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Victoria Santillana
Victoria Santillana

Senior Economist

Victoria Santillana is a PhD candidate in New Global Economy at the Universidad Autonoma de Madrid, currently completing her doctoral thesis.  She obtained a Master’s in Banking and Finance at the Escuela de Finanzas Aplicadas (AFI), and her degree in Economics at Universidad Autonoma de Madrid.

 

She joined BBVA Research in 2010 in the Regulation & Public Policies team, and she is currently senior economist in the Recovery & Regulation Unit. Prior to this position she was a senior analyst and consultant in the banking department of Afi, a consultancy and think tank, and a financial analyst in the Investor Relations department at Indra.

 

She has given lectures at the Escuela de Finanzas Aplicadas and is co-author of several papers and publications on Basel II. 


Latest Publications

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2018: a key year for progress toward banking union

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Europe closed 2017 with a discussion at the Euro Summit on the future of Economic and Monetary Union (EMU) and banking union. There was wide consensus among European leaders regarding the need to complete banking union, in order that it might realise its full potential as a cornerstone of a strong EMU and complement the Capital Markets Union.

Available in Spanish, English

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Banking Union: Half way there

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The European Commission published a roadmap to ensure agreement on all the outstanding elements of the Banking Union by 2018. The EU Commission warns that the Banking Union must be completed if it is to deliver its full potential as a pillar of a strong Economic and Monetary Union and complementary to the Capital Markets Union.

Available in English

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Strengthening the European System of Financial Supervision

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The European financial supervision system is undergoing significant changes, stemming from the two major European projects underway - the Banking Union and the Capital Markets Union - and the UK’s exit from the European Union in the wake of the Brexit vote.

Geographies:Europe

Available in Spanish, English

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International Comparative of resolution frameworks

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Overview of different resolution frameworks: comparison between Europe, US, Latam and Japan.

Available in English

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UK’s MREL proposal: alignment with TLAC in one ratio

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On 11 December 2015, the Bank of England published its approach on setting the MREL for all UK banks, building societies and certain investment firms. The consultation is open for comments until 11 March 2016. This analysis will provide a summary of the proposal, with a focus on an important feature of the document: the first implementation of the FSB's TLAC in Europe.

Available in English

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Resolution regimes in Latin America

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Latin America has ample experience in dealing with banking and financial crises. As a result of this the region has developed bank resolution regimes whose main goal is to deal with failures in an orderly way. The aim of this note is to analyse and describe the resolution regimes in Latin America and to compare their resolution tools to those of the FSB's Key Attributes.

Available in English

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U.S. TLAC rules are tougher than the final FSB requirements

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On 30 October 2015, the Federal Reserve (Fed) published its proposal on Total Loss Absorbing Capacity (TLAC) requirements for G-SIBs (the most systemically important U.S. bank holding companies (Covered BHCs) and U.S. intermediate holding companies (IHCs) of comparable foreign banks. It will be open for comment until 1 February 2016.

Available in English

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Final TLAC rules in line with the expectations

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After one year of intense debate in the financial community, on 9 November the Financial Stability Board (FSB) published its final standards on the Total Loss Absorbing Capacity (TLAC) requirements for global systemically important banks “G-SIBs” and the findings of the Quantitative Impact Study (QIS) conducted by the FSB . It will enter into force in 2019.

Available in English

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BRRD: Overview of the EBA’s level 2 regulation

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According to the BRRD mandate, the European Banking Authority (EBA) has released more than 35 technical standards and guidelines of a specialized nature and in order to clarify subjects of the BRRD. EBA’s role has been decisive in order to fully implement the BRRD; it has successfully implemented harmonized definitions to be applied by Member States of the EU.

Available in English

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EU loss-absorbing capacity requirement: final MREL guidelines

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On 3 July 2015, the EBA published the final technical standard on the criteria for determining the minimum requirement for own funds and eligible liabilities for bail-in – the so-called MREL. With the MREL, European authorities seek to ensure that banks have enough liabilities to absorb losses in case of a bank’s failure. It will enter into force in 2016.

Available in English

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BRRD transposition in Spain: a milestone in implementing an effective resolution regime

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Today it has been published in the BOE the transposition of the Bank Recovery and Resolution Directive (BRRD) in Spain (Ley 11/2015 de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) approved by the Spanish Parliament last 11 June. It will enter into force on 20 June.

Available in English

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Compendium on Resolution Strategies: a multiple-point-of-entry view

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Achieving an effective resolution regime to resolve banks quickly, avoiding disturbances to the financial system, minimizing the use of public funds –thus protecting taxpayers–, and continuing the critical financial services that they provide is one of the main goals of authorities in the current regulatory reform. Authorities are developing a new resolution framework that set out the responsibilities and powers to enable them to resolve efficiently cross-border banks in trouble. In this sense, the FSB outlines two polar resolution approaches for resolving global banks: the Single Point of Entry (SPE) and Multiple Point of Entry (MPE) resolution strategies. The purpose of this compendium is to describe the main features of the Multiple Point of Entry resolution scheme

Available in English

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The European MREL: main characteristics and TLAC similarities and differences

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On 28 November 2014, the EBA released the consultation paper on the criteria for determining the minimum requirement for own funds and eligible liabilities for bail-in – the so-called MREL. With the MREL, European authorities will ensure that banks have enough liabilities to absorb losses in case of failure, and, therefore, shareholders and creditors should shoulder much of the recapitalisation burden, instead of tax-payers.

Geographies:

Available in English

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FSB reports on progress in reforming resolution regimens & resolution planning

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On 12 November, the Financial Stability Board (FSB) published a progress report to the G20 on the reform of resolution regimes and resolution planning for GSIBs. The report reviews what has been achieved so far and sets out further steps to fully implement the FSB Key Attributes . The FSB highlights that only a few jurisdictions already comply with all the principles of Key Attributes and that there is still substantial work to be done in the coming months. In that vein, the FSB establishes the following priorities for 2015 to ensure that all G-SIFIs are resolvable: • Finalise the common international standard on total loss absorbing capacity (TLAC) • Achieve the broad adoption of contractual recognition of temporary stays on early termination and cross-default rights in financial contracts and finalise FSB guidance on effective cross-border recognition • Develop further guidance to support resolution planning by home and host authorities, in particular with regard to funding arrangements and operational continuity of core critical services • Promote the full implementation of the FSB’s requirements for resolution regimes and resolution planning beyond the banking sector

Available in English

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Total Loss-Absorbing Capacity (TLAC): making bail-in feasible and credible instead of bail-out

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The new “loss-absorbing capacity” concept and the bail-in tool are the cornerstones of the new resolution regime, in which the shareholders and creditors should shoulder much of the recapitalisation burden. Banks must have enough liabilities with loss-absorbing capacity (TLAC). The FSB envisages that the TLAC should consist of instruments that can be legally, feasibly, effectively and operationally written down or converted into equity in case of resolution, in an amount that doubles the capital and leverage requirements (16% of RWA and 6% of leverage assets). Thus capital instruments and long term unsecured debt are broadly the instruments that may compose it.

Geographies:Global

Available in English