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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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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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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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

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

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Sustainability is at the core of the EU green agenda and global concerns to preserve natural resources, with the objective to reach net-zero by 2050. Sustainability – in its environmental, economic, and societal dimensions – raises key challenges for public and private actors alike. They need to transform their approach, find the right instruments and policies, comply with new standards and rules (e.g. taxonomy, disclosures), and answer a strong demand from society. Banks and investors can find opportunities in revisiting their strategy, business models, and products within sustainable finance while ensuring business resilience. Central Banks are also actively examining the challenges and opportunities of sustainability for their [monetary policy, financial stability, and supervisory] functions. Both innovation and investment are critical to ensure climate change mitigation and transition.

This online debate will ask:

• What are the challenges and opportunities in integrating sustainability concerns in operational activities and strategies for banks, central banks, and investors?
• Should sustainability be a strategic priority?
• How can sustainability requirements be aligned with the interests of investors, shareholders, and generally EU financial end-users? Is this long-term objective compatible with short-term interests?
What are the instruments in central banks’ policy toolkit to address sustainability challenges?
• What can be the role of independent board members in ensuring sustainability in the bank’s business model and strategies?
• What are the main elements that bank board members should look at in order to foster sustainability? Are there instruments to support boards in their actions?

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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

Luiz Awazu Pereira da Silva (Deputy General Manager Bank for International Settlements)
Luiz Awazu Pereira da Silva became Deputy General Manager on 1 October 2015. Before joining the BIS, Mr Pereira da Silva, a Brazilian national, had been Deputy Governor of the Central Bank of Brazil since 2010. Prior to that, he worked in various positions for the World Bank in Washington DC, Tokyo and southern Africa. He also served as Chief Economist for the Brazilian Ministry of Budget and Planning, and as Brazil’s Deputy Finance Minister in charge of international affairs.

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Belén Romana (Non Executive Director, Santander, Aviva and SIX Group.)
Appointed to the board of Aviva plc on 26 June 2015. Belén is a highly respected former senior Spanish civil servant. In 2000 she was promoted to Director General for Economic Policy, with responsibility for coordinating macroeconomic and microeconomic policy across several industry sectors. In 2003 she was appointed Head of the Spanish Treasury, reporting directly to the Minister of Economy and Finance. She has a significant knowledge of financial services, including insurance and regulation, and a broad European experience working with European Commission, the International Monetary Fund (IMF), the European Central Bank (ECB), and the Organisation for Economic Co-operation and Development (OECD). Belén was formerly President and Chairman at Sareb (asset management company), where she managed various stakeholders with interests in Spain’s economic stability across Europe; Secretary General at Círculo de Empresarios; and Strategy and Corporate Development Director at ONO (telecommunications company) with responsibility for investor relations, risk management and the internal audit departments. She has also held Non-Executive positions at Ageas (insurance), Acerinox (stainless steel manufacturing conglomerate) and Banesto (banking). Belén is currently an independent Non-Executive Director of Banco Santander (banking) and is a member of the advisory board of the Foundation Rafael del Pino and co-chair of the Global Board of Trustees of The Digital Future Society.

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Axel A. Weber (Chairman of the Board of Directors, UBS Group AG)
Axel A. Weber has been Chairman of the Board of Directors of UBS since 2012. He is chairman of the Institute of International Finance, a board member of the Swiss Bankers Association and a member of the Group of Thirty as well as the Trilateral Commission, among others. Mr. Weber was president of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, a member of the Board of Directors of the Bank for International Settlements, German governor of the International Monetary Fund and as a member of the G7 and G20 Ministers and Governors. Mr. Weber’s academic career includes professorships at the Universities of Cologne, Frankfurt / Main, Bonn and Chicago. He holds a PhD in economics from the University of Siegen, where he also received his habilitation.

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This seventh 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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The first event of the #FBFDiscuss! series will develop around the motion: “This house believes that the ECB should include climate change mitigation within its mandate.”

Greening the mandate of the European Central Bank (ECB) is intensely debated in policy and academic circles, also in the context of its monetary policy strategy review, with results expected later in 2021. The political, economic, and legal room for manoeuvre is questioned to address the challenges posed by climate change mitigation within the central bank’s mandate. Is the ECB mandate fit for green purposes? Could the operational framework of monetary policy contribute to broader EU policies to fight climate change?

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Proponent

Dirk Schoenmaker, Professor of Banking and Finance at the Rotterdam School of Management.

Dirk Schoenmaker is a Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University and Director of the Erasmus Platform for Sustainable Value Creation. He is also a Fellow at the think tank Bruegel. His research covers the fields of sustainable finance, central banking, financial supervision and European banking. Before joining RSM, Dirk worked at the Dutch Ministry of Finance and the Bank of England. Dirk is (co-)author of Principles of Sustainable Finance (OUP), Financial Markets and Institutions: A European Perspective (CUP) and Governance of International Banking: The Financial Trilemma (OUP).

Opponent

Hans-Peter Gruener, Professor of Economic Policy at the University of Mannheim.

Hans Peter Grüner is Professor of Economics, Economic Policy at the University of Mannheim. His research focuses on the design of political and economic institutions (mechanism design), European financial and monetary policy, political reforms, capital markets and the distribution of wealth.  He has been a consultant to various companies and government institutions including UBS, BMW, the European Commission and the European Central Bank. He is a Research Fellow of CEPR, London and an Adjunct Professor at the Hertie School of Governance in Berlin. Grüner has published in leading international journals, including the American Economic Review, Econometrica, the Economic Journal, the Journal of the European Economic Association, the Journal of Economic Theory and the Journal of Public Economics.

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References

• Dirk Schoenmaker, ‘Greening Monetary Policy’ (2021) 21 Climate Policy 581, link.
• Network for Greening the Financial System (NGFS), Adapting central bank operations to a hotter world – Reviewing some options, Technical document, March 2021, link.

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#FBFDiscuss! is a new Oxford-Union style debate format that will bring together two contestants from academia to debate a specific motion. After the opening statements, the event will see the direct participation of the public who will have the chance to pose their questions and vote for their favourite opinion.

Join the discussion! Follow #FBFDiscuss on Twitter!

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Joint FBF- European Economy Online seminar on Banking and COVID Thursday 20 May (13.00-14.15, CEST)

In collaboration with the EUI’s Department of Economics

The 2021.1 issue of European Economy – Banks, Regulation and the Real Sector discusses the impact of the Covid-19 outbreak on the banking industry and the real economy. The papers assess the supportive role of banks to the recovery and the liquidity of non-financial institutions, the regulatory initiatives adopted to boost credit and support the real sector, the “exit strategy” from the pandemic crisis and emergency policies and contributes to the debate about the future of banks and of a well-developed Capital Market Union in Europe.

Chair and Moderator:
Thorsten Beck, Cass Business School and EUI’s Florence School of Banking and Finance
Introduction:
Giorgio Barba Navaretti, University of Milan
Speakers:

• Loriana Pelizzon, SAFE/Goethe University, University Ca’ Foscari
• José Manuel Campa, European Banking Authority

Concluding remarks:
Giacomo Calzolari, European University Institute

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

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Watch the streaming of the event

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Banks have been at the center stage of the intermediary chain since the pandemic outbreak as they were called to provide lending to a frozen economy. Going forward their boards will need to continue steering them to facilitate the recovery and the transformation of the economy towards a more sustainable and more digital advanced modus operandi. In this respect, the Next Generation EU may turn out to be a catalyst for improving the low stagnating profitability of the European banking sector and fostering its restructuring.

Banks’ internal governance and supervisory expectations will be key factors for the European economic transformation. On the one hand, bank boards will have to enhance diversity and expertise in specific new areas such as IT and climate change in addition to enhance their effectiveness. On the other hand, supervisors will be essential in accompanying the new role that banks will play in the economic recovery.

Against this background, the online debate will ask:

• How has banks’ internal governance evolved in recent years and what are the main challenges for the board’s oversight going forward?
• How does the recent evolution in their internal governance allow banks to be better prepared than in 2008 to face the main challenges banks are experiencing?
  • Covid Crisis – Board’s ability to adapt to evolving circumstances – response to the crisis
  • Challenges & acceleration of trends: digitalization, change in customer behaviour, new entrants, profitability, etc.
  • Expertise & diversity enhancement on the Board. Recent trends to broaden the scope of diversity (in terms of gender, expertise, ethnic and racial). Alignment with the strategy and the needs of the Board
• How has banking union benefited from common supervisory practices in the area of governance and how could further harmonisation within the EU be beneficial in this respect? What new supervisory tools may be used going forward to ensure a further enhancement in banks’ board effectiveness?
• How can banks sustain the new European economic recovery? What is the role of banks’ board in this context?
• What role can supervisors play in sustaining the role of banks in the implementation of the Next Generation EU?
• Looking forward, one of the big challenges is climate change. There are increasing demands from stakeholders on ESG matters and, particularly on sustainability. What is the supervisory expectation on climate change? Where should banks and their board focus?
  • Enhancement of the Board’s role to incorporate sustainability in the company’s strategy and business management. Effective oversight on ESG risks and opportunities. Expertise on sustainability issues. Integration of compensation KPIs linked to sustainability.

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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

Andrea Enria (Chair of the Supervisory Board, European Central Bank)
Mr Andrea Enria took office as second Chair of the Supervisory Board of the European Central Bank in January 2019. Before that he was the first Chairman of the European Banking Authority (EBA) since March 2011. He previously served as Head of the Regulation and Supervisory Policy Department at the Bank of Italy, and as Secretary General of the Committee of European Banking Supervisors (CEBS). He also held the position of Head of Financial Supervision Division at the European Central Bank. Before joining the ECB he worked for several years in the Research Department and in the Supervisory Department of the Bank of Italy. Mr Enria has a BA in Economics from Bocconi University and a M. Phil. in Economics from Cambridge University.

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Carlos Torres Vila (Chairman, BBVA)
Carlos graduated with a B.S. in Electrical Engineering and B.S in Management from MIT (Massachusetts Institute of Technology ) , where he later also earned a M.S at the MIT Sloan School of management. He also Graduated in law from UNED (Spain). He worked at McKinsey & Company for 12 years (partner from 1997). He joined Endesa as Corporate Director of Strategy and member of its Executive committee and also became CFO. In 2008, Carlos joined BBVA as Head of Strategy and Corporate Development, and member of the bank’s Management Committee. In 2014 was appointed Head of Digital Banking, until 2015 when he became Chief Executive Officer of the bank. Carlos is currently Chairman of the Board of Directors in BBVA and Chairman of BBVA Foundation.

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This eight 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.