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The low interest rates environment is commonly accepted to be with us for long. Secular trends beyond monetary policy – in growth, productivity, demographics, technological disruptions among others – are driving the level of rates. Those broader parameters must be internalised in banking operations. Low interest rates trigger adjustments in bank business models to new risks. With admittedly decreasing net interest margins, bank boards have to re-examine the profitability of various segments in their bank business model, including a better understanding of the cost structure and risks associated with the low rates’ environment. Different aspects include: interest-generating activities (and potential negative rates), fee-related and trading activities, and the funding structure (market-based vs retail funding).

This online debate will ask:

• What are the effects of low interest rates on bank profitability and risk appetite?
• What are the main drivers of the current low-for-long interest rates that bank board members should pay attention to?
• How should bank boards adapt the bank’s strategy and business model to a low interest rates’ environment?
• Are there key measures in the short to medium-term to better cope with the low interest rates’ environment and mitigate the depletion of net-interest margins?
• What is the role of independent board members in accompanying the development of such strategy within their bank’s board?

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Chair

Thorsten Beck (The Business School (formerly Cass) and Florence School of Banking and Finance, European University Institute)
Thorsten Beck is currently professor of banking and finance at The Business School (formerly Cass) in London. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center there from 2008 to 2013. Previously he worked many years in the research department of the World Bank and has also worked as consultant for – among others – the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation. He is also a member of the Advisory Scientific Council of the European Systemic Risk Board (ESRB) and is co-editor of the Journal of Banking and Finance. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. His country experience, both in operational and research work, includes Albania, Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Malaysia, Mexico, Peru, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.    

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Speakers

Vítor Constâncio (Lisbon School of Economics and Management, Former Vice President European Central Bank)
Vítor Constâncio was Vice-President of the European Central Bank from 1 June 2010 to May 2018. In the Portuguese Government, he was Secretary of State for the Budget and Planning in 1974-76 and Finance Minister in 1977-78. At the central bank of Portugal, he was Director of the Economics Department, Deputy Governor and then from 2000 to 2010, Governor of the Banco de Portugal and consequently, member of the European Central Bank Governing Council. He was Assistant Professor at the Lisbon School of Economics and Management (ISEG), University of Lisbon, from 1968 to 1973 and later, coordinator Professor of the Master´s degree on Monetary Policy from 1989 to June 2010. He is now President of the School Board at ISEG and Professor at the Master’s Degree in Banking and Financial Regulation at the School of Economics, University of Navarra, Madrid.

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Julie Galbo (Board Member, DNB Bank ASA)
Julie currently serves on the board of DNB Bank ASA and is an observer in the risk and audit committees. She also serves as chairman of the board of Trifork AG and Fundamental Fondsmæglerselskab A/S. Formerly, Julie was part of Group Executive Management in Nordea Bank Abp, where she held the positions as Group Chief Risk Officer and Head of Business Risk. Prior to joining executive management, Julie led the mergers of the 4 Nordic Nordea banks and the subsequent redomiciliation to Finland (the Eurozone). During the financial crisis, Julie held the position of Deputy Director General of the Danish Financial Supervisory Authority, contributing to bank resolution and supervision of banks, markets and conduct as well as being Chief Legal Counsel. She was also head of state capital injections during the crisis.

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Thomas Vlassopoulos (Head of Monetary Analysis Division, European Central Bank)
Thomas Vlassopoulos is Head of the Monetary Analysis Division in the Directorate General Monetary Policy of the ECB. In this role, together with his team, he is responsible for analysing monetary policy transmission through financial intermediaries and contributes to the design and assessment of monetary policy measures. Thomas joined the ECB in 2007 and has served in policy and analysis-oriented roles spanning both monetary and macroprudential policy. He started his career at Eurobank, a universal bank in Greece, followed by three years with the Economic Research Department at the Bank of Greece. He holds an M.Sc. in Economics from the London School of Economics.

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This fifth online seminar takes place in the framework of the Challenges for Bank Board Members series, which aims at building a community of professionals from the banking and finance industry interested in deepening their knowledge about bank boards’ functioning and learning how to challenge bank management effectively. Seminar speakers include an international faculty of regulators, supervisors, and academics together with bank and finance professionals. The Challenges for Bank Board Members series is part of the new FBF Bank Board Academy for Non-Executive Directors.

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Watch the recording of the event

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Online Debate Highlights

Presentation by Helmut Kraemer-Eis

Presentation by Sophie Manigart

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Private capital is back in the game. Still a niche a few years ago, private markets in general and private equity in particular – are increasingly becoming key solutions to financing SMEs across almost all sectors. In spite of COVID, Private Equity’s committed but unallocated capital– so-called ‘dry powder’ – remains high in 2021 and there is mention in the marketplace of a ‘new decade for private markets’ (McKinsey, 2020). Yet geographical differences persist: PE remains much more developed in the United States than in Europe.
Against this background, this online debate will discuss the following questions:

• What is the current market sentiment in private equity in Europe?
• How solid are the funding models of private equity firms and to what extent do they rely on private credit, preferred equity and net asset value (NAV) financing in COVID times?
• Would a too swift ramp up of private equity in Europe bear financial stability implications?
• Is the current European regulatory and supervisory framework for PE fit for purpose?

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Chair and Moderator

Thorsten Beck (The Business School (formerly Cass) and Florence School of Banking and Finance, European University Institute)
Thorsten Beck is currently professor of banking and finance at The Business School (formerly Cass) in London. He is also a research fellow of the Centre for Economic Policy Research (CEPR) and the CESifo. He was professor of economics from 2008 to 2014 at Tilburg University and the founding chair of the European Banking Center there from 2008 to 2013. Previously he worked many years in the research department of the World Bank and has also worked as consultant for – among others – the European Central Bank, the Bank of England, the BIS, the IMF, the European Commission, and the German Development Corporation. He is also a member of the Advisory Scientific Council of the European Systemic Risk Board (ESRB) and is co-editor of the Journal of Banking and Finance. His research, academic publications and operational work have focused on two major questions: What is the relationship between finance and economic development? What policies are needed to build a sound and effective financial system? Recently, he has concentrated on access to financial services, including SME finance, as well as on the design of regulatory and bank resolution frameworks. In addition to numerous academic publications in leading economics and finance journals, he has co-authored several policy reports on access to finance, financial systems in Africa and cross-border banking. His country experience, both in operational and research work, includes Albania, Bangladesh, Bolivia, Brazil, China, Colombia, Egypt, Malaysia, Mexico, Peru, Russia and several countries in Sub-Saharan Africa. In addition to presentation at numerous academic conferences, including several keynote addresses, he is invited regularly to policy panels across Europe. He holds a PhD from the University of Virginia and an MA from the University of Tübingen in Germany.  

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Speakers

Helmut Kraemer-Eis (Chief Economist, European Investment Fund)
Dr. Helmut Kraemer-Eis is Head of Research & Market Analysis and Chief Economist at the European Investment Fund (EIF), the EIB Group’s specialist provider of risk finance to benefit SMEs across Europe. His team supports EIF’s business development and strategic decision-making processes through applied research, market analyses, surveys, and economic impact assessments. Prior to this, Helmut developed and headed EIF’s Guarantees and Securitisation Risk Management. He also worked as Senior Manager at KfW’s Business Policy and Economic Research Departments (financial markets, SME finance, securitisation, renewable energy). Helmut holds an M.A. in Economics from the University of Bonn (Germany) and a PhD from the University of Jena (Germany), where he also worked as researcher and teaching associate. He has authored and co-authored numerous research publications on economic topics, i.e. related to SME finance. He is the editor of EIF’s Working Papers series: http://www.eif.org/news_centre/research/index.htm

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Sophie Manigart (Professor and Faculty Dean, Vlerick Business School)
Sophie Manigart holds a Civil Engineering and an MBA degree and is Doctor in Management (Ghent University). She is Full Professor and Faculty Dean at Vlerick Business School and Full professor at Ghent University. She was/is Visiting Researcher at Wharton School of Business (University of Pennsylvania, USA) and Guest Professor at London Business School, IE Business School (Madrid) and ESMT (Berlin). For more than two decades, Sophie Manigart has researched the financing strategies of entrepreneurial companies, including venture capital, private equity, business angel finance, and crowdfunding. She has published over 40 publications on entrepreneurial finance, venture capital, private equity, and entrepreneurship in journals like Academy of Management Journal, Journal of Business Venturing, Journal of Management Studies and Entrepreneurship Theory and Practice, and written two books, numerous book chapters and cases. She is Associate Editor of Entrepreneurship Theory and Practice, a leading academic journal. Based upon her research, she has developed original courses on entrepreneurial finance aimed at both entrepreneurs and investors, at the Master, MBA and Executive Education levels. She has advised numerous start-ups and venture capital funds and was a member of the investment committee of Baekeland Fund (spin-off fund of Ghent University). She is consulted as a topic expert by the European Parliament, InvestEurope and Belgian and regional governments. Experiencing a gap in the financing of start-ups, she was one of the founders of the first Belgian business angel network, BAN Vlaanderen. She is currently also a board member of AXA Belgium, BW Ryhove, and scale-ups Ovinto and EnergyVision, and was an independent board member of Gimv for 10 years.

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THIS SEMINAR IS PART OF THE FBF BANK BOARD ACADEMY FOR NON-EXECUTIVE DIRECTORS

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Consolidation has often been described as critical instrument to address the woes of Europe’s banking sector. Consolidation may entail diverse benefits for banks’ profitability, address overcapacity, foster private risk-sharing. However, the effects of consolidation on banks’ sound risk management and its broader impact on the stability of the financial system are uncertain. Some guidance and supervisory expectations have been developed in European prudential supervision (e.g. setting of capital requirements, the treatment of badwill, and the use of internal models by the newly consolidated entities). In this regard, the role of bank board members is key in understanding and addressing both opportunities and challenges raised by consolidation projects placed under their scrutiny.
This online debate will ask:

• What are the opportunities and risks in the consolidation of the European banking sector?
• How can consolidation contribute to the key objectives of the Banking Union?
• Is consolidation the solution to address some of the core challenges faced by banks and their boards, i.e. low profitability and non-performing assets?
• What are the main elements that bank board members should pay attention to when preparing for consolidation?
• What are the factors of success for a consolidation through a merger and acquisition operation (including cross-border M&A)?
• What is the role of independent board members in ensuring sustainable consolidation projects?

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Chair

Elena Carletti (Bocconi University)
Elena Carletti is Professor of Finance at Bocconi University. She is also founding director of the Florence School of Banking and Finance 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.

   

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Speakers

Andreas Dombret (Columbia University, former Member of the Board of Deutsche Bundesbank)
Andreas Dombret is currently Global Senior Advisor to companies like Oliver Wyman, Sumitomo Bank, Houlihan Lokey, Autonomous, Deposit Solutions and Banco Santander. Prior to that, he has been Board Member of the Deutsche Bundesbank from 2010 to 2018, Supervisory Board Member of the European Central Bank from 2014 to 2018 and Member of the Board of Directors at the Bank for International Settlements from 2012 to 2018.

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Dominique Laboureix (French Prudential Supervisory Authority – Autorité de Contrôle Prudentiel et de Résolution – ACPR)
Dominique Laboureix holds the position of Secretary General of the French Prudential Supervisory Authority (Autorité de Contrôle Prudentiel et de Résolution – ACPR), to which he was appointed in October 2019. ACPR is the administrative authority chaired by the Governor of Banque de France that supervises the banking and insurance sectors and ensures financial stability, in close collaboration with the European Central Bank. It also has resolution powers on both sectors. Moreover, ACPR is responsible for protecting the customers of the supervised institutions and ensuring fight against money laundering and terrorism financing. Dominique Laboureix is member of the Basel Committee for Banking Supervision (BCBS), member of the European Banking Authority (EBA) and alternate member of the Supervisory Board of the Single Supervisory Mechanism. Since June 2020, he co-chairs the BCBS Task Force on Evaluation. Between 2015 and 2019, he was among the founding members of the Single Resolution Board, the Brussels authority in charge of resolving banks in the Banking Union. Notably, he was responsible for resolution planning and preparation of decisions for banking groups from six European countries. He chaired the EBA Resolution Committee between 2015 and 2019 and was involved in a number of European and international fora. From 2013 to 2014, he was Deputy Director-General in charge of creating the Directorate of Resolution within ACPR and was notably responsible for building the first resolution plans of French banking institutions. He was involved in several international committees, in particular, within the Financial Stability Board. From 2011 to 2013, he was Director of the Banque de France Finance and Management Control Directorate. Between 2007 and 2011, he was Director of the ACPR Research and Policy Directorate, benefiting from an over 10 year experience of banking supervision with the Off-Site Directorate of the prudential authority. He started his career within Banque de France in the department in charge of payment systems and market infrastructures. Dominique Laboureix is a graduate of the Institut d’Études Politiques de Paris and has a master degree in business law from Paris II University

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Luigi de Vecchi (Chairman EMEA Banking – Capital Markets & Advisory Citi)
Luigi de Vecchi, currently Chairman of Europe, Middle East and Africa of Banking, Capital Markets & Advisory. Prior to joining Citi, he was Co- Head of Global Investment Banking at Credit Suisse Professor of Finance and member of the Advisory Board of the LUISS University in Rome. He is also Chairman of Fondazione Sylva involved with reforestation and a member of the Board of Director of Save the Children Italy and of Fondazione Nuovo Millennio – Scuola Politica “Vivere nella Comunità”.

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This sixth online seminar takes place in the framework of the Challenges for Bank Board Members series, which aims at building a community of professionals from the banking and finance industry interested in deepening their knowledge about bank boards’ functioning and learning how to challenge bank management effectively. Seminar speakers include an international faculty of regulators, supervisors, and academics together with bank and finance professionals. The Challenges for Bank Board Members series is part of the new FBF Bank Board Academy for Non-Executive Directors.

MAKING FINANCE WORK FOR CITIZENS

Lecture by Mairead McGuinness, EU Commissioner for Financial Services, Financial Stability and Capital Markets Union.
20 April 2021 – 13:00 CEST

FBF Annual Lecture – Women in Finance series

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Watch the recording of the event

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Register here to attend on Zoom* * Attending the event on Zoom will allow you to pose questions and interact with the speaker and moderator.

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Commissioner McGuiness will offer a keynote address on the occasion of the FBF Annual Lecture. This lecture represents the kick-off event of a new lecture series “Women in Finance” which aims to highlight successful women across different areas of finance, public service, academia, and private sector.

“For many, the financial world feels distant and complex. As Commissioner, I want to help bridge the gap between citizens and the financial institutions that serve them. At an individual level, boosting financial literacy can help give people the knowledge they need to make sound financial decisions. That needs to be complemented by our other policies, including consumer protection. More broadly, financial regulation should keep people in mind. Developing the Capital Markets Union would allow investments and savings to flow across the EU. Our upcoming retail investment strategy will help retail investors participate in capital markets. We need to keep up with technology, putting the right regulation in place to ensure people can benefit from the latest innovations safely – including encouraging the development of innovation in retail payments. Financial markets should be a force for positive social change, particularly with regard to the environment.”

Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union.

Speaker

Mairead McGuinness is the European Commissioner for financial services, financial stability and Capital Markets Union. Before joining the Commission in October 2020, Ms McGuinness was First Vice-President of the European Parliament from 2017. She served as an MEP from Ireland for 16 years, and was a Vice-President of the Parliament since 2014.

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Chair

Elena Carletti is Professor of Finance at Bocconi University. She is also founding director of the Florence School of Banking and Finance 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).

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Online lecture

The Florence School of Banking and Finance and the European Governance and Politics Programme at European University Institute are happy to invite you to the:

Coordinating Euro area fiscal policy to drive an inclusive recovery

with Paschal Donohoe, Irish Minister of Finance and President of the Eurogroup

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Watch the recording of the event

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Programme

11.00 – 11.03
Welcome
Renaud Dehousse | EUI President

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11.03 – 11.10
Introduction by online lecture chair and moderator
Brigid Laffan | Director Robert Schuman Centre

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11.10 – 11.25
Speech “Coordinating Euro area fiscal policy to drive an inclusive recovery”
Paschal Donohoe | Irish Minister of Finance and President of the Eurogroup

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11.25 – 11.40
Commentators:

Daniele Caramani | Ernst B Haas Chair and Director of the EGPP

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Pierre Schlosser | Scientific Coordinator, Florence School of Banking and Finance

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11.40 – 12.10
Questions and Answers session

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12.10 – 12.15
Concluding remarks and future challenges
Thorsten Beck | Director Florence School of Banking and Finance

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Supervision of auditors: lessons learned from landmark cases

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Register here

Just two weeks before CMVM celebrates its 30th anniversary, and 5 years after having been given supervisory powers over the audit activity in Portugal, the CMVM (the Portuguese Securities Regulator) in partnership with CIRSF (Research Center on Regulation and Supervision of the Financial Sector), will bring together experts, policy makers, regulators and industry representatives to discuss the challenges posed to the supervision of auditors, in the context of lessons learned from real cases and the possible steps forward. With the support of the Florence School of Banking and Finance of the European University Institute, the discussion will take place in two separate sessions, one dedicated to “Public supervisory oversight of auditors in the EU” (by invitation-only) and a second one open to the general public, which will focus on “Supervision of Auditors: Lessons learned from landmark cases”.

Learning from the cases that have shaped the last decade in the field of auditing, namely Wirecard, Danske Bank and others, the session will gather top international experts to discuss the role of auditing and its interaction with sound corporate governance practices and potential gaps in regulation and enforcement in the EU and the US. The discussion will also approach the risks of concentration in the auditing market.

17:00 – 17:10 – Welcome Remarks
Gabriela Figueiredo Dias, Chair of the Portuguese Securities Commission (CMVM)

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17:10 – 18:45 – Panel discussion

Keynote intervention: Nicolas Véron, Senior fellow at Bruegel and at the Peterson Institute for International Economics

• Hanno Merkt, Professor and Director of the Instituts für Ausländisches und Internationales Privatrecht at the University of Freiburg
• Katja Langenbucher, Professor at Goethe-University’s House of Finance in Frankfurt, affiliated professor at SciencesPo
• Sebastian Mock, Professor at the Vienna University of Economics and Business
• Giancarlo Spagnolo, Professor at Stockholm Institute of Transition Economics, EIEF and University of Rome Tor Vergata
• Alain Deckers, Head of Unit – Corporate reporting, audit and credit rating agencies, European Commission

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Closing remarks: Thorsten Beck, Director of the Florence School of Banking and Finance

Moderator: Luis Silva Morais, Chair CIRSF – Research Center on Regulation and Supervision of the Financial Sector