Online Seminar – Valuation in Resolution
In this online seminar Boštjan Jazbec and Jose Carlos Molina Franquelo (Single Resolution Board) will provide an update on valuation in resolution, including a description about how Europe’s Single Resolution Board plans to embed valuation preparedness into resolution planning activities and the proposed approach regarding improvement of the Management Information System (MIS) for valuation. The seminar will also feature comments by Anna Gardella (European Banking Authority).
The presentation will comprise two blocks:
- The first block will focus on the Single Resolution Board’s (SRB) framework for valuation. The SRB has worked to provide clear expectations regarding the principles and methodologies for valuation in resolution and it expectations regarding the results of the valuation. The Framework for Valuation aims at reducing uncertainty for both the independent valuers and the SRB, providing indications that are necessary for achieving the valuation’s goals, subsequently enhancing comparability and consistency of valuations across future resolution cases.
- A second block will focus on topics related improvement of MIS for valuation. Within the context of resolution, the capacity of banks’ management information systems to provide accurate and timely information is crucial for the reliability and robustness of valuations. Therefore, the data availability is a fundamental prerequisite for the work in valuation. The purpose is to provide a general description on how the SRB plans to embed the preparation for valuation in resolution planning and crisis preparedness. It should be highlighted that the SRB and the EBA have been collaborating closely in their respective works on a standardised data set for valuation in resolution. Main differences between the SRB Data Sets and the EBA Data Dictionaries will be explained.
Boštjan Jazbec became Board Member of the SRB in March 2018 and is responsible for the banks under the direct remit of the SRB in 6 EU Member States, for 2 GSIBs, and for several resolution teams involved in resolution planning. He is also Chairman of the Cross-border Crisis Management Group for banks at the Financial Stability Board. From 2003 to 2008 he was Board Member of the Bank of Slovenia. 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. From 2016 to 2018 he was a Member of the Bank for International Settlements’ (BIS) Central Bank Governance Group. He holds a PhD in Economics from the Institute for Advanced Studies in Vienna and the University of Ljubljana.
Jose Carlos Molina joined the SRB in January 2016. He is responsible for the coordination of a unit in charge of the resolution planning activities for a set of institutions including one of the largest European G-SIBs.
He also leads an expert group on valuation and co-chairs another one on Solvent Wind Down (SWD) topics at the SRB. Previously he worked at the Task force for the establishment of the Single Resolution Board (since 2014) and DGCOMP at the European Commission.
He has previous experience as supervisor at Bank of Spain, where he worked as on-site inspector since 2005. He holds a law degree, a business administration degree and an MBA from the Instituto de Empresa..
Anna Gardella 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.