María Rocamora has been working for BBVA Research’s Financial Systems Unit since 2017.
Between 2016 and 2017 she worked for BBVA’s Accounting & Supervisors Department as an International Financial Reporting and Banking Standards (IFRS) Analyst, where she was involved in IFRS implementation, impact evaluation and post-implementation regulatory analysis tasks, among other things.
Previously, María worked for PricewaterhouseCoopers on projects for Spanish credit entities and public institutions from the banking sector. She studied Business Management and Law at the Universidad Complutense de Madrid, where she won best student awards, and did an internship at the Bank of Spain and with the Department of Applied Economy II of the Universidad Complutense. She also has a Master's Degree in Auditing and Accounting from the Universidad Complutense’s School of Financial Studies (CUNEF).
Leveraged loans are granted to entities with considerable amounts of debt, that is, according to the European Central Bank (ECB), those with a debt-to-income ratio before interest and tax of more than four.
European banks hold sovereign debt on their balance sheet for multiple reasons. Firstly, sovereigns are eligible in order to comply with liquidity requirements. In addition, they can be used as collateral in the private repurchase markets ("repo") and to obtain funds from the central bank.
Who will pay for the next banking crisis in Europe, and how? One of the lessons learnt from the last global financial crisis is that there must be an end to public bail-outs of banks. To achieve this, it is necessary to define which creditors and which liabilities absorb losses in the event of an institution’s resolution.