European Parliament approved Christine Lagarde as the next ECB President and Yves Mersch as the Vice-Chair of the ECB Supervisory Board. Ms. Lagarde is due to replace the current incumbent, Mario Draghi on November 01, 2019. The candidature of Ms. Lagarde and Mr. Mersch will now be put on the agenda of the European Council summit in October.
The European Parliament gives a non-binding opinion on whether or not a candidate is suitable to fill the role of President of the ECB, with the final decision taken by the European Council. The European Supervisory Board is part of the Single Supervisory Mechanism (SSM), a system set up in the aftermath of the financial crisis to better supervise credit institutions in the EU and move toward the Banking Union. The Supervisory Board is composed of the national supervisors participating in the SSM, in addition to a chair, vice-chair, and four ECB representatives. Its task is to draft supervisory decisions, which are then adopted by the Governing Council of ECB, acting in its role of bank supervisor.
- Press Release: Christine Lagarde
- VP Dombrovskis on Appointment of ECB President
- Press Release: Yves Mersch
Keywords: Europe, EU, Banking, Christine Lagarde, Yves Mersch, ECB President, ECB, EC, European Council, European Parliament
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).