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Jul
21
Tue
Online debate: Consolidation in the EU Banking Sector @ Online
Jul 21 @ 1:00 pm – 2:00 pm

Presentation by Edouard Fernandez-Bollo


The consolidation of the banking sector(s) in the European Union is an ongoing development. Consolidation may entail different benefits, in boosting banks’ profitability through economies of scale and cost-efficiency, and in addressing overcapacity. At the macro level it may foster private risk-sharing (such as in the Banking Union). However, consolidation might also be in tension with preserving the stability of the financial system (e.g. resolvability) or with ensuring a level playing field among market players. Lastly, at the bank level, consolidation might also undermine sound risk management.

Against this background, the European Central Bank’s supervisory arm has recently elaborated on three key prudential aspects to consolidation transactions in a draft guide: the setting of capital requirements and guidance, the treatment of badwill, and the use of internal models by the newly consolidated entities.

This online debate, the last FBF online debate of our COVID-19 online debate series before the summer break, will discuss opportunities and risks in the consolidation (incl. cross-border) of the European banking sector. It will review the merit of defining supervisory expectations on consolidation, will ask if and how consolidation could contribute to address immediate challenges of the sector such as low profitability and non-performing loans and will debate the need for transparency in encouraging sustainable consolidation projects.


Chair and 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.

   

Speaker

Edouard Fernandez-Bollo, Member of the Supervisory Board of the European Central Bank
After post-graduate studies at the Ecole Normale Supérieure de Saint-Cloud, Section Humanities and Social sciences, and an experience in different branches of French civil service, Edouard Fernandez-Bollo joined the Banque de France in 1988. He has occupied different posts related to Banking Regulation and Licensing, European harmonization and Banking Resolution issues. As of 2000 he was in charge of the legal secretariat of the Commission bancaire, the French supervisory authority and of its antimoney laundering policy unit. In 2004 he became its General Counsel and in 2008 deputy General Secretary. He has been chairing the Basle Committee Expert group on AML-CFT (antimoney landering and combating the financing of terrorism) issues since 2007. From 2010 to 2013 he was deputy General Secretary of the new Autorité de contrôle prudentiel, the integrated French prudential supervisorand from January 2014 to August 2019, he was Secretary General of the Autorité de contrôle prudentiel et de resolution, Member of the European Banking Authority and of the Basel Committee on Banking Supervision. Edouard Fernandez-Bollo is currently serving a five-year mandate as Member of the Supervisory Board of the European Central Bank.

Diego De Giorgi, Independent Director, Unicredit; former Global Head of Global Investment Banking, Bank of America Merril Lynch







Andreas Dombret, Columbia University, former Member of the Board of Deutsche Bundesbank








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 21 July 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.
Jul
28
Tue
Online seminar: The EU Recovery Package and What’s Next @ Online
Jul 28 @ 1:00 pm – 2:00 pm

Download the presentation by Jean-Pierre Vidal

In an unprecedented effort to deal with the effects of the global pandemic crisis, the European Council adopted a historic and extraordinary package for the European recovery earlier this week. The EU recovery plan builds on the 2021-2027 Multiannual Financial Framework (MFF) and is reinforced by a specific recovery effort called Next Generation EU (NGEU).

As part of our COVID-19 online events series, this FBF online seminar will discuss with Jean-Pierre Vidal (Chief Economic Advisor of the President of the European Council Charles Michel) the content and features of this ambitious package. The seminar will also explore how the adopted measures may mitigate the current economic slowdown, including the opportunity to accelerate the green and digital transitions.


Chair

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.

   

Speaker

Jean-Pierre Vidal, (Chief Economic Advisor of Charles Michel, President of the European Council)
Jean-Pierre Vidal is Chief Economic Advisor to Charles Michel, President of the European Council. Until December 2019 he headed the Policy and Strategy Division in the Economics Department of the European Investment Bank. He was Counsellor to the Executive Board of the European Central Bank from September 2016 to June 2019. He previously was Chief Economic Advisor to European Council President Donald Tusk, and a member of the cabinet of the first permanent President of the European Council, Herman Van Rompuy. He held several positions at the European Central Bank: Head of the ECB Representative Office in Brussels (2011-2012), Deputy Head of the Monetary Policy Strategy Division (2007-2011), and Head of the Fiscal Analysis Section (2004-2007). Before joining the ECB as economist in 2000, he worked as senior researcher at the ‘Centre National de la Recherche Scientifique’ (CNRS). Jean-Pierre holds an MBA from ESSEC business school (‘Ecole Supérieure des Sciences Economiques et Commerciales’) and a Ph.D. in economics from the University of Cambridge.




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 July 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.
Sep
2
Wed
FINTECH – Innovation, Finance and Regulation @ Online
Sep 2 – Sep 18 all-day
Qualitative

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 registrations
Sep
8
Tue
Sovereign Debt in the European Union @ Online
Sep 8 @ 3:00 pm – 6:00 pm

Sovereign Debt in the European Union

Tuesday, 8 September 2020, 15.00-18.00 CEST

Webinar part of Distributed Interdisciplinary Sovereign Debt Research and Management Conference — D-DebtCon

Organised by:

The COVID-19 pandemic is causing havoc in an already fragile global economy. While its full impact in terms of capital flows and debt levels is yet unknown, unprecedented government interventions to minimize the economic impact have spiked public debt to levels unseen in the last 50 years. According to the IMF projections1 for 2020 public debt relative to GDP will increase by over 13% in the Euro Area and worldwide.

At the same time, new trends are emerging in sovereign debt markets. A number of European sovereigns have announced plans to issue green bonds in 2020, as well as other new debt instruments such as social bonds, sustainability bonds and sustainability-linked bonds. New market developments, in particular after the COVID-19 outbreak, have included floating-rate notes and index-linked bonds.

During the euro area crisis of a decade ago the EU sovereign debt markets suffered damage as never before, while the policy response involved the creation of new instruments and institutions. Today, as a response to the huge shock caused by the COVID-19 outbreak, EU leaders have agreed on a historic package for European recovery, ‘Next Generation EU’. Within this recovery package, the European Commission was mandated to raise €750bn of funds on the markets during the next two years.

Against this background, the research papers to be presented will address a number of facets of EU sovereign debt markets: their maturity structure and cost, the pace of debt crises, and the characteristics of the bank-sovereigns doom-loop. The policy panel to follow will explore the future challenges of sovereign debt in the EU, by focusing on debt sustainability at the national level, common EU borrowing and safe assets.

1IMF Fiscal Monitor, April 2020 regarding General Government Gross Debt in percent of GDP, available at https://www.imf.org/en/Publications/FM/Issues/2020/04/06/fiscal-monitor-april-2020

More information
Sep
16
Wed
Online debate: Mitigating the impact of COVID-19 on the insurance and occupational pensions sectors in Europe @ Online
Sep 16 @ 1:00 pm – 2:00 pm


The 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) 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.    

Speaker

Gabriel Bernardino , (Chairman of the European Insurance and Occupational Pensions Authority – EIOPA) Gabriel Bernardino is Chairman of the European Insurance and Occupational Pensions Authority (EIOPA). He is responsible for the strategic direction of EIOPA and represents the Authority at the Council of the European Union, the European Commission and the European Parliament. Mr. Bernardino prepares the work of EIOPA’s Board of Supervisors and also chairs the meetings of the Board of Supervisors and the Management Board. Mr. Bernardino is the first Chairperson of EIOPA. He was elected by the Board of Supervisors of EIOPA on 10 January, 2011. His nomination followed a pre-selection of the European Commission and was confirmed by the European Parliament after a public hearing held on 1 February, 2011. Mr. Bernardino assumed his responsibilities on 1 March, 2011 for a first five-year term. On 16 December 2015 the European Parliament confirmed the re-appointment of Mr Bernardino for a second five-year term, which started on 1 March 2016. Prior to his current role, Mr. Bernardino was the Director General of the Directorate for Development and Institutional Relations at the Instituto de Seguros de Portugal (ISP). He has served in several positions of increasing responsibility since he joined the ISP in 1989 and represented EIOPA’s preceding organisation, CEIOPS, as Chairman between October 2009 and December 2010.  

Commentators

Roel Beetsma (University of Amsterdam) Roel Beetsma is the MN Professor of Pension Economics at the University of Amsterdam. He is also Vice-Dean of the Faculty of Economics and Business and Chairman of the Department of Economics and Econometrics. He holds a Ph.D from CentER, Tilburg University. Prior visiting positions include the University of California at Berkeley, the University of British Columbia, and DELTA (Paris). Beetsma is a research fellow of the Centre for Economic Policy Research in London, CESifo in Munich, the Tinbergen Institute and the Network for Quantitative and General Economics. He is also an International Research Fellow of the Kiel Institute of World Economics.    



Giuseppe Corvino (Associate professor of financial markets and institutions, Bocconi University) Mr. Corvino served as Chairman, board member or advisor to global asset managers and investment banks, top tier Italian insurance companies and pension funds, consulting firms, IT companies and family offices. In order to better understand the business model of the modern investment industry, in April 2017 he received a two years academic leave of absence from Bocconi University and served as a full-time Managing Director at BlackRock Investment Management (UK) LTD, becoming a member of the Italian Executive Committee and head of the Financial Institutions Group and the Institutional Client Business for Italy. Throughout his career, Mr. Corvino cooperated with several Regulatory and Market authorities. Inter alia, he has been Member of the EIOPA Occupational Pensions Stakeholder Group, participant in the International Decade for Natural Disaster Reduction of the United Nations project and referee for the ESMA Working Paper Series.    

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.
Sep
18
Fri
Panel Data for Banking Sector Analysts @ Online
Sep 18 – Sep 29 all-day

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 information
Oct
1
Thu
Online seminar: CCP Recovery and Resolution: insights beyond the end of the waterfall @ Online
Oct 1 @ 1:00 pm – 2:00 pm

Register here
The 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.

Speakers


Prof. Ron Berndsen (Tilburg University and LCH)
Professor Berndsen is an independent director of LCH and chairs the LCH Risk Committees. He is also attached to the Tilburg School of Economics and Management at Tilburg University as full professor of Financial Market Infrastructures and Systemic Risk. He is also the editor-in-chief of the Journal of Financial Market Infrastructures and a member of the Advisory Council of the SWIFT Institute. He has been active in the field of payments and market infrastructures for over 15 years. Previously, Ron was Head of the Oversight Department and Head of the Market Infrastructures Policy Department at De Nederlandsche Bank. Ron also served as a member on the Market Infrastructure Board at the European Central Bank and as member of the Committee on Payments and Market Infrastructures at the Bank of International Settlements. He also co-chaired the FSB Group on Cross-Border Crisis Management for Financial Market Infrastructures and was a member of the oversight committees of CLS, EuroCCP, Euroclear, LCH, SWIFT and TARGET2. He was awarded a doctorate of Tilburg University in 1992 for his PhD thesis in Economics and Artificial Intelligence.

Dr. Marc Peters (European Commission)
Since April 2016, Marc Peters serves as a Seconded Official in the Resolution and Crisis Management Unit of the European Commission’s DG for Financial Stability, Financial Services and Capital Markets Union. Marc benefits from more than 15 years of experience in the supervision and policy-making area for financial institutions gained at the Belgian Banking, Finance and Insurance Commission and at the National Bank of Belgium. He holds an Executive Master of Finance and a MSc in Management from the Solvay Brussels School of Economics and Management (Université Libre de Bruxelles – ULB). He is a research fellow at the Centre Emile Bernheim, ULB’s research Institute in Management Sciences.  
Oct
12
Mon
Anti-Money Laundering Academy @ Online
Oct 12 – Nov 2 all-day

Course dates: 12 October – 02 November 2020

Place: EUI Premises, Florence

Course Instructors: Anthony Charrie, Dominik Kaefer, Sean Kennedy, Lisa Quest, Daniel Tannebaum (Oliver Wyman); Michael Levi (Cardiff University); Caroline Gadner, 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 registrations
Nov
2
Mon
Bank Resolution Academy @ Online
Nov 2 – Nov 20 all-day
Qualitative

Course dates: 02-20 November 2020 TBC

Place: Online

Course Directors: Seraina Grünewald (Radboud University Nijmegen); Emiliano Tornese (European Commission); Tobias Tröger (Goethe University, Frankfurt)

Course Instructors: Anna Gardella (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 information
Monetary Policy Transmission: Banks, Nonbanks, Credit and Prudential Policies @ Online
Nov 2 – Nov 6 all-day

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

More information and Registration