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Qualitative

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

 

  • General description

    This online Bank Resolution Academy will foster a deep and comprehensive understanding of the bank resolution rules and procedures among public authorities, practitioners and academics. This 3-week online Academy is designed to provide participants with the opportunity to sharpen their knowledge on bank resolution, and to put in practice many of its preparatory elements via ‘learning by doing’.

    On top of providing an overview on the EU resolution framework, including the revised BRRD and the SRMR, on the resolution objectives and principles and on the resolution process, the Academy’s instructors will seize this occasion to take a deep dive into recovery and resolution planning. 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) in more technical aspects such as MREL/TLAC and valuation scenarios, but also in broader terms with a simulation exercise of a resolution process.

    Particular emphasis is also put on the sources of resolution financing, including access to external public sources and the direct link between resolution and state aid. Finally, this FBF Bank Resolution online Academy will also foster a dialogue on the future challenges for the EU resolution framework, including the much-desired ESM reform.

  • Topics covered

    • The EU resolution framework: BRRD and SRMR
    • Recovery and resolution planning
    • MREL and TLAC
    • Valuation in resolution
    • Financing resolution and access to external public sources
    • Precautionary recapitalization, state aid and the use of Single Resolution Fund
    • Future challenges to the EU resolution framework

  • What you will learn

    In this course you will learn how to:

    • Outline the EU resolution framework (BRRD and SRMR) and its main principles and objectives
    • Summarise the steps and stakeholders involved in a resolution process
    • Discuss the importance of recovery and resolution planning
    • Navigate the rules concerning MREL and TLAC, including those introduced by the 2019 Revision of the EU Banking Package (BRRD II and SRMR II)
    • Identify and discuss the different purposes of the valuation exercises prior to and after resolution
    • Provide examples of ways to fund bank resolution (restore solvency and provide liquidity)
    • List requirements to access to external public sources of funding resolution
    • Analyse pre-conditions to trigger precautionary recapitalization, request state aid and access the Single Resolution Fund
    • Compare and contrast the possible resolution options available for distressed banks under the EU resolution framework
    • Debate about the future challenges to the EU resolution framework, including the ESM Reform
  • 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.

    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).


    Guest Speaker

    Sebastiano Laviola (Single Resolution Board)


    Instructors


    Guillaume Adamczyk (Single Resolution Board)
    Guillaume Adamczyk is Head of Unit in charge of resolution planning at the Single Resolution Board. From 2012 to 2015 he was a Seconded National Expert working on State Aid to the Financial sector in DG Competition – Task force financial crisis. Central Banker, he joined the Banque de France in 2000 where he held various positions, notably as Financial Counsellor to the French Embassy in Japan from 2009 to 2012.

    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.

    Mario Delgado Alfaro (Ernst & Young)

    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.

    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.

    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.

    Katerina Theodossiou (Bank of Greece)
    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.



    Academy advisors


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

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


    Teaching Associates


    Christy Petit (Research Associate, European University Institute – Florence School of Banking and Finance)
    Mikaella Yiatrou (European University Institute)

     

  • Academy schedule

    02 – 20 November

    Self-paced progression throughout lectures and homework exercises
    (total time approximately required: 8 hours)

    Live online classes

    (total time approximately required: 12 hours)

    All times CET

    • Friday 30 October | 13:00 – 14:00 Kick-off Session (Optional)
    • Friday 06 November | 12:00 – 14:00 – 1st Live class
    • Tuesday 10 November | 12:00 – 14:00 – 2nd Live class
    • Thursday 12 November| 12:00 – 14:00 – 3rd Live class
    • Tuesday 17 November | 12:00 – 14:00 – 4th Live class
    • Friday 20 November | 12:00 – 15:00 – 5th Live class

    Modules

    Module 0: Introduction
    Kick-off session with Course Directors

    Module 1: Background and Fundamentals of Bank Resolution

    Module 2: The Resolution Process

    Module 3: Recovery and Resolution Planning

    Module 4: Navigating through MREL and TLAC Rules
    1st Live Class: Exercise on MREL/TLAC

    Module 5: The Funding of Bank Resolution

    Module 6: Resolution and State Aid
    2nd Live Class: Exercise on state aid cases under BRRD/SRMR rules

    Module 7: Valuation prior to and after Resolution
    3rd Live Class: Exercise on valuation

    Module 8: Future challenges
    4th Live Class: Roundtable with Academy Directors

    Module 9: Walking through a Resolution Case and putting all the elements together
    5th Live Class: Simulation exercise of a bank resolution process

  • Prerequisites

    • Degree required to be able to follow the course
      A Bachelor degree in a relevant discipline.
    • Prior knowledge required to be able to follow the course
      Participants should have a prior knowledge and understanding of international and EU financial regulation. Prior exposure to banking law and practice is recommended.
    • Technical requirements
      Device with video camera and zoom access enabled (for live classes)

  • Fees

    1200€ – Private Sector

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

    850€ – Academics (Assistant, Associate or Full Professors) *seats for academics are limited

    CANCELLATION POLICY

    • In case a course is cancelled, registered participants will receive the full refund.
    • In case a course is moved 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.
    • Registered participants who have not yet paid the registration fee can cancel their participation until four weeks before the start of the course.

    For more details, please contact fbf@eui.eu