The proportion of Britons saying that the economy is one of the three most important factors influencing their decision on how to vote has increased 17 points since February, up to 55%.
 
  Financial
 
 
Bruegel: The European Deposit Insurance Scheme
Statement prepared by Guntram B. Wolff for the European Parliament’s ECON Committee Public Hearing.
 
  Economic
 
 
Reuters: With ECB powers limited, Europe needs more integration - policymakers
The European Union needs more growth to restore people's confidence but monetary policy is nearing its limits so more integration is needed, top European central bankers said.
Council conclusions on macroeconomic imbalances and on implementation of country-specific recommendations
The Council adopted conclusions on in-depth reviews by the Commission of macroeconomic imbalances in 19 member states and the implementation of its 2015 country-specific recommendations on economic and fiscal policies under the “European Semester”.
Corporate tax avoidance: Council adopts rules on the exchange of tax-related information on multinationals
The directive is the first element of a January 2016 package of Commission proposals to strengthen rules against corporate tax avoidance. It builds on 2015 OECD recommendations to address tax base erosion and profit shifting (BEPS).
Council conclusions on the VAT action plan and on VAT fraud
The Council adopted conclusions on urgent measures to fight VAT fraud and tackle the VAT gap; on short and medium-term actions in VAT area and SMEs; on the definitive VAT system (single EU VAT area); and on VAT rates.
 

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