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May
28
Thu
Online Debate: SSM supervisory measures in the context of the COVID-19 pandemic @ Online
May 28 @ 1:00 pm – 2:15 pm

Participation free, registration mandatory

Deadline for registrations: 28 May 2020, 9:30 AM

Register here


 

 

The banking sector is at the crossroads to mitigate the adverse economic effects of the current COVID-19 pandemic. While banks were in turmoil during the last financial crisis, this time they may prove instrumental in coping with the COVID-economic aftermath by sustaining their intermediary role in the real economy.
In the euro area, the European Central Bank (ECB) adopted measures in its supervisory competence to ensure banks fulfil their lending role to households and businesses. The ECB adopted supervisory measures on temporary capital and operational relief, with the relaxation of some buffers e.g. allowing banks to go below the Pillar 2 Guidance (P2G), the Capital Conservation Buffer (CCB) and the liquidity coverage ratio (LCR) or adapting the composition of capital for Pillar 2 Requirements (P2R). The ECB also introduced flexibility regarding the treatment of non-performing loans (NPLs), as well as recommended the adoption of transitional IFRS 9 rules, amongst others.
Against this background, this online seminar will dive into those supervisory measures and discuss the implications of temporary measures for supervisors and banks.

 


Moderator

Elena Carletti, Bocconi University and Florence School of Banking and Finance, European University Institute

Elena Carletti is Professor of Finance at Bocconi University. She is also at the Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

 

 


Speakers

Edouard Fernandez-Bollo,ECB Supervisory Board

Member of the Supervisory Board at the European Central Bank

 

 

 

 

 

Thorsten Beck, Cass Business School

Thorsten Beck joined the Faculty of Finance in September 2013 as professor of banking and finance. Since 2008 he has been professor of economics at Tilburg University in the Netherlands and was the founding chair of the European Banking Center from 2008 to 2013. He is also a research fellow of the Centre for Economic Policy Research (CEPR). Previously he worked in the research department of the World Bank and has also worked as consultant for – among others – the IMF, the European Commission, and the German Development Corporation.

 

 

 

Til Schuermann, Partner and Co-Head of Oliver Wyman’s Risk & Public Policy practice in the Americas.

Til Schuermann advises private and public sector clients on stress testing, capital planning, enterprise-wide risk management, model risk management and corporate governance including board oversight. He participated in the stress testing of the Spanish (2012) and Slovenian (2013) banking systems, and the European Central Bank’s Comprehensive Assessment in 2014. In 2016 Til conducted an assessment of the Bank of England’s stress testing program for the IMF, and recently supported the UN in a global project of estimating the impact of climate risk on banks. Til also is a member of the Federal Reserve Bank of New York’s Financial Advisory Roundtable. Until March 2011, Til was a Senior Vice President at the Federal Reserve Bank of New York where he held numerous positions, including head of Financial Intermediation in Research and head of Credit Risk in Bank Supervision. In Spring 2009, he played a leadership role in the design and execution of the Supervisory Capital Assessment Program (SCAP – bank stress test), and the subsequent Comprehensive Capital Analysis and Review (CCAR) programs. He has numerous publications in both academic and practitioner journals, is on the FRM exam committee for GARP, a member of the advisory board of the NYU Courant Institute Mathematical Finance program, and has taught at Columbia University and at the Wharton School where he is a Research Fellow. Til received a Ph.D. in Economics from the University of Pennsylvania.


 

Technical disclaimer

The online seminar will take place on Zoom. Registered participants will receive the credentials to join the event at 10:00 AM (CET) on 28 May 2020.

You can access the seminars from personal computers, laptops, tablets and smartphones. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.

Jun
4
Thu
Online Debate: Credit Ratings and the COVID-19 crisis @ Online
Jun 4 @ 1:00 pm – 2:15 pm

Participation free, registration mandatory

Deadline for registrations: 4 June 2020, 9:30 AM

Register here


  In crisis times opinions expressed by Credit Rating Agencies (CRAs), and more specifically their downgrades, tend to provoke shockwaves across the financial system. Downgrades may indeed have a severe impact on sovereigns, banks or on market-based finance players, not least because they may trigger automatic responses both by public actors (e.g. exclusion from collateral frameworks) and by private actors (e.g. divestments or fire sales, exclusions from indexes or ETFs). As is well-known, CRAs also tend to act late and to over-correct, thereby adding to pro-cyclicality.
It can therefore be feared that the soundness of financial actors during the COVID-19 crisis will partly hinge on CRA opinions too. However, the influence of CRAs’ opinions on public actors’ credit worthiness assessment may be slowly vanishing, as the recent decision of the European Central Bank to accept junk bonds among eligible collaterals seems to imply. Against this background this online seminar will take stock of the current regulation and supervision of Credit Rating Agencies in the European Union and will assess the impact of recent or future downgrades on issuers and markets. Lastly, it will explore lessons learned from the supervision of CRAs during the past euro crisis for the current COVID-19 crisis.  

Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Elena Carletti is Professor of Finance at Bocconi University. She is also at the Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

   

Speakers

Stephen Hynes (ESMA)








Gwenael Pover (ESMA)
Senior Supervision Officer at European Securities and Markets Authority (ESMA)








 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Jun
10
Wed
Online debate: ECB’s operations in COVID-19 times @ Online
Jun 10 @ 1:00 pm – 2:15 pm

Participation free, registration mandatory

Deadline for registrations: 10 June 2020, 9:30 AM

Register here


Moderator

Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Elena Carletti is Professor of Finance at Bocconi University. She is also at the Florence School of Banking and Finance at the European University Institute, is a member of Board of Directors of Unicredit SpA and a member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). Furthermore, she is research professor at the Bundesbank, a member of the Expert Panel on banking supervision for the European Parliament, a member of the Scientific Committee “Paolo Baffi Lecture” at the Bank of Italy, a member of Bruegel Scientific Committee, Research Fellow at CEPR, Fellow of the Finance Theory Group, CESifo, IGIER, and Wharton Financial Institutions Center. She is the author of numerous articles on Financial Intermediation, Financial Crises and Regulation, Competition Policy, Corporate Governance and Sovereign Debt.

   

Speakers

Isabel Schnabel Member of the ECB’s Executive Board








Jean-Pierre Mustier President of the European Banking Federation, CEO Unicredit
Jean Pierre Mustier began his career at Société Générale, where he remained from 1987 until 2009, working primarily within the Corporate & Investment Banking division. He held numerous positions in various markets and financing activities, in Europe, but also in Asia and the US.Jean Pierre was appointed head of Société Générale’s Corporate & Investment Banking Division in 2003, and was also a member of the bank’s Executive Committee. In September 2008, he took over the responsibility for Asset Management, Private Banking and Securities Services.After leaving Société Générale at the end of 2009 he has advised many financial institutions and completed large amounts of fundraising for various social enterprises and non-profit institutions, also as trustee.
In early 2011 he joined UniCredit as Deputy General Manager in charge of the Corporate & Investment Banking (CIB) Division. He was a member of the UniCredit Executive Management Committee. Upon stepping down from his executive role at UniCredit at the end of December 2014, he joined the bank’s international advisory board. In January 2015, Jean Pierre became a London based partner of Tikehau Capital, an investment management group, with specific focus and responsibility for Tikehau’s international expansion. On 30th June 2016 he was co-opted as member of the board of directors of UniCredit S.p.A., being thereafter appointed as Group Chief Executive Officer and General Manager effective 12th July 2016. On 1st July 2019, Jean Pierre became President of the European Banking Federation (EBF).


Patrick Honohan Honorary Professor of Economics at Trinity College Dublin; Nonresident Senior Fellow at the Peterson Institute for International Economics, formerly Governor of the Central Bank of Ireland
Patrick Honohan was Governor of the Central Bank of Ireland from 2009-2015, and has returned to Trinity College Dublin, where he was appointed Professor in 2007. He is also a Nonresident Senior Fellow at the Peterson Institute for International Economics. Previously he was a Senior Adviser in the World Bank working on issues of financial policy reform. During the 1980s he was Economic Adviser to the Taoiseach (Irish Prime Minister) and spent several years at the Economic and Social Research Institute, Dublin. A graduate of University College Dublin and of the London School of Economics, from which he received his PhD in 1978, Dr. Honohan has published widely on issues ranging from exchange rate regimes and purchasing-power parity, to migration, cost-benefit analysis and statistical methodology.




 

Technical disclaimer

The online seminar will take place on the Adobe Connect platform. You can access the seminars from personal computers, laptops, tablets and smartphones. You are strongly encouraged to read the technical requirements before registering for the online seminar. To ensure an optimal experience in terms of connection speed and video quality, we suggest to attend the seminar via a device connected to a stable network connection, avoiding if possible shared wi-fi or mobile connections.
Sep
7
Mon
DEBTCON4 – 4th Interdisciplinary Sovereign Debt Research and Management Conference @ Vila Salviati
Sep 7 @ 9:00 am – Sep 8 @ 9:00 pm

The European University Institute will be hosting the 4th edition of the Interdisciplinary Sovereign Debt Research and Management Conference, on 7-8 September 2020 in Florence, Italy.

The objective of DebtCon4 is to discuss state-of-the-art interdisciplinary research on sovereign debt and related policy issues, and to foster interaction among academics, senior policymakers, supervisors, industry representatives and other practitioners.

More information
Sep
28
Mon
Panel Data for Banking Sector Analysts @ EUI Premises, Florence
Sep 28 – Sep 30 all-day

Course dates: 4-6 March 2020

Place: EUI Premises, Florence

Course Instructor: Jeffrey Wooldridge (Michigan State University)

Area: Statistical and Econometric Methods

Level: Advanced

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Financial Stability officers, Economics Departments And Forecasting Departments of Central Banks, Ph.D. and Post-doctoral researchers, Research department officers of private banks.

More information and registrations
Oct
7
Wed
Sovereign Debt Restructuring @ EUI Premises, Florence
Oct 7 – Oct 9 all-day

Course dates: 20-22 April 2020

Place: EUI Premises, Florence

Course Instructors: Mitu Gulati (Duke University); Ugo Panizza (Graduate Institute of International and Development Studies); Lee C. Buchheit

Area: Risk Management

Level: Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and legal department experts in Central Banks, Ph.D. students, private sector members, law firms and practitioners

More information and registrations
Oct
26
Mon
Anti-Money Laundering Academy @ EUI Premises, Florence
Oct 26 – Oct 28 all-day

Course dates: 26-28 February 2020

Place: EUI Premises, Florence

Course Instructors: Silvia Allegrezza (University of Luxembourg); Magda Bianco (Bank of Italy); André Corterier (European Central Bank); Anthony Charrie (Oliver Wyman); Nikita Divissenko (EUI); Andrea Federico (Oliver Wyman); Dominik Käfer (Oliver Wyman); Olena Loboiko (European Commission, DG FISMA); Lisa Quest (Oliver Wyman); Eleni Tsingou (Copenhagen Business School); Senior experts from the industry

Area: Risk Management

Level: Intermediate

Target: SSM, EBA, SRB, National Supervisory Authorities, Financial institutions professionals, Lawyers, Ph.D. and Post-doctoral researchers.

More information and registrations
Nov
4
Wed
Monetary Policy Transmission @ EUI Premises, Florence
Nov 4 – Nov 6 all-day

Course dates: 16-18 March 2020

Place: EUI Premises, Florence

Course Instructors:José-Luis Peydró (Universitat Pompeu Fabra, CREI and Barcelona GSE); Carlo Altavilla (European Central Bank)

Area: Financial Stability and Macroprudential policy

Level: Intermediate

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Financial stability and research department of Central Banks, Ph.D. students, research department of private banks

More information and registrations
Nov
25
Wed
Liquidity, Crisis and Public Policies: A Model-Based Approach @ EUI Premises, Florence
Nov 25 – Nov 27 all-day

Course dates: 15-17 April 2020

Place: EUI Premises, Florence

Course Instructors: Nobuhiro Kiyotaki (Princeton University)

Area: Financial Stability and Macroprudential policy

Level: Advanced

Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, financial stability and research department of Central Banks, Ph.D. students, private sector economists

More information and registrations
Nov
27
Fri
Bank resolution in times of COVID-19 @ SRB Premises - Brussels
Nov 27 all-day

Call for papers open!

Deadline for submissions: 1 September 2020 Go to event website
 

The Single Resolution Board and the Florence School of Banking and Finance (European University Institute) are organising an interdisciplinary Academic Event on ‘Bank resolution in times of COVID-19’. The event will take place on 27 November 2020 at the premises of the Single Resolution Board in Brussels [or in an online format].

The COVID-19 pandemic is challenging the European Union and the principles and instruments of its recently established Banking Union. Fortunately, great strides have been made towards financial stability in the last 12 years. European policymakers have created and shaped a de facto macroeconomic financial stability objective, in which the resolution pillar plays an important role. Financial stability and bank resolution are currently striding along the road, and their relationship remains debated. Some have argued that bank resolution fosters financial stability, by preventing unexpected and disorderly bank exits from the sector. Others have contended that the potential enforcement of some resolution tools, such as bail-in, may represent a risk for the stability of the system.

During its four years of existence and well before the COVID-19 emergency, some building blocks of the crisis management framework have been challenged. It has been argued that the consistency of the resolution regime with other instruments, such as the European Stability Mechanism facilities, and with national legal orders (e.g. domestic insolvency regimes, safeguard of creditor’s property rights, national central bank resources) could be further improved, also to ensure more legal certainty. The firepower of the Single Resolution Fund depends also on the introduction of the Common Backstop, potentially provided by the European Stability Mechanism.

Will this step contribute to the prevention of financial instability?

Will the design of the resolution framework prevent a second wave of bank bail-out in the European Union in the COVID-19 context?

To what extent can the stability of the European banking sector be maintained while minimising the use of public funds in the banking sector?

Against this background, the aim of the event is to bring together leading scholars and policy-makers in order to discuss economic, financial, legal, political and public policy topics located at the intersection between financial stability and bank resolution and in the context of COVID-19.

We look forward to seeing you in November 2020!


Download Bank resolution in times of COVID-19 Brochure