logo-euiFlorence School of Banking & Finance


Qualitative

7 – 29 April 2021

Registration CLOSED

To request inclusion in the waiting list, contact fbf@eui.eu.

 

  • General description

    The Bank Resolution online Academy will foster a deep and comprehensive understanding of the EU bank resolution rules and procedures. This 3-week online Academy is designed to provide participants from different backgrounds (public authorities, private practitioners and academics) with the opportunity to sharpen their knowledge on bank resolution, and to put in practice many of its building blocks and core elements via ‘learning by doing’.

    The Academy’s instructors will deliver an overview on the EU resolution framework, including the revised Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation, on the resolution objectives and on recovery and resolution planning. Particular emphasis will be given to more technical aspects such as the calibration of the Minimum Requirement for own funds and Eligible Liabilities (MREL)/Total Loss-Absorbing Capacity (TLAC), the external sources of resolution financing subject to state aid assessment, the role of deposit guarantee schemes in resolution, and the different valuation scenarios. The Bank Resolution online Academy will also foster a dialogue about the future challenges for the EU resolution framework, as well as the circumstances related to the COVID-19 pandemic. Finally, the Academy will engage with the more practical aspects of a resolution process, including the different roles assigned to national and EU authorities and the special features of cross-border cases.

    The online Academy combines self-paced progression moments (with pre-recorded lectures) and live online activities. It also includes multiple instructor-led occasions for participants to work in groups (in breakout rooms and in forum discussions), including a simulation exercise of a resolution process.

  • Topics covered

    • The (revised) EU resolution framework: the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR)
    • Recovery and resolution planning
    • Minimum Requirement for own funds and Eligible Liabilities (MREL) and Total Loss-Absorbing Capacity (TLAC) rules
    • Resolution financing and access to external public sources
    • The role of deposit guarantee schemes in resolution
    • Precautionary recapitalisation, state aid and the use of the Single Resolution Fund
    • Valuation in resolution
    • Future challenges to the EU resolution framework

  • Modules

    Academy modules will cover:

    • Background and fundamentals of bank resolution
    • The resolution process
    • Recovery and resolution planning
    • Navigating through the rules of Minimum Requirement for own funds and Eligible Liabilities (MREL) and Total Loss-Absorbing Capacity (TLAC)
    • The funding of bank resolution
    • The role of state aid and of DGS in resolution
    • Preparing for the next crisis
    • Simulation of a resolution case
    • Resolution of cross-border banks
  • Format and Schedule

    Your progression in the course will take between 20-24h hours to complete (including optional material).

    The Academy consists in a combination of:

    • Self-paced material, including video lectures, quizzes, and discussions in groups.
    • Live classes: the Academy will feature a kick-off session and five live classes, which feature real-time discussions and activities involving instructors and participants.
      Live classes will take place in the timeframe 12:00-3:00 PM CET and are organised approximately once per week in the first half of the Academy, and twice per week during the second half.

    Live classes Schedule

    Some of the Live Classes might take some additional minutes, additional information will be circulated closer to the start of the Academy

    Kick-off session (optional): 7 April (Wed) at 1.00pm-2.00pm CET
    1st Live Class (MREL): 14 April (Wed) at 12.00-2.00pm CET
    2nd Live Class(State Aid and DGS): 19 April (Mon) at 12.00-2.00pm CET
    3rd Live Class (Funding resolution and/or liquidation): 23 April (Fri) 13.00-3.00pm CET
    4th Live Class (Resolution in practice): 26 April (Mon) at 12.00-3.00pm CET
    5th Live Class (Resolution of cross-border banks): 29 April (Thu) at 12.00-2.00 CET

  • What you will learn

    In this course you will learn how to:

    • Go through the EU resolution framework (Bank Recovery and Resolution Directive and Single Resolution Mechanism Regulation) and its main objectives
    • Grasp the purpose of recovery and resolution planning
    • Examine the rules to calibrate the Minimum Requirement for own funds and Eligible Liabilities (MREL) and the Total Loss-Absorbing Capacity (TLAC), including those introduced by the 2019 Banking Package
    • Identify the goals of resolution financing: differences between loss absorption and liquidity support tools
    • Analyse the pre-conditions to access external public sources of funding resolution
    • Assess sources of state aid in and outside resolution, as well as deposit guarantee schemes
    • Understand the importance of the valuation exercises prior to and after resolution
    • Grasp the possible resolution options available for non-viable banks under the EU resolution framework, together with cross-border cases
    • Evaluate the future challenges to the EU resolution framework, including the current COVID-19 pandemic circumstances
  • Meet the instructors

    Academy directors

    Seraina Grünewald (Radboud University Nijmegen)
    Seraina Grünewald holds the Chair for European and Comparative Financial Law at Radboud University Nijmegen. She is also affiliated with the interdisciplinary University Research Programme Financial Market Regulation at the University of Zurich. Previous positions include research appointments at the Institute for Financial Services of the University of Liechtenstein, the Program on International Financial Systems of the Harvard Law School, Yale Law School and Columbia Law School. Seraina Grünewald participated in the distinguished Internship Program of the International Monetary Fund and was a trainee in the Financial Law Division of the European Central Bank. She is also admitted to the Swiss bar.

    Katerina Theodossiou (Senior Crisis Management Expert)
    Katerina Theodossiou is a Senior Crisis Management Expert specializing in bank risk analysis and crisis management (recovery and resolution). After 10 years of professional experience in the financial markets (analysis and asset management, mainly in fixed income markets), Katerina took a deep dive on crisis management and bank resolutions topics. During the massive consolidation of the Greek banking industry (2010 – 2018), Katerina participated in several crisis management groups and bank resolutions as a financial stability or resolution expert and at the same time followed closely the efforts of the Greek banking system to restructure and recover under the State Aid framework. At the same time, she participated in drafting teams of the BRR Directive and SRM regulation. In 2017, she was appointed as a senior bank recovery and resolution expert at the Policy & Strategy Directorate of the Single Resolution Board (SRB) where was heavily involved in the operationalization of resolution strategies and was entrusted the position of sub-coordinator in the SRB Crisis Readiness Project. In parallel, she was responsible for the Agency’s training strategy conducting resolution related training sessions and crisis simulation exercises (i.e. Dryruns). At present, Katerina works as a risk analysis and crisis management senior manager in a national Central Bank and provides crisis management and bank recovery and resolution related training. Katerina started her academic studies in International & European Economic Studies in Athens, and continued with a post graduate degree in Finance (MSc) in Cass-Business School, London. In 2016 she co-drafted a report on «Bank resolution and bail- in in the EU: selected case studies pre and post BRRD» published by FinSAC, World Bank.

    Emiliano Tornese (European Commission / European University Institute – Florence School of Banking and Finance)
    Emiliano Tornese is Deputy Head of the Resolution and Crisis Management Unit in the European Commission’s DG for Financial Stability, Financial Services and Capital Markets Union. In that capacity, he is involved in the negotiations on the completion of the Banking Union, EDIS and ESM backstop. He has been involved with the preparation and negotiation of the BRRD and TLAC implementation, and with the preparation, negotiation and launch of the Single Resolution Mechanism. Emiliano Tornese is also part-time Professor at the Florence School of Banking and Finance, based at the European University Institute. Previously, he worked for the European Commission’s Securities Markets Unit and, during his tenure, was responsible for the establishment of the European Securities and Markets Authority and for matters related to its Corporate Finance Standing Committee. As Secretary of the European Securities Committee, he coordinated the European Union’s Ministries of Finance in their regulatory capacity for financial services. He drafted and negotiated the review of the primary and secondary markets regulation and the regulation of benchmarks. And he advised the European Financial Stability Facility on the primary markets regulation.

    Tobias Tröger (Goethe University, Frankfurt)
    Tobias Tröger holds since 2011 the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main. He is Program Director Corporate Finance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) in Frankfurt and Chairman of the Board of the European Banking Institute (EBI). His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a Ph.D.-degree from the Eberhard Karls University of Tübingen and an LL.M. from Harvard Law School. Throughout his academic career, he received various scholarships and awards, among others the Award of the Reinhold and Maria Teufel- Foundation for his Ph.D.-Thesis, and the Irving Oberman Memorial Award from Harvard Law School. He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism (SSM).


    Instructors

    Colm Brady (ECB Banking Supervision)
    Colm is currently working as a lead expert in recovery planning within the Business Model and Capital Adequacy Division of the ECB. His team develops, amongst other things, the ECB strategy for recovery planning and is responsible for performing horizontal benchmarking to improve the quality of the ECB assessments of the recovery plans of Significant Institutions supervised directly by the ECB. Colm has extensive experience in recovery planning, having been involved in drafting recovery planning guidance since the introduction of the Bank Recovery and Resolution Directive (BRRD) in 2014 as well working with numerous institutions to develop and enhance their recovery plans via formal recovery plan assessment feedback, training sessions, workshops, conferences and interactive dry-run exercises. Colm has over 10 years financial services and regulatory experience, having previously held positions in the Central Bank of Ireland and a number of private financial institutions. Colm holds a BA in Business and Economics from Trinity College Dublin and MSc in Finance from UCD Smurfit Business School.

    Paul Disveld (ECB Banking Supervision)
    Paul is currently ad-interim head within the Business Model and Capital Adequacy Division of the ECB. In this position he is responsible for managing the recoverability and resolvability clusters of the Division. His team develops, amongst others, the ECB strategy for recovery planning and is responsible for performing horizontal benchmarking to improve the quality of the ECB assessments of the recovery plans of Significant Institutions supervised directly by the ECB. His team also coordinates and steers the supervisory interaction with the Single Resolution Board (SRB) and the supervisory response to the ECB resolution plan consultations by the SRB. Prior to joining the ECB, he worked in several business areas of the Central Bank of the Netherlands, including Financial Stability, Banking Supervision and Resolution. From 2012-2014 he was as a project manager responsible for ensuring that all the large and medium-sized banks in the Netherlands would develop recovery plans. Paul holds a Master’s degree from the University of Groningen in economics.

    Pamela J. Farwig (Federal Deposit Insurance Corporation)
    Ms. Farwig joined the Federal Deposit Insurance Corporation (FDIC) Division of Supervision and Consumer Protection in 1988 as a bank examiner in the Kansas City Region. She was subsequently promoted to Case Manager in the New York Regional Office in 1996. In 1999, Ms. Farwig was promoted to Assistant Regional Director for the Kansas City Region. On October 15, 2006, Ms. Farwig was appointed Associate Director for the Franchise and Asset Marketing Branch for the Division of Resolutions and Receiverships, Dallas, Texas. On December 31, 2010, Ms. Farwig was appointed Deputy Director for the Resolution Strategy Branch for the Division of Resolutions and Receiverships in Washington, DC. The Deputy Director is responsible for overseeing the resolution of failing banks nationwide. Ms. Farwig participated in the 1997 Women’s Executive Leadership Program and 2007 Federal Executive Institute’s Leadership for a Democratic Society program. She is a graduate of the Graduate School of Banking, Madison, Wisconsin, and holds business administration degrees in accounting and management from Rockhurst University, Kansas City, Missouri.

    Anna Gardella (European Banking Authority)
    Anna Gardella is a Senior Expert at the European Banking Authority. She is project manager on a wide range of regulatory issues, with special expertise in resolution matters and market access, and is responsible for the drafting of RTS, ITS and Guidelines. One of her last projects is the EBA Valuation Handbook for purposes of resolution. She has been a member of the FSB Work Streams on cross-border resolution, on bail-in execution and on IBOR reform. She represents the EBA in a wide range of matters, including in resolution colleges and Crisis Management Groups of G-SIBs, in mediation cases settling disagreements between resolution authorities, as well as between supervisory authorities. She was a member of the EBA Crisis management team during the 2015 Greek crisis where capital controls were imposed.

    Andrew Gracie (Deloitte)
    Andrew Gracie is a consultant associated with Deloitte advising firms and authorities on resolution and related matters. For six years to June 2018 he was Executive Director, Resolution at the Bank of England, leading work on the development of the UK resolution regime, resolution planning for UK banks and negotiation of international standards for resolvability, including chairing the FSB Cross-Border Crisis Management Committee and a central role in negotiation of the TLAC Standard. Prior to that, he held a variety of roles at the Bank of England, over a twenty-five year career, in bank supervision, market operations, financial stability and payments oversight.

    Eva Hüpkes (Head Regulatory and Supervisory Policies at Secretariat of the Financial Stability Board (FSB))
    Since she joined the FSB in 2009 she has contributed substantially to the development of the FSB/G20 post-crisis policy reforms, including the global standard on resolution (“Key Attributes of Effective Resolution Regimes”) and subsequent guidance. She has played a pivotal role in promoting effective resolution of financial institutions as Secretary to the FSB’s groups working on resolution, as Co-Chair of the Basel Committee Working Group on Cross-Border Bank Resolution and as member of the Advisory Panel of the International Association of Deposit Insurers, and as author of numerous publications, including “Too big to save” -– towards a functional approach to resolving crises in global financial institutions” (2004) proposing the maxim “protect functions, not institutions” as guiding principle in the reform of national resolution regimes and ““Insolvency – why a special regime for banks?”(2005). Prior to joining the FSB, she served as Head of Regulation at the Swiss Financial Market Supervisory Authority (FINMA). During 1997-1999 she worked at the International Monetary Fund where she supported the Fund’s response to the Asian financial crisis. Eva Hüpkes is a member of the New York Bar and holds degrees in law and international relations from the University of Geneva, the Graduate Institute of International Studies, Geneva, and Georgetown University, the University of Passau, Germany, and a PhD in law from the University of Berne.

    Bart P.M. Joosen (VU University Amsterdam and Recofise)
    His main areas of expertise are in the field of financial services supervision with a focus on Micro-Prudential supervision of banks (including in-depth Basel II/Basel III knowledge), the European System of Financial Supervision, the Banking Union, supervision of insurance companies (including in-depth Solvency II knowledge), investment firms, payment and clearing services and the European Markets Infrastructure Regulation (EMIR), bank and investment firm recovery and resolution processes and transactional expertise in respect of risk transfer mechanisms, securitisation and derivatives. Besides working in private practice, Bart Joosen is an extraordinary professor Financial Supervision Law at the Free University of Amsterdam (Vrije Universiteit) and associated with the Centre of Corporate Law and Financial Law (ZIFO) of that University. He is currently the President of the Supervisory Board of Santander Consumer Finance Benelux.

    Arthur J. Murton (Federal Deposit Insurance Corporation)
    Arthur J. (Art) Murton is the Deputy to the Chairman for Financial Stability, responsible for overseeing the deposit insurance, resolution, and research responsibilities of the Federal Deposit Insurance Corporation (FDIC). Mr. Murton also provides strategic leadership of the FDIC’s international outreach regarding the resolution of cross-border financial institutions, including global, systemically important financial institutions. Through September of 2018, Mr. Murton was the Director of the FDIC’s Office of Complex Financial Institutions (OCFI), the original unit responsible for resolution planning efforts under Title I and Title II of the Dodd-Frank Act. Prior to becoming Director of OCFI in July 2013, Mr. Murton was the Director of the Division of Insurance and Research at the FDIC. In that capacity, Mr. Murton was responsible for overseeing the adequacy of the deposit insurance fund, the risk-based pricing of deposit insurance, and the research and statistics function. During the 2008 financial crisis, Mr. Murton led the design and implementation of the Temporary Liquidity Guaranty Program and led the FDIC’s efforts to maintain the liquidity and solvency of the deposit insurance fund. Mr. Murton received a B.A. in Economics from Duke University and a Ph.D. in Economics from the University of Virginia.

    Lidja Schiavo (European Banking Authority)
    Lidja Schiavo is a Policy Expert at the European Banking Authority. She takes part in drafting ITS and Guidelines on supervisory reporting, with main area of expertise in accounting and supervisory reporting on financial information (Finrep). She contributed to the work on institutions’ management information system (MIS) for the purpose of valuation in the event of resolution, which is part of EBA Valuation Handbook for purposes of resolution.


    Academy coordinator

    Maria Ana Barata (European University Institute – Florence School of Banking and Finance)

    Academy advisors

    Thorsten Beck (incoming Director of the Florence School of Banking and Finance and Professor at Business School (formerly Cass))

    Pierre Schlosser (European University Institute – Florence School of Banking and Finance)


  • Prerequisites

    Degree required to be able to follow the Academy
    A Bachelor degree in a relevant discipline.

    Prior knowledge required to be able to follow the Academy
    Participants should have a prior knowledge and understanding of international and/or EU financial regulation. Prior exposure to banking law and/or practice is recommended.

    Technical requirements
    Device with microphone, video camera and zoom access enabled (for live classes)

  • Fees

    The Academy takes place from 7 to 29 April 2021.
    Registration deadline: 24 March 2021

    1200€ – Private Sector

    1100€ – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions

    850€ – Academics (Assistant, Associate or Full Professors) Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to fbf@eui.eu before registering. FBF secretariat will provide you with a code to register.
    *Seats for academics are limited.*seats for academics are limited

    CANCELLATION POLICY

    • Registered participants can cancel their participation and ask for a refund until two weeks (24 March) before the start of the course, by sending an email to the FBF secretariat: fbf@eui.eu. Past that date, refund requests will no longer be accepted by the Secretariat (unless for compelling and motivated reasons).
    • In case a course is cancelled, registered participants can request a total refund or request a voucher to attend another FBF course.
    • In case a course is postponed to another date, registered participants have the following three options: request a voucher to attend another FBF course, transfer their registration to a colleague or request a refund.

    For more details, please contact fbf@eui.eu

Bank Resolution Academy

Download brochure

Send download link to:

Personal data will be processed in accordance with the EUI’s Data Protection Policy.

I agree to receive periodic updates on the activities of the Florence School of Banking and Finance.
You have the right to withdraw your consent at any time. You can withdraw your consent or revise your consent preferences through an email sent to fbf@eui.eu