Tag: EBA
UK Continues to Fret Over Banking Union
On 4 December 2012, the House of Lords Sub-Committee on Economic and Financial Affairs wrote a letter to Greg Clark MP, Financial Secretary to HM Treasury, regarding the EU Commission’s proposal for a Single Supervisory Mechanism (SSM). The Committee believes that EU banking union is “urgently required” but recognises that it has potentially significant risks […]
EBA adopts draft standards on capital requirements for CCPs
On 26 September 2012, the European Banking Authority (EBA) adopted draft regulatory technical standards (RTS) on capital requirements for CCPs under EMIR. The draft RTS require that CCPs hold capital, including retained earnings and reserves, that is at all times at least equal to the sum of: the CCP’s gross operational expenses during an appropriate […]
EU Parliament adopts Resolution Approving Single EU Banking Supervisor
Introduction On 13 September 2012, the EU Parliament published a press release announcing that it has adopted a resolution relating to the establishment of a single EU banking supervisor. The resolution was adopted the day following the publication by the EU Commission of two legislative proposals on EU banking union. In passing the resolution, the […]
First Steps Towards EU Banking Union to be Finalised by End of 2012
The EU Commission has published a speech given on 3 September 2012 by Olli Rehn, Vice-President of the European Commission and member responsible for Economic and Monetary Affairs and the Euro on EU banking union entitled “Towards a Genuine Economic and Monetary Union”. The EU Commission sees banking union as a top priority and proposes […]
“British taxpayers will not be guaranteeing any Eurozone banks”
In a statement published on 29 June 2012, following the close of the EU Council meeting held on 28 and 29 June 2012, the heads of all EU Member States called on the EU Council to consider proposals for a single EU banking supervisor by the end of 2012 and as a matter of urgency. […]
ECB President Calls for Central Resolution of EU Banks
The criticism of Spain’s handling of the Bankia crisis has prompted a call from Mario Draghi, president of the European Central Bank, that banks which present a risk to the Eurozone financial system should be supervised and resolved by a central authority, rather than by national regulators, the European Banking Authority being an obvious candidate […]