Featured Product

    ECB Welcomes Ratification of Agreement on Orderly Brexit

    January 30, 2020

    ECB welcomed ratification of the agreement on an orderly withdrawal of UK from EU. In recent months and years, ECB has taken steps to prepare for all contingencies and it will continue to closely monitor developments in financial markets to preserve stability. ECB stresses that banks now need to press ahead with the implementation of their Brexit plans in accordance with agreed timelines.

    The ECB President, Christine Lagarde, said: “It is with great regret that we see our British friends leave the European Union. This agreement, however, will pave the way for an orderly and less disruptive departure. We will work hard to ensure Brexit causes as little disruption as possible for the citizens, employers, and financial markets in the euro area and the rest of the EU.” Specifically, ECB has made the following preparations:

    • In banking supervision, ECB processed nearly 25 licensing procedures for banks relocating to the euro area and assessed the Brexit plans of 42 euro area banks that will maintain their UK branches after UK leaves EU. ECB now expects banks to implement their plans in line with the commitments they made in the past, including the implementation timelines they agreed with their supervisors.
    • ECB and its UK counterparts have taken steps to ensure continued good cooperation in the area of banking supervision, even after the transition period ends. For this, a memorandum of understanding was agreed to allow supervisors to continue exchanging information and to coordinate the supervision of cross-border banking groups.
    • ECB and BoE activated a currency swap arrangement in March 2019, through which BoE offers to lend euros to UK banks on a weekly basis. As part of this agreement, the Eurosystem would stand ready to lend pounds sterling to euro area banks if the need arises. This will reduce possible sources of stress in the financial system.
    • BoE will leave the European System of Central Banks and its current share in the ECB’s subscribed capital, which stands at 14.3%, will be reallocated among both the euro area national central banks and the remaining non-euro area national central banks on the basis of an updated key for subscription to the ECB’s capital. 


    Related Links

    Keywords: Europe, EU, Banking, Brexit, Withdrawal Agreement, MoU, Banking Supervision, Cross-Border Cooperation, ESCB, ECB

    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    News

    HKMA Publishes Guideline on Sustainable Finance Grant Scheme

    HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.

    May 09, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6959