General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
October 30, 2017

During the keynote speech at the Inter-parliamentary Conference on Stability, Economic Coordination, and Governance in the EU, the EC Vice President Valdis Dombrovskis highlighted that "completing the Banking Union and the Capital Markets Union are the most immediate priorities for future reform."

As per the EC Vice President, "we should strive to agree quickly on the remaining proposals such as the risk-reduction package of last November and the European Deposit Insurance Scheme (EDIS)." A recent EC communication on completing the Banking Union suggests a possible re-modulation of the EDIS proposal. The proposal entails introducing EDIS more gradually, with two instead of its original three phases. The first reinsurance phase of EDIS would concentrate on all liquidity support to national guarantee schemes, while the second phase would maintain the ambitions that EDIS would cover losses. Eventually we would move to 100% European system, making the move toward second stage conditional of the asset quality review.

Mr. Dombrovskis also highlighted that EC is following, with interest, the ongoing ESRB work on Sovereign Bond-Backed Securities (SBBSs). If the technical work on this is successful, the development of such securities could facilitate the diversification of banks' sovereign portfolios, thus further weakening the bank-sovereign nexus and boosting private sector risk-sharing. Being market-driven, SBBS would not require mutualization or a change in the regulatory treatment of sovereign bonds. In conclusion, he stated that "a well-functioning and well-integrated EMU [Economic and Monetary Union] can be much more than the sum of its parts."


Related Link: Speech

Keywords: Europe, EU, Banking, Securities, Banking Union, Capital Markets Union, EDIS, SBBS, EC

Related Articles
News

EBA Single Rulebook Q&A: Third Update for March 2019

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 15, 2019 WebPage Regulatory News
News

EBA Publishes Report on Convergence of Supervisory Practices Across EU

EBA published annual report on the convergence of supervisory practices in EU.

March 14, 2019 WebPage Regulatory News
News

CPMI-IOSCO Publish Update to Level 1 Assessment of PFMI Implementation

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI).

March 14, 2019 WebPage Regulatory News
News

Agustín Carstens of BIS Speaks About New Role of Central Banks

While speaking at the 20th anniversary conference of the Financial Stability Institute (FSI), Agustín Carstens, the General Manager of BIS, highlighted the need for regulatory actions in light of the continued evolution of financial technology.

March 14, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement on Group Supervision Under Solvency II

PRA published a policy statement (PS9/19) that provides feedback on responses to the consultation paper CP15/18 and the final supervisory statement SS9/15 (Appendix) on group supervision under Solvency II.

March 14, 2019 WebPage Regulatory News
News

PRA Proposes to Update the Pillar 2 Capital Framework for Banks

PRA is proposing (CP5/19) to update the Pillar 2 capital framework to reflect continued refinements and developments in setting the PRA buffer (Pillar 2B).

March 13, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement Related to Credit Risk Mitigation

PRA published a policy statement (PS8/19) that contains the final policy in the updated supervisory statement SS17/13 on credit risk mitigation (Appendix 1) as well as the statement SS31/15 on Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process or SREP (Appendix 2).

March 13, 2019 WebPage Regulatory News
News

FED Updates Supplemental Information and Q&A for Form FR Y-14

FED updated the supplemental instructions and the questions and answers (Q&A) document for the information collection on capital assessments and stress testing, which is covered by the reporting form FR Y-14A.

March 13, 2019 WebPage Regulatory News
News

EC Amends Regulations on Clearing Obligation for Derivative Contracts

EC published the Delegated Regulation (EU) 2019/396 that supplements the European Market Infrastructure Regulation (EMIR) regarding the date at which the clearing obligation takes effect for certain types of contracts.

March 13, 2019 WebPage Regulatory News
News

BCBS Sets Prudential Expectations for Crypto-Asset Exposures of Banks

BCBS issued a statement setting out its prudential expectations for bank exposures to crypto-assets and related services, for the jurisdictions that do not prohibit such exposures and services.

March 13, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2739