Online seminar on the EU Banking PackageOn 26 June 2019, the Florence School of Banking and Finance organised an online seminar in cooperation with the European Commission’s DG FISMA to offer an occasion to banking and finance professionals to get an overview of the Banking Package, adopted in spring 2019 by European co-legislating institutions, that will soon enter into force.
The Banking Package represents an important step towards the completion of the European post-crisis regulatory reforms. These reforms implement into European Union law some outstanding elements which had been previously agreed by the Basel Committee on Banking Supervision and the Financial Stability Board and are meant to reduce the risk in the European banking sector, making the financial system more resilient and stable.
This online seminar featured as lead speakers members Marie Donnay (Head of Unit in Resolution and Deposit Insurance in DG FISMA), Tommy De Temmerman (Policy Officer in Bank Regulation and Supervision in DG FISMA) and Audrius Pranckevicius (Policy Officer in Resolution and Deposit Insurance), who presented and discuss the key changes that were brought about to the EU resolution and prudential frameworks by the new Banking Package.
After an overview of the implementation of standards, speakers highlighted the implications of the new banking package for proportionality and its contribution to the Capital Markets Union, growth and further integration of the EU Banking Sector. The presentation paid particular attention to the governance and supervisory implications of the package, particularly with respect to Pillar 2 capital requirements and macro-prudential frameworks, and highlighting the way in which it will affect EU intermediate parent undertakings, anti-money laundering and remuneration.
With respect to changes to the resolution framework, a specific focus will be put on the implementation in EU law of the international standard on Total Loss-Absorbing Capacity – also called TLAC – and on the amendments to the existing Minimum Requirement for own funds and Eligible Liabilities – also called MREL.