Paper: Cyclical drivers of euro area consumption

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Paper: The effect of possible EU diversification requirements on the risk of banks’ sovereign bond portfolios

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Press Release: EBA publishes final draft standards on key areas for the EU implementation of the FRTB

The European Banking Authority (EBA) published its final draft Regulatory Technical Standards (RTS) on the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB). These technical standards conclude the first phase of the EBA roadmap towards the implementation of the market and counterparty credit risk frameworks in the EU.

Public Consultation: Euro risk-free rates on Swaptions impacted by the CCP discount change from EONIA to the €STR

This consultation gives interested parties the opportunity to provide feedback to the working group on euro risk-free rates as to whether it should issue recommendations regarding the voluntary exchange (or lack thereof) of cash compensation between bilateral counterparties to swaption contracts impacted by the CCP discounting switch from EONIA to the €STR.

Stakeholder Press Release: EBF letter calls for European measures to face COVID-19 outbreak

Brussels, 11 March 2020 – The European Banking Federation today has sent a letter to the leadership of European institutions including the European Commission, European Central Bank and the European Banking Authority.

Event: Sustainable Finance Forum – Eastern Europe, Caucasus, Central Asia (Kiev, 11 & 12 March 2020)

SusFinForum is an annual forum for banks, microfinance institutions, asset managers, project sponsors, investors & financiers in the EECA region that are committed to creating a social and environmental impact in the region. The goal of the forum is to catalyze investments for  sustainable infrastructure and development in the region, through innovative financing models.

Commission Staff Working Document: European Financial Stability and Integration Review (EFSIR)

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Press Release: Statement by the President of the ECB

‘The coronavirus outbreak is a fast developing situation, which creates risks for the economic outlook and the functioning of financial markets. The ECB is closely monitoring developments and their implications for the economy, medium-term inflation and the transmission of our monetary policy. We stand ready to take appropriate and targeted measures, as necessary and commensurate with the underlying risks.’

OPP Meeting Summary: Competitiveness Council – European Green Deal – a transition to a climate neutral and circular EU industry (27 February 2020)

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Briefing: Economic impact of epidemics and pandemics

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Paper: Systemic cyber risk

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Press Release: ESMA finds continued high risks as financial markets remain highly volatile

The European Securities and Markets Authority (ESMA), the EU’s securities regulator, today publishes the first Trends, Risks and Vulnerabilities (TRV) report of 2020. ESMA identifies continued high risks and a weaker economic outlook as markets remain highly sensitive to geopolitical events. The risk outlook is stable, however risks are high, particularly in the securities markets and for retail investors.

OPP Meeting Summary: EP ECON Committee – Scrutiny of delegated acts and implementing measures (17 February 2020)

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UPDATED – Agenda: EP ECON Committee Meeting (17-18 February 2020)

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Briefing Paper: Market Risk under CRR and other forthcoming delegated act

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OPP Meeting Summary: EP ECON Committee – Monetary dialogue with Christine Lagarde (6 February 2020)

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Press Release: EBA launches 2020 EU-wide stress test exercise

The European Banking Authority (EBA) launched today the 2020 EU-wide stress test, the fifth exercise since its establishment, and released the macroeconomic scenarios. The adverse scenario follows for the first time a ‘lower for longer’ narrative, a recession coupled with low or negative interest rates for a prolonged period. The EU real GDP would decline by 4.3% cumulatively by 2022, resulting in the most severe scenario to date. The EBA expects to publish the results of the exercise by 31 July 2020.

Press Release: EIOPA publishes the technical specifications for the Market and Credit Risk Comparative Study YE2019

On Monday 13th January 2020, EIOPA published the instructions and technical specifications for the MCRCS YE2019. The MCRCS is an annual Europe-wide comparative study on the modelling of market and credit risk. Its main objective is to compare risk charges for a selection of asset portfolios to be used as a tool for the supervisory review of internal models. Additionally, the study aims to highlight the causes of potential differences between internal models by analysing risk charges for individual asset classes such as fixed income or equity. In this edition, the study will include a specific focus on interest rate risk modelling. 

Press Release: ESMA report values EU Alternative Investment Funds at €5.8 trillion

The European Securities and Markets Authority (ESMA) today published its second statistical report on European Union (EU) Alternative Investment Funds (AIF). The study found that the EU AIF sector in 2018, as measured by Net Asset Value (NAV), amounted to €5.8tn or nearly 40% of the total EU fund industry. The report is based on data from 30,357 AIFs, or almost 100% of the market.

Press Release: ESMA values EU derivatives markets at €735tn

The European Securities and Markets Authority (ESMA) the EU’s securities regulator, today publishes its second Annual Statistical Report (Report) analysing the European Union’s (EU) derivatives markets.  The Report, based on data submitted under the European Markets and Infrastructure Regulation (EMIR), provides a comprehensive market-level view of the EU’s derivatives markets in 2018, which had a total size of €735tn gross notional amount outstanding, an increase of 11% on 2017.

Press Release: EBA updates the estimates of the impact of the implementation of Basel III and provides an assessment of its effect on the EU economy

The European Banking Authority (EBA) published the second part of its advice on the implementation of Basel III in the EU, which complements the Report published on 5 August 2019. Today’s publication includes an assessment of the impact of the revisions to the credit valuation adjustment (CVA) and market risk frameworks, and the corresponding policy recommendations. It also provides a macroeconomic impact assessment of the full Basel III package. When accounting for the 2019 FRTB standards, the impact assessment shows that the full implementation of Basel III, under conservative assumptions, will increase the current minimum capital requirement (MRC) by 23.6% on average. This impact is lower than the 24.4% originally estimated in the August 2019 report, and would imply an aggregate shortfall in total capital of EUR 124.8 billion. The macroeconomic impact assessment shows that the implementation of Basel III will have net benefits for the economy of the European Union. The EBA reaffirms its support for a full implementation of the final Basel III standards in the EU.

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