Financial Regulation and Governance
Bank Resolution Academy 2022
17/01/2022 - 11/02/2022
The Bank Resolution online Academy will foster a deep and comprehensive understanding of the EU bank resolution rules and procedures. This 4-week online Academy is designed to provide participants from different backgrounds (public authorities, private practitioners and academics) with the opportunity to sharpen their knowledge on bank resolution, and to put in practice many of its building blocks and core elements via ‘learning by doing’.
The Academy’s instructors will deliver an overview on the EU resolution framework, including the revised Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation, on the resolution objectives and on recovery and resolution planning. Particular emphasis will be given to more technical aspects such as the calibration of the Minimum Requirement for own funds and Eligible Liabilities (MREL)/Total Loss-Absorbing Capacity (TLAC), the external sources of resolution financing subject to state aid assessment, the role of deposit guarantee schemes in resolution, and the different valuation scenarios. The Bank Resolution online Academy will also foster a dialogue about the future challenges for the EU resolution framework, as well as the circumstances related to the COVID-19 pandemic. Finally, the Academy will engage with the more practical aspects of a resolution process, including the different roles assigned to national and EU authorities and the special features of cross-border cases.
The online Academy combines self-paced progression moments (with pre-recorded lectures) and live online activities. It also includes multiple instructor-led occasions for participants to work in groups (in breakout rooms and in forum discussions), including a simulation exercise of a resolution process.
I was very surprised with the quality of this online platform. It is extremely well developed, and it allows the online learning process to be super user-friendly and efficient.
Participant in the 2020 edition of the Academy
- The (revised) EU resolution framework: the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR)
- Recovery and resolution planning
- Minimum Requirement for own funds and Eligible Liabilities (MREL) and Total Loss-Absorbing Capacity (TLAC) rules
- Resolution financing and access to external public sources
- The role of deposit guarantee schemes in resolution
- Precautionary recapitalisation, state aid and the use of the Single Resolution Fund
- Valuation in resolution
- Future challenges to the EU resolution framework
Seraina Grünewald (Radboud University Nijmegen)
Seraina Grünewald holds the Chair for European and Comparative Financial Law at Radboud University Nijmegen. She is also affiliated with the interdisciplinary University Research Programme Financial Market Regulation at the University of Zurich. Previous positions include research appointments at the Institute for Financial Services of the University of Liechtenstein, the Program on International Financial Systems of the Harvard Law School, Yale Law School and Columbia Law School. Seraina Grünewald participated in the distinguished Internship Program of the International Monetary Fund and was a trainee in the Financial Law Division of the European Central Bank. She is also admitted to the Swiss bar.
Katerina Theodossiou (Senior Crisis Management Expert)
Katerina Theodossiou is a Senior Crisis Management Expert specializing in bank risk analysis and crisis management (recovery and resolution). After 10 years of professional experience in the financial markets (analysis and asset management, mainly in fixed income markets), Katerina took a deep dive on crisis management and bank resolutions topics. During the massive consolidation of the Greek banking industry (2010 – 2018), Katerina participated in several crisis management groups and bank resolutions as a financial stability or resolution expert and at the same time followed closely the efforts of the Greek banking system to restructure and recover under the State Aid framework. At the same time, she participated in drafting teams of the BRR Directive and SRM regulation. In 2017, she was appointed as a senior bank recovery and resolution expert at the Policy & Strategy Directorate of the Single Resolution Board (SRB) where was heavily involved in the operationalization of resolution strategies and was entrusted the position of sub-coordinator in the SRB Crisis Readiness Project. In parallel, she was responsible for the Agency’s training strategy conducting resolution related training sessions and crisis simulation exercises (i.e. Dryruns). At present, Katerina works as a risk analysis and crisis management senior manager in a national Central Bank and provides crisis management and bank recovery and resolution related training. Katerina started her academic studies in International & European Economic Studies in Athens, and continued with a post graduate degree in Finance (MSc) in Cass-Business School, London. In 2016 she co-drafted a report on «Bank resolution and bail- in in the EU: selected case studies pre and post BRRD» published by FinSAC, World Bank.
Emiliano Tornese (European Commission / European University Institute – Florence School of Banking and Finance)
Emiliano Tornese is Deputy Head of the Resolution and Crisis Management Unit in the European Commission’s DG for Financial Stability, Financial Services and Capital Markets Union. In that capacity, he is involved in the negotiations on the completion of the Banking Union, EDIS and ESM backstop. He has been involved with the preparation and negotiation of the BRRD and TLAC implementation, and with the preparation, negotiation and launch of the Single Resolution Mechanism. Emiliano Tornese is also part-time Professor at the Florence School of Banking and Finance, based at the European University Institute. Previously, he worked for the European Commission’s Securities Markets Unit and, during his tenure, was responsible for the establishment of the European Securities and Markets Authority and for matters related to its Corporate Finance Standing Committee. As Secretary of the European Securities Committee, he coordinated the European Union’s Ministries of Finance in their regulatory capacity for financial services. He drafted and negotiated the review of the primary and secondary markets regulation and the regulation of benchmarks. And he advised the European Financial Stability Facility on the primary markets regulation.
Tobias Tröger (Goethe University, Frankfurt)
Tobias Tröger holds since 2011 the Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe-University Frankfurt am Main. He is Program Director Corporate Finance at the Research Center Sustainable Architecture for Finance in Europe (SAFE) in Frankfurt and Chairman of the Board of the European Banking Institute (EBI). His research interests include contract law and contract theory, corporate law (particularly, comparative corporate governance and corporate finance), banking law and the economic analysis of law. He holds a Ph.D.-degree from the Eberhard Karls University of Tübingen and an LL.M. from Harvard Law School. Throughout his academic career, he received various scholarships and awards, among others the Award of the Reinhold and Maria Teufel- Foundation for his Ph.D.-Thesis, and the Irving Oberman Memorial Award from Harvard Law School. He is an advisor to the European Parliament on matters regarding the Single Supervisory Mechanism (SSM).
Guillaume Adamczyk (SRB) is Head of Unit in charge of resolution planning at the Single Resolution Board. From 2012 to 2015 he was a Seconded National Expert working on State Aid to the Financial sector in DG Competition – Task force financial crisis. Central Banker, he joined the Banque de France in 2000 where he held various positions, notably as Financial Counsellor to the French Embassy in Japan from 2009 to 2012.
Thorsten Beck (FBF) 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.
Colm Brady (Central Bank of Ireland) is currently working as a lead expert in recovery planning within the Financial Risks Division of the Central Bank of Ireland and was previously Team Lead of the Recovery Planning Team in the ECB, which was responsible for, amongst other things, the ECB strategy for recovery planning and performing horizontal benchmarking to improve the quality of the ECB assessments of the recovery plans of Significant Institutions supervised directly by the ECB. Colm has extensive experience in recovery planning, having been involved in drafting recovery planning guidance since the introduction of the Bank Recovery and Resolution Directive (BRRD) in 2014 as well working with numerous institutions to develop and enhance their recovery plans via formal recovery plan assessment feedback, training sessions, workshops, conferences and interactive dry-run exercises. Colm has over 12 years financial services and regulatory experience, having previously held positions in the Central Bank of Ireland and a number of private financial institutions. Colm holds a BA in Business and Economics from Trinity College Dublin and MSc in Finance from UCD Smurfit Business School.
Paul Disveld (European Central Bank) is currently ad-interim head within the Business Model and Capital Adequacy Division of the ECB. In this position he is responsible for managing the recoverability and resolvability clusters of the Division. His team develops, amongst others, the ECB strategy for recovery planning and is responsible for performing horizontal benchmarking to improve the quality of the ECB assessments of the recovery plans of Significant Institutions supervised directly by the ECB. His team also coordinates and steers the supervisory interaction with the Single Resolution Board (SRB) and the supervisory response to the ECB resolution plan consultations by the SRB. Prior to joining the ECB, he worked in several business areas of the Central Bank of the Netherlands, including Financial Stability, Banking Supervision and Resolution. From 2012-2014 he was as a project manager responsible for ensuring that all the large and medium-sized banks in the Netherlands would develop recovery plans. Paul holds a Master’s degree from the University of Groningen in economics.
Pamela Farwig (FDIC) joined the Federal Deposit Insurance Corporation (FDIC) Division of Supervision and Consumer Protection in 1988 as a bank examiner in the Kansas City Region. She was subsequently promoted to Case Manager in the New York Regional Office in 1996. In 1999, Ms. Farwig was promoted to Assistant Regional Director for the Kansas City Region. On October 15, 2006, Ms. Farwig was appointed Associate Director for the Franchise and Asset Marketing Branch for the Division of Resolutions and Receiverships, Dallas, Texas. On December 31, 2010, Ms. Farwig was appointed Deputy Director for the Resolution Strategy Branch for the Division of Resolutions and Receiverships in Washington, DC. The Deputy Director is responsible for overseeing the resolution of failing banks nationwide. Ms. Farwig participated in the 1997 Women’s Executive Leadership Program and 2007 Federal Executive Institute’s Leadership for a Democratic Society program. She is a graduate of the Graduate School of Banking, Madison, Wisconsin, and holds business administration degrees in accounting and management from Rockhurst University, Kansas City, Missouri.
Anna Gardella (European Banking Authority) is a Senior Expert at the European Banking Authority. She is project manager on a wide range of regulatory issues, with special expertise in resolution matters and market access, and is responsible for the drafting of RTS, ITS and Guidelines. One of her last projects is the EBA Valuation Handbook for purposes of resolution. She has been a member of the FSB Work Streams on cross-border resolution, on bail-in execution and on IBOR reform. She represents the EBA in a wide range of matters, including in resolution colleges and Crisis Management Groups of G-SIBs, in mediation cases settling disagreements between resolution authorities, as well as between supervisory authorities. She was a member of the EBA Crisis management team during the 2015 Greek crisis where capital controls were imposed.
Andrew Gracie is a consultant associated with Deloitte advising firms and authorities on resolution and related matters. For six years to June 2018 he was Executive Director, Resolution at the Bank of England, leading work on the development of the UK resolution regime, resolution planning for UK banks and negotiation of international standards for resolvability, including chairing the FSB Cross-Border Crisis Management Committee and a central role in negotiation of the TLAC Standard. Prior to that, he held a variety of roles at the Bank of England, over a twenty-five year career, in bank supervision, market operations, financial stability and payments oversight.
Boštjan Jazbec became a Board Member of the SRB in March 2018 and is the Director of Resolution Planning and Decisions. He is responsible for the banks under the direct remit of the SRB in 6 EU Member States and for 2 GSIBs as well as for a number of resolution teams involved in resolution planning. He is also Chair of the Cross-Border Crisis Management (CBCM) Group for banks at the Financial Stability Board (FSB). He worked as a short-term consultant for the European Bank for Reconstruction and Development (EBRD) and the World Bank in Washington, DC. In July 2003, he was appointed to the Board of the Bank of Slovenia and continued in this post until 2008. After 2008, he worked as a Senior Advisor of the International Monetary Fund (IMF) at the Central Bank of Kosovo and the Central Bank of Suriname. In July 2013 he was appointed Governor of the Bank of Slovenia and the Member of the Governing Council of the ECB. In September 2016 he became a Member of the Bank for International Settlements’ (BIS) Central Bank Governance Group. He completed his PhD studies in Economics at the Institute for Advanced Studies in Vienna and the Faculty of Economics, University of Ljubljana.
Bart Joosen (Vrije Universiteit Amsterdam), besides working in private practice, Bart Joosen is an extraordinary professor Financial Supervision Law at the Free University of Amsterdam (Vrije Universiteit) and associated with the Centre of Corporate Law and Financial Law (ZIFO) of that University. He is currently the President of the Supervisory Board of Santander Consumer Finance Benelux.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 knowledge), the European System of Financial Supervision, the Banking Union, supervision of insurance companies (including in-depth Solvency II knowledge), investment firms, payment and clearing services and the European Markets Infrastructure Regulation (EMIR), bank and investment firm recovery and resolution processes and transactional expertise in respect of risk transfer mechanisms, securitisation and derivatives.
Michael H. Krimminger (Senior Counsel with Cleary Gottlieb Steen & Hamilton LLP) is a Senior Counsel with Cleary Gottlieb Steen & Hamilton LLP. Prior to retiring in April 2020, Mr. Krimminger was a partner whose practice focused on U.S. and international banking and financial institutions. He advised U.S. domestic and foreign banks, investment advisors, broker-dealers, financial market infrastructure companies on statutory and regulatory reforms in the United States and internationally. Both in public service and now in private practice, Michael played key roles in the development of U.S. and international resiliency and resolution frameworks and strategies, including the Financial Stability Board’s Key Attributes for Effective Resolution Regimes and the Single Point of Entry strategy for international banks. In addition, he had an active practice devoted to financial technology developments, including advising on virtual currencies, blockchain, stablecoins, and innovative platforms for the clearing and settlement of securities and other asset transactions. As a Senior Counsel, he continues to provide advice to clients on these issues, and writes extensively on related public policy issues.
Michael joined Cleary Gottlieb in 2012 after serving for more than two decades in numerous leadership positions with the Federal Deposit Insurance Corporation (FDIC), including as Deputy to the Chairman for Policy and General Counsel. While in public service, he served as a U.S. representative to the FSB, the Basel Committee, and other multilateral organizations. During 2009-2010, he led the FDIC’s substantive discussions with other regulators and Congress on proposals that led to the adoption of the Dodd-Frank Act.
Lidja Schiavo (European Banking Authority) is a Policy Expert at the European Banking Authority. She takes part in drafting ITS and Guidelines on supervisory reporting, with main area of expertise in accounting and supervisory reporting on financial information (Finrep). She contributed to the work on institutions’ management information system (MIS) for the purpose of valuation in the event of resolution, which is part of EBA Valuation Handbook for purposes of resolution.
Sasha Mills is Executive Director of the Resolution Directorate of the Bank of England. In this capacity, she advances the Bank’s priorities on financial stability- aimed at ensuring that UK banks, building societies, investment firms and central counterparties can be placed in resolution in the event of their failure, without risk to the wider financial system or to public funds. Sasha joined the Resolution Directorate in 2018 from the Bank’s Prudential Policy Directorate, where she was Director of Cross Cutting and Insurance Policy.
Sasha has extensive experience in regulation and central banking- with a number of her roles involving and leading efforts to design and implement the post-crisis regulatory framework. She brings thirty years of knowledge and understanding of financial markets to her role and has supervised some of the UK’s most systemically important firms. Sasha has also steered prudential policy internationally for banking and insurance supervision.
Mikaella Yiatrou is a researcher working on inclusive finance. Her PhD thesis synthesized drivers and impediments of behaviour from cognitive psychology, behavioural finance, social psychology, motivational theory, and ecological psychology to create a schema of heuristics, biases, framing effects and norms that could be used in informing financial regulation directed to retail investors in light of the CMU.
Dr Yiatrou holds a Ph.D. in Financial Regulation from the European University Institute, an LLM in International Banking Law and Finance from the University of Edinburgh, an LLM in Comparative European and International Law from the EUI, and an LLB from the University of Southampton. She has published in the field of banking resolution, specifically on the credibility of the resolution regime, and the regime’s applicability at the national level.
Dr. Yiatrou is a qualified lawyer and is currently working for EASO at the Administrative Court for International Protection.
Maria Ana Barata (Academy Coordinator)
Pierre Schlosser (Academy Advisor)
Jan Trevisan (Course Designer)
Module 1: Background and Fundamentals of Bank Resolution
Module 2: The resolution process and valuation exercises
Module 3: Recovery and Resolution Planning
Module 4: Navigating through MREL and TLAC rules
Module 5: The Funding of Bank Resolution
Module 6: The role of State Aid and of DGS in resolution
Module 7: Revisiting the EU crisis management and deposit protection EU framework against the background of the US experience
Module 8: Resolution of cross-border banks
Module 9: Walking through a resolution case and putting all the elements together
All times are in CET
Kick-off session (optional): Mon 17 January, 2.00-3.00 PM
Optional preparatory class: Fri 21 January 2022
1st Live Class (MREL): Tue 25 January, 1.00-3.00 PM
2nd Live Class (State Aid and DGS): Tue 1 February, 1.00-3.00 PM
3rd Live Class (The review of the EU crisis management framework and cross-border banks): Mon 7 February, 1.00-3.00 PM
4th Live Class (Resolution in practice) + wrap-up of the course: Thursday 10 February, 12.00-3.00 PM
The Academy takes place from 17 January to 11 February 2022.
Early bird fee applies until 20 December 2021
- Early bird: € 1080 (Standard fee: € 1200) – Private Sector
- Early bird: € 990 (Standard fee: € 1100) – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions
- € 850 (no early bird) – Full-Time Professors, PhD Students, Research Associates
Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to email@example.com before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited.
Please note that the payment must be settled one week before the start of the course.
A certificate of attendance will be provided to all participants after the course.
- In case you can no longer attend the course, you are required to inform the organisers by sending an email to firstname.lastname@example.org in order to free a seat for participants in the waiting list.
- In case of frequent cancellations, FBF reserves the right not to accept further registrations from the same person.
For more details, please contact email@example.com