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‘Ending Too-Big-to-Fail: a Transatlantic Perspective’ Online seminar

On 21 September the FBF streamed an online seminar on the ‘too big to fail’ problem, and particularly on how the different regulatory approaches responded to that after the Great Financial Crisis.

The event opened with an initial presentation of the Florence School of Banking and Finance by Pierre Schlosser, followed by the main presentation by Wilson Ervin, a Vice Chairman at Credit Suisse in the group executive office in New York. Previously, he was Chief Risk Officer of Credit Suisse and a member of the Executive Board. He works on a variety of strategic projects, especially policy reforms related to bank capital and ending “too-big-to-fail”, a topic he has been active in since 2012, when he wrote a seminal article on Bail-in published in the Economist. In his talk, Mr. Ervin described the development of ‘bail-in’ as a new and more general schematic to address the challenges offered by the ‘too big to fail’ problem, and compare it to alternative techniques as well as to the regulatory frameworks in the United States and in the European Union.

The following comment was delivered by Patrick Honohan, the former Governor of the Central Bank of Ireland and a member of the Governing Council of the European Central Bank from September 2009 to November 2015, currently an honorary professor of economics at Trinity College Dublin and a nonresident senior fellow at the Peterson Institute for International Economics. Mr. Honohan expanded on the topic by framing in the discussion elements such as deposit insurance, the relationship between bailable bonds and equity and the role of emergency liquidity assistance.

The participants who animated the Q&A sessions that followed were representing 42 different nationality, with the majority of them coming from EU institutions such as the Systemic Risk Board, the European Commission and the European Banking Authority. The majority of them have an academic background in Economics (51%) and Law (28%), mostly at Master’s degree level (61%).

This seminar continues the online seminar series organised by the Florence School of Banking and Finance. The next online seminar on the topic of banking resolution will take place in two week’s time and will feature representatives of the Single Resolution Board, namely Mauro Grande, Member of the Board, and Sophie Steins Bisschop. Registrations for the event are currently open.

DOWNLOAD THE PRESENTATION BY WILSON ERVIN

DOWNLOAD THE COMMENTARY NOTES BY PATRICK HONOHAN

Watch the recording of the presentation: