Calendar

Course dates: 02 – 18 September 2020
Place: Online
Course Director: Philipp Paech (London School of Economics); Senior experts from the public sector
Instructors: Klaus Löber (European Central Bank), Elisabeth Noble (European Banking Authority); Senior experts and interviewees from the public and private sector tba
Area: Regulation, Supervision and Resolution
Level: Introductory/Intermediate
Target: EU Officials (ECB, SSM, SRB, ESRB, EBA, ESM), National Supervisory Authorities, Economists and Risk Managers in financial institutions and private banks, Lawyers and Accountants, Ph.D. Students, Post-Graduate Researchers, Assistant Professors.
More information and registrationsThe Coronavirus pandemic has wrought havoc on households, businesses and the economy. Like all organisations, insurance companies and pension fund providers had to rapidly adapt and take steps to maintain business continuity and services to customers, whilst also ensuring the safety of employees. Given the scale of the pandemic, supervisors and regulators reacted swiftly to put in place measures to reduce the burden on insurance companies and pension funds so that they could concentrate on their essential operations. Risk-based capital buffers built-up with Solvency II helped insurers to withstand the initial severe market shocks experienced with the Covid-19 crisis. However, a high level of uncertainty on the magnitude of economic disruption and further dissemination of the virus threatening health of European citizens increases downside risks looking ahead. Some six months in to the crisis, there are already some early lessons to draw. From a supervisory perspective, this means reviewing the measures that were put in place and how the regulatory frameworks to set up to ensure the stability of the sectors fared in withstanding the shock. However there are also broader lessons to consider, for example how to close protection gaps and the case for pandemic insurance; what the accelerated take up of digital technology by consumers means for business models and communication; and, most importantly, the role of the insurance and pensions in underpinning Europe’s recovery. The crisis may be far from over, but it is not too early to starting thinking about the post-pandemic world.
Moderator
Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Speaker
Gabriel Bernardino , (Chairman of the European Insurance and Occupational Pensions Authority – EIOPA)
Commentators
Roel Beetsma (University of Amsterdam)
Giuseppe Corvino (Associate professor of financial markets and institutions, Bocconi University)

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 16 September 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.Course dates: 18-29 September 2020
Place: Online
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 informationThe G20 central clearing obligation for OTC derivative markets has been implemented in the aftermath of the financial crisis to address risk contagion across the financial system. This assumes that central clearing counterparties (CCPs) have the capacity to manage this risk concentration in stressed circumstances. But what if these critical nodes were reaching their own limits? The purpose of this on-line seminar is to provide state-of-the-art insights on the mechanics, tools and policy questions that relate to the recovery and resolution of CCPs. The on-line seminar will focus on the role and importance of CCPs for financial markets by illustrating the type and magnitude of events that could lead to a resolution situation. It will also highlight the continuum between supervision and resolution but also the tension between the respective standards for CCPs and banks. Finally resolution triggers will be presented and the notion of public interest discussed. For each element, a balanced mix of regulatory and industry perspectives will be presented, thereby offering a view on the current debates in this field.
Chair
Prof. Thorsten V. Koeppl (Queen’s University)
Speakers
Prof. Ron Berndsen (Tilburg University and LCH)

Fully booked
To request inclusion in the waiting list, contact fbf@eui.eu.
Course dates: 12 October – 02 November 2020
Place: EUI Premises, Florence
Course Instructors: Anthony Charrie, Dominik Kaefer, Sean Kennedy, Lisa Quest, Jayant P Raman, Daniel Tannebaum (Oliver Wyman); Michael Levi (Cardiff University); Caroline Gardner, Endija Springe (European Banking Authority); Olena Loboiko (DG FISMA); Eleni Tsingou (Copenhagen Business School)
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 registrationsAs a result of COVID-19, Non-Performing Loans (NPLs) are on the rise in Europe and globally. The Covid-19 pandemic has indeed halted the already fragile European economy. As the latest global financial crisis confirmed it – higher levels of NPLs slowed down economic recovery and deepened recession. In this context, containing and possibly reducing NPL levels is proving to be a major challenge, both for market participants and for policy-makers. The too timid economic recovery indicators combined with the weak macroeconomic context and structural issues will no doubt put NPLs high on the policy agenda.
Against this background the purpose of this online debate is to review the lessons learned from the previous financial crisis, explore the suite of possible solutions and discuss how to better prepare for handling new NPL surges in the future.
Chair and Moderator
Elena Carletti (Bocconi University and Florence School of Banking and Finance, European University Institute)
Speakers
Nicoletta Mascher (European Stability Mechanism)



Course dates: 02-20 November 2020
Place: Online
Course Directors: Seraina Grünewald (Radboud University Nijmegen); Emiliano Tornese (European Commission); Tobias Tröger (Goethe University, Frankfurt)
Guest Speaker: Sebastiano Laviola (Single Resolution Board)
Course Instructors: Colm Brady, Paul Disveld (ECB Banking Supervision); Mario Delgado Alfaro (Ernst & Young), Anna Gardella (European Banking Authority), Lidja Schiavo (European Banking Authority), Katerina Theodossiou (Bank of Greece), More experts from private and public sector tba.
Area: Regulation, Supervision and Resolution
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, financial institutions in the private sector, law firms.
More informationFully booked
To request inclusion in the waiting list, contact fbf@eui.eu
Course dates: 02-06 November 2020
Place: Online
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
Donwload Online Seminar Highlights
Presentation by Pablo Portugal
Presentation by Bertrand Chavasse
In order to help the recovery from the COVID-19 pandemic, the European Commission proposed urgent amendments to the securitisation regulatory framework ahead of the review initially planned for 2022 with a view to supporting banks maintain their capacity to finance the real economy. In particular, a specific STS (‘Simple, Transparent, Standard) framework for on-balance-sheet synthetic securitisation features among the changes under discussion by co-legislators. The threefold dimension of STS securitisation, supposed to encourage the development of the securities market while allowing for a more risk-sensitive capital treatment, and soon to be extended to synthetic securitisation, has yet to deliver its full potential. As of now, transaction numbers remain rather low although one can observe a slight increase of notifications of STS securitisations to the European Securities and Markets Authorities (ESMA) over the last months (from 184 in March 2020 to 396 early November). In this context this online debate will:
- Ask whether current regulatory requirements are a barrier or an incentive for market actors;
- Discuss how to favour securitisations development and ultimately reach a single market for securitisations in Europe;
- Explore the nature of the key underlying exposures in the STS securities market;
- Reflect on the usefulness of the current regime for securitising both SME loans and Non-Performing Loans;
- Review the implications of COVID-19 on securitisation in light of the new legislative proposals.
Chair and Moderator
Jean-Jacques van Helten (Florence School of Banking and Finance, European University Institute)
Jean-Jacques van Helten is a Visiting Fellow at Robert Schuman Centre for Advanced Studies & the Florence School of Banking and Finance, part of the European University Institute. He is formerly a Managing Director & Chief Risk Officer, EMEA for the Bank of Montreal (BMO) Financial Group and more recently Non-executive member of the Board of BMO Europe. He has worked in a range of senior executive risk and capital markets business roles in major investment banks in Europe, Australia, Asia and the UK where he has been responsible for market, liquidity & operational risks and credit risk analytics. Jean Jacques has also directed Bank recovery and resolution planning, enterprise risk management as well as the implementation of ICAAP and ILAAP and liquidity risk management process and procedures including liquidity stress testing. Jean Jacques completed his undergraduate and Master degrees along with his PhD in economics/economic history at the University of London, studied at the Goethe Universität, Frankfurt and Freie Universität, Berlin and has held academic research positions at La Trobe University and the University of London.
Speakers
Patrizia Canziani, (Structured Finance Professional)
Patrizia Canziani is a finance professional with more than twenty years’ experience in capital markets, credit and structured finance at JPMorgan, Deutsche Bank, Merrill Lynch, Nomura and MUFG. Mrs. Canziani is Non-Executive Director and member of the Risk and related parties committee for listed company Sogefi, a world leader in design and manufacturing of car components. Experienced in sustainability, she holds a certificate in Sustainable Finance from Oxford University, Smith School of Enterprise and the Environment. She is also a financial crime risk consultant and bank monitor. Mrs. Canziani holds a a PhD in Economics from MIT and 14 internationally refereed publications in labour-macroeconomics, pension sustainability and fiscal rules.
Bertrand Chavasse (BNP Paribas)

Bertrand Chavasse is a finance professional with more than twenty years’ experience in risk management, credit and structured finance at BNP Paribas, Natixis and CDC Ixis Capital Market. His main areas of expertise are in the field of banking prudential regulation (Basel II, III and IV) as well as on securitisation, with a particular focus on risk transfer securitisations.
Bart Joosen (VU Amsterdam)

Bart P.M. Joosen is trained as civil law lawyer at Tilburg University, the Netherlands. He obtained his (equivalent to) LL.M degree in 1987. After completion of his academic study he was appointed as lecturer in the law faculty of Tilburg University in 1987. He successfully defended his dissertation on “Transfer of undertakings in bankruptcy” at Tilburg University and was promoted to doctor in law science (PhD) in 1998. He works since 1992 in private practice particularly for financial market clients. 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 and Solvency II knowledge), insurance companies and investment firms and payment services. Besides working in private practice, he is an extraordinary professor Financial Supervision Law at the VU University in Amsterdam.
Pablo Portugal (Association for Financial Markets in Europe – AFME)

Pablo is a Managing Director in AFME’s Advocacy and Public Policy Division. His main focus is analysis and engagement across Europe on financial services policy and regulatory development. Pablo is responsible for AFME’s work on the Capital Markets Union project and advocacy in various debates covering securities markets, as well as leading cross-cutting projects. Prior to joining AFME, he was engaged with the Institute of Chartered Accountants in England and Wales, where he worked on financial reporting, auditing and financial sector issues. His experience includes roles in European organisations and the United Nations. Born in Peru, he holds a BSc Econ (first class) from the University of Wales, Aberystwyth, and a Masters Degree (with distinction) from the London School of Economics. Pablo is a member of the board of the European Capital Markets Institute.
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 25 November 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.The Single Resolution Board and the Florence School of Banking and Finance (European University Institute) organised an interdisciplinary Academic Event on ‘Bank resolution in times of COVID-19’. The event took place on Friday, 27 November 2020 (09.15-12.45) 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.
Thank you for joining the event!
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Agenda
Friday, 27 November 2020 (09.15-12.45)09.15 – 09.20 | Welcome and Introduction
Bart P.M. Joosen (Professor of Financial Law, Vrije Universiteit Amsterdam)
09.20 – 10.40 | Session 1
Chaired by Sebastiano Laviola (Board Member and Director of Strategy and Policy Coordination, Single Resolution Board)
09.20 – 10.00 | “A Proposal for a temporarily amended version of Precautionary Recapitalisation under the Single Resolution Mechanism Regulation involving the European Stability
Mechanism”
Christos Gortsos (Professor of Public Economic Law, National and Kapodistrian University of Athens), Michele Siri (Professor of Commercial Law, University of Genoa), Marco Bodellini (Associate Lecturer in Banking and Financial Law, Queen Mary University of London)
Discussant: Emiliano Tornese (Deputy Head of the Resolution and Crisis Management Unit in the European Commission, DG FISMA)
10.00 – 10.40 | “Deposit guarantee schemes and bank crisis management: legal challenges arising from the actual EU legal framework”
Irene Mecatti (Adjunct Professor of Business and European Banking Law, University of Siena)
Discussant: Seraina Grünewald (Professor of European and Comparative Financial Law, Radboud University Nijmegen)
10.40 – 10.45 | break
10.45 – 11.15 | Keynote Speech by Jan Reinder De Carpentier (Vice Chair of the Single Resolution Board)
Chaired and Moderated by Elena Carletti (Professor of Finance, Bocconi University)
11.15 – 12.40 | Session 2
Chaired by Tobias Tröger (Professor of Private Law, Commercial and Business Law, and Jurisprudence at the Goethe-University Frankfurt am Main)
11.15 – 11.55 | “Removing the regulatory barriers to cross-border banking. Regulatory initiatives to foster banking integration and financial stability in the Banking Union”
Nikos Maragopoulos (Associate Researcher, European Banking Institute)
Discussant: Nicola Costa (Senior Bank Recovery and Resolution Expert, Single Resolution Board)
11.55 – 12.35 | “Banking System in Time of Covid-19: a reverse Analysis on Loss Absorption Capacity, Lending to the Economy and Market Valuation”
Antonio Dicanio (Seconded National Expert, Single Resolution Board), Giuseppe Montesi (Adjunct Professor, School of Economics and Management, University of Siena)
Discussant: Thorsten Beck (Professor of Banking & Finance, CASS Business School)
12.35 – 12.45 | Concluding Remarks
by Boštjan Jazbec (Board Member and Director of Resolution Planning and Decisions, Single Resolution Board)