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EU loss-absorbing capacity requirement: final MREL guidelines

By , , ,

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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Financial Regulation Outlook. May 2015

By , , , , , , , ,

This month we focus on: Basel updates progress in Basel III implementation, Europe's Bank Structural Reform, endorsing macroprudential policies, Capital Markets Union, the first six months of European banking supervision, the new resolution tools and liquidity provision and a Digital Single Market strategy for Europe.

Available in English

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Funding in Resolution: the lender of last resort function in the new resolution framework

By , ,

In 2014, the resolution discussion was mainly focused on the Total Loss Absorbing Capacity (TLAC). The connection of this framework with the liquidity provision of failed banks has been uncharted territory that the FSB is planning to tackle in 2015. The aim of this paper is to contribute to the discussion on how to ensure liquidity in a resolutions process.

Available in English

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Financial Regulation Outlook. March 2015

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This month we focus on: Basel reviews the securitisation prudential framework. Turkish G20 Presidency.TLAC next steps: Quantitative Impact Study (QIS). EBA on Basel III Monitoring Exercise. EBA updates on future EU-wide stress test and Faster payments.

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Regulation Outlook. February 2015

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This month we focus on: the Green Paper on Capital Markets, where do we stand on bank structural reform, Single Supervisory Mechanism (SSM), the next step on resolution and virtual currencies.

Available in English

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MREL and TLAC: What are the consequences of breaching them?

By , ,

In November 2014, the FSB and the European authorities published the main features of their new loss-absorbing ratios, TLAC and MREL respectively. Despite having the same purpose, both ratios have significant divergences, which imply heterogeneous consequences and penalties when a bank breaches them.

Geographies:Europe

Available in English

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

By , ,

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:

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Regulation Outlook

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This month we focus on: G20 leaders, time to shift the dial towards growth; TLAC, making bail-in feasible and credible instead of bail-out; restoring confidence in risk-weighted capital ratios; Basel Committee published the final version of the NSFR; European banking structural reform; the ECB published the fourth Single Supervisory Mechanism (SSM) quarterly report and proportionate regulation for electronic money.

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

By , ,

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

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