Banking supervision and COVID-19: a handbook
Gespeichert in:
| Weitere Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
München
Beck
2021
Oxford ; New York Hart Baden-Baden Nomos |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 283 Seiten Illustrationen |
| ISBN: | 9783406762413 9781509946013 9783848777822 3848777827 |
Internformat
MARC
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| 020 | |a 9783406762413 |c (Beck), Leinen : EUR 100.00 (DE) (freier Preis) (C.H. Beck) |9 978-3-406-76241-3 | ||
| 020 | |a 9781509946013 |c (Hart) |9 978-1-5099-4601-3 | ||
| 020 | |a 9783848777822 |c (Nomos) |9 978-3-8487-7782-2 | ||
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| 245 | 1 | 0 | |a Banking supervision and COVID-19 |b a handbook |c edited by Klaus Lackhoff |
| 246 | 1 | 3 | |a Banking supervision in times of the Corona crisis |
| 264 | 1 | |a München |b Beck |c 2021 | |
| 264 | 1 | |a Oxford ; New York |b Hart | |
| 264 | 1 | |a Baden-Baden |b Nomos | |
| 300 | |a XV, 283 Seiten |b Illustrationen | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
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| 650 | 0 | 7 | |a Pandemie |0 (DE-588)4737034-8 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a COVID-19 |0 (DE-588)1206347392 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Mitgliedsstaaten |0 (DE-588)4170174-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Bankenaufsicht |0 (DE-588)4004450-6 |2 gnd |9 rswk-swf |
| 653 | |a COVID-19 | ||
| 653 | |a Corona | ||
| 653 | |a Bankenrecht | ||
| 653 | |a Kapitalmarktrecht | ||
| 653 | |a Supervision | ||
| 653 | |a Bankenaufsicht | ||
| 653 | |a SARS CoV 2 | ||
| 653 | |a European Central Bank | ||
| 653 | |a Banking Supervision | ||
| 653 | |a ECB Supervisory Board | ||
| 653 | |a access to credit | ||
| 653 | |a Capital Requirements Directive | ||
| 653 | |a Common Equity Tier 1 | ||
| 653 | |a liquidity coverage ratio | ||
| 653 | |a Pillar 2 Guidance | ||
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| 689 | 0 | 1 | |a Mitgliedsstaaten |0 (DE-588)4170174-4 |D s |
| 689 | 0 | 2 | |a Bankenaufsicht |0 (DE-588)4004450-6 |D s |
| 689 | 0 | 3 | |a COVID-19 |0 (DE-588)1206347392 |D s |
| 689 | 0 | 4 | |a Pandemie |0 (DE-588)4737034-8 |D s |
| 689 | 0 | |5 DE-604 | |
| 700 | 1 | |a Lackhoff, Klaus |0 (DE-588)172803152 |4 edt | |
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| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-032274717 | |
Datensatz im Suchindex
| _version_ | 1820143058973360128 |
|---|---|
| adam_text |
TABLE
OF
CONTENTS
ABBREVIATIONS
.
XIII
LIST
OF
AUTHORS
.
XV
PART
1
INTRODUCTION
BANKING
SUPERVISON
AND
CO
VID-19:
A
FOREWORD
.
1
I.
THE
CORONA
CRISIS
.
1
II.
THE
BROADER
CONTEXT
AT
A
GLIMPSE
.
2
III.
WHAT
DOES
THIS
MEAN
FOR
BANKING
SUPERVISION
IN
EUROPE?
.
3
IV.
THIS
BOOK
.
4
PART
2
THE
EUROPEAN
PERSPECTIVE
-
MEASURES
ON
THE
EUROPEAN
LEVEL
A.
THE
REACTION
OF
THE
EU
LEGISLATOR
-
QUICK
FIX
AMENDMENTS
TO
THE
CAPITAL
REQUIREMENTS
REGULATION
IN
VIEW
OF
THE
CORONA
PANDEMIC
(LEFTEROV)
.
7
I.
CONTEXT
OF
THE
MEASURES
.
7
II.
DESCRIPTION
OF
THE
PRE-EXISTING
(CAPITAL
REQUIREMENTS
REGULATION)
CRR
REGIME
AND
THE
COMMISSION
PROPOSAL
FOR
QUICK
FIXES
.
7
1.
ACCOUNTING
FOR
CORONA-RELATED
LOSSES
-
IFRS
9
AND
ITS
IMPACT
ON
REGULATORY
CAPITAL
.
9
A)
THE
IFRS
9
IMPLEMENTATION
IN
THE
UNION
.
9
B)
THE
STATIC
AND
DYNAMIC
COMPONENT
OF
THE
CHANGE
IN
ECL
PROVISIONS
.
10
C)
THE
PROPOSED
CHANGE
TO
THE
IFSR
9
TRANSITIONAL
ARRANGEMENTS
.
10
2.
TREATMENT
OF
PUBLIC
GUARANTEES
.
11
A)
TREATMENT
OF
NPES
AND
THE
PRUDENTIAL
BACKSTOP
.
11
B)
THE
PROPOSED
TRANSITIONAL
REGIME
FOR
NPES
GUARANTEED
BY
PUBLIC
SECTOR
ENTITIES
.
11
3.
TREATMENT
OF
CENTRAL
BANK
EXPOSURES
UNDER
THE
LEVERAGE
RATIO
.
11
A)
THE
BASEL
DISCUSSIONS
.
11
B)
THE
FIRST
EU
DEBATE
AND
THE
SOLUTION
IN
CRR
2
.
12
C)
DEVELOPMENTS
RELATING
TO
THE
LEVERAGE
RATIO
.
13
D)
THE
CHANGES
PROPOSED
BY
THE
COMMISSION
.
13
4.
DATE
OF
APPLICATION
OF
OTHER
PROVISIONS
.
14
A)
LEVERAGE
RATIO
BUFFER
.
14
B)
TREATMENT
OF
CERTAIN
SOFTWARE
ASSETS
.
14
C)
TREATMENT
OF
CERTAIN
LOANS
BACKED
BY
PENSIONS
OR
SALARIES,
SME
SUPPORTING
FACTOR
AND
THE
INFRASTRUCTURE
SUPPORTING
FACTOR
.
14
III.
FINAL
CRR
AMENDMENTS
ADOPTED
BY
THE
CO-LEGISLATORS
ON
24
JUNE
2020
.
15
1.
DISCUSSION
BY
THE
CO-LEGISLATORS
.
15
2.
IFRS
9
IMPLEMENTATION
.
16
3.
THE
PRUDENTIAL
BACKSTOP
AND
MINIMUM
LOSS
COVERAGE
FOR
NPES
GUARANTEED
BY
PUBLIC
SECTOR
ENTITIES
.
17
4.
THE
EXCLUSION
OF
CENTRAL
BANK
EXPOSURES
FROM
THE
CALCULATION
OF
THE
LEVERAGE
RATIO.
17
5.
CHANGES
TO
THE
TREATMENT
OF
EXPOSURES
TO
GOVERNMENTS
AND
CENTRAL
BANKS
.
18
6.
MARKET
RISK
UNDER
THE
INTERNAL
MODEL
METHOD
.
18
7.
DISTRIBUTIONS
OF
DIVIDENDS
AND
REMUNERATIONS
.
19
8.
OTHER
ELEMENTS
OF
THE
AMENDING
REGULATION
.
20
IV.
LESSONS
LEARNED
.
20
1.
THE
SUBSTANCE
OF
THE
ADOPTED
MEASURES
.
20
2.
THE
ROLE
OF
THE
COMMISSION
AND
THE
SUPERVISORY
AUTHORITIES
IN
THE
LEGISLATIVE
PROCESS
21
V
B.
SUPERVISORY
MEASURES
TAKEN
IN
REACTION
TO
THE
CORONA
CRISIS
-
AN
OVERVIEW
(GRUBER)
.
23
I.
INTRODUCTION
.
23
IL
ANALYSIS
OF
THE
SUPERVISORY
MEASURES
TAKEN
BY
THE
ECB
.
25
1.
USE
OF
CAPITAL
BUFFERS
.
25
2.
CHANGE
TO
THE
COMPOSITION
OF
THE
PILLAR
2
REQUIREMENTS
.
27
3.
RELEASE
OF
LIQUIDITY
BUFFERS
.
27
4.
RESTRICTIONS
OF
DIVIDENDS
AND
BUY-BACKS
.
28
5.
MEASURES
RELATED
TO
CREDIT
RISK
.
30
A)
MEASURES
CONCERNING
THE
TREATMENT
OF
NPLS
.
30
B)
GUIDANCE
MITIGATING
THE
EFFECTS
OF
IFRS
9
.
31
6.
TEMPORARY
REDUCTION
OF
CAPITAL
REQUIREMENTS
FOR
MARKET
RISK
.
32
7.
OPERATIONAL
RELIEF
.
33
III.
PRELIMINARY
ASSESSMENT
OF
THE
SUPERVISORY
MEASURES
TAKEN
BY
THE
ECB
.
34
1.
EFFECTIVENESS
OF
THE
SUPERVISORY
MEASURES
TAKEN
BY
THE
ECB
.
35
2.
REACTIONS
OF
EXTERNAL
STAKEHOLDERS
.
35
3.
KEY
CHARACTERISTICS
OF
THE
ECB
*
S
MEASURES
.
36
A)
COMMON
OBJECTIVE
.
36
B)
FLEXIBILITY
BUT
NO
FORBEARANCE
.
37
C)
TEMPORARY
NATURE
OF
THE
SUPERVISORY
MEASURES
.
37
D)
COOPERATION
WITH
OTHER
AUTHORITIES
.
38
IV.
CONCLUSION
.
38
C.
DIVIDEND
RECOMMENDATION
(RISO/LACKHOFF)
.
40
I.
THE
CONTENT
OF
THE
DIVIDEND
RECOMMENDATION
.
40
1.
MATERIAL
SCOPE
OF
APPLICATION
.
40
2.
PERSONAL
SCOPE
OF
APPLICATION
.
41
3.
RECOMMENDATION
TO
NATIONAL
COMPETENT
AUTHORITIES
(NCAS)
IN
RESPECT
OF
LESS
SIGNIFICANT
INSTITUTIONS
(LSIS).
41
4.
INTERACTION
WITH
OTHER
LEGAL
INSTRUMENTS
.
42
II.
PURPOSES
PURSUED
BY
THE
DIVIDEND
RECOMMENDATION
.
43
1.
SPECIFIC
PURPOSES
PURSUED
BY
THE
DIVIDEND
RECOMMENDATION
.
43
2.
BROADER
CONCEPTUALIZATION
OF
THE
FUNCTION
OF
DIVIDENDS
.
44
3.
OUTLOOK
FOR
FUTURE
DEVELOPMENTS
.
47
III.
WHY
(ONLY)
A
DIVIDEND
RECOMMENDATION?
.
48
IV.
LEVEL
OF
APPLICATION
.
49
1.
SUBSIDIARIES
OF
AN
SSM
GROUP
.
49
2.
PARENT
UNDERTAKING
OUTSIDE
THE
SSM
.
50
V.
MATERIAL
SCOPE
OF
APPLICATION
.
51
1.
DISTRIBUTION
OF
DIVIDENDS
.
51
2.
SHARE
BUY-BACKS
.
52
VI.
PRACTICAL
APPLICATION
.
53
1.
ISSUES
RELATING
TO
THE
MATERIAL
SCOPE
OF
APPLICATION
.
53
2.
ISSUES
RELATING
TO
THE
PERSONAL
SCOPE
OF
APPLICATION
.
55
D.
IFRS
9
AND
THE
CO
VID-19
PANDEMIC
(GRUNBERGER/VANDERVOORT)
.
57
I.
INTRODUCTION
.
57
1.
A
SUMMARY
OF
CRITICAL
ISSUES
RELATED
TO
IAS
39
.
57
2.
ECB
LETTER
TO
BANKS
.
57
II.
IMPAIRMENT
UNDER
IFRS
9
.
59
III.
COLLECTIVE
ASSESSMENT
.
61
1.
THE
STANDARD
.
61
2.
PRACTICE
.
64
3.
ECB
GUIDANCE
.
66
IV.
MACROECONOMIC
FORECASTS
.
67
1.
THE
STANDARD
.
67
A)
REASONABLE
AND
SUPPORTABLE
INFORMATION
.
67
B)
PIT
AND
TTC
.
68
C)
MACROECONOMIC
FORECASTS
.
69
D)
MACROECONOMIC
SCENARIOS
.
70
VI
2.
PRACTICE
.
71
A)
MACROECONOMIC
FORECASTS
.
71
B)
MACROECONOMIC
SCENARIOS
.
71
C)
MODEL
OVERLAYS
.
72
3.
ECB
GUIDANCE
.
72
E.
MEASURES
REGARDING
INTERNAL
MODELS
(LAUTER)
.
74
I.
INTERNAL
MODELS
-
A
SHORT
RECAP
.
74
II.
OPERATIONAL
RELIEF
MEASURES
REGARDING
INTERNAL
MODELS
.
75
1.
EXTENSION
OF
DEADLINES
FOR
INTERNAL
MODEL
RELATED
OBLIGATIONS
.
75
2.
POSTPONEMENT
OF
ISSUANCE
OF
NEW
INTERNAL
MODEL
RELATED
DECISIONS
.
76
3.
EXTENDED
TIMELINE
FOR
SUPERVISORY
BENCHMARKING
.
76
III.
MEASURES
ADDRESSING
INTERNAL
MODELS
FOR
SPECIFIC
RISK
TYPES
.
77
1.
COMPENSATION
OF
MARKET
RISK
MULTIPLIER
INCREASES
DUE
TO
OVERSHOOTINGS
.
78
2.
CRR2
QUICK
FIX
.
79
IV.
IMPACT
OF
OTHER
SUPPORT
MEASURES
ON
INTERNAL
MODELS
.
80
V.
ASSESSMENT
OF
REQUESTS
FOR
INITIAL
APPROVAL,
MATERIAL
CHANGES
OR
EXTENSIONS
.
81
VI.
CONCLUSION
.
81
F.
THE
LEGAL
EFFECTS
OF
NATIONAL
EMERGENCY
LAWS
SUSPENDING
TIME-LIMITS
ON
ECB
SUPERVISORY
PROCEDURES
(ALMHOFER)
.
82
I.
INTRODUCTION
.
82
II.
SOURCES
OF
ADMINISTRATIVE
LAW
ESTABLISHING
TIME-LIMITS
FOR
ECB
SUPERVISORY
PROCEDURES
83
1.
THE
NOTION
OF
*
TIME-LIMITS
*
.
83
2.
TIME-LIMITS
IN
EU
(SOFT)
LAW
APPLICABLE
TO
THE
ECB
.
84
A)
GENERAL
PRINCIPLES
FOR
DETERMINING
PROCEDURAL
RULES
APPLICABLE
TO
THE
ECB
.
84
B)
EU
PRIMARY,
SECONDARY
AND
TERTIARY
LAW
.
84
C)
EU
SOFT
LAW
.
85
3.
TIME-LIMITS
IN
NATIONAL
LAW
APPLICABLE
TO
THE
ECB
.
87
III.
NATIONAL
LAWS
ON
SUSPENDING
TIME-LIMITS
IN
SUPERVISORY
PROCEDURES
.
89
1.
PURPOSE
AND
MODALITIES
OF
SUSPENDING
TIME-LIMITS
.
89
2.
EXAMPLE:
LAWS
AND
REGULATIONS
SUSPENDING
TIME-LIMITS
IN
AUSTRIA
.
90
3.
APPLICATION
OF
NATIONAL
SUSPENSION
MEASURES
BY
THE
ECB
.
92
IV.
CONCLUSION
.
94
PART
3
THE
NATIONAL
PERSPECTIVE
-
MEASURES
ON
THE
NATIONAL
LEVEL
G.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
COVID-19
PANDEMIC
IN
FRANCE
(BONNARD)
.
97
I.
BACKGROUND
.
97
1.
THE
ECONOMIC
AND
LEGAL
ENVIRONMENT
.
97
2.
PRUDENTIAL
IMPACT
ON
CREDIT
INSTITUTIONS
.
99
II.
RELATIONS
WITH
THE
ACPR
.
100
1.
BUSINESS
CONTINUITY
.
100
2.
TEMPORARY
FLEXIBILITY
FOR
SUBMISSION
OF
NATIONAL
PRUDENTIAL
REPORTING,
AND
PUBLIC
DISCLOSURE
.
101
3.
GENERAL
OBSERVATIONS
.
103
III.
MEASURES
INTENDING
TO
PROMOTE
THE
GRANTING
OF
LOANS
TO
CORPORATES
.
104
1.
RELEASE
OF
CAPITAL
BUFFER
.
104
2.
FRENCH
STATE
GUARANTEE
.
104
A)
GENERAL
DESCRIPTION
.
104
B)
PRUDENTIAL
TREATMENT
.
106
3.
ACPR
REQUEST
NOT
TO
PAY
DIVIDENDS
.
109
IV.
COMMITMENTS
UNDERTAKEN
BY
THE
BANKING
SECTOR
.
ILL
H.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
CO
VID-19
PANDEMIC
IN
GERMANY
(WITTE)
.
114
I.
INTRODUCTION
.
114
II.
LEGAL
NATURE
OF
THE
ANNOUNCEMENTS
MADE
BY
BAFIN
AND
BUNDESBANK
.
115
1.
SCOPE
OF
BAFIN
*
S
COMPETENCE
FOR
THE
ISSUANCE
OF
SUPERVISORY
INTERPRETATIONS
.
115
2.
LEGAL
EFFECTS
ARISING
FROM
THE
PUBLICATIONS
MADE
BY
BAFIN
.
116
VII
3.
THE
ROLE
OF
MARISK
.
117
III.
OVERVIEW
OF
THE
INDIVIDUAL
CHANGES
PRONOUNCED
FOR
SUPERVISION
.
118
1.
QUANTITATIVE
SUPERVISION
.
118
A)
CHANGES
TO
CAPITAL
RATIOS
AND
PILLAR
II
CAPITAL
MEASURES
.
118
B)
CHANGES
WITH
REGARD
TO
CREDIT
RISK
FOR
INDIVIDUAL
EXPOSURES
.
120
C)
CHANGES
WITH
REGARD
TO
LARGE
EXPOSURE
LIMITS
.
122
D)
CHANGES
IN
LIQUIDITY
SUPERVISION
.
123
E)
CHANGES
IN
STRESS
TESTING
.
124
2.
QUALITATIVE
SUPERVISION
.
124
A)
CHANGES
TO
REQUIREMENTS
FOR
GOVERNANCE
ARRANGEMENTS
.
124
B)
CHANGES
TO
PROCESSES,
IN
PARTICULAR
LENDING
STANDARDS
.
124
C)
CHANGES
TO
QUALITATIVE
PILLAR
II
MEASURES
.
125
D)
CHANGES
IN
RECOVERY
AND
RESOLUTION
PLANNING
.
125
E)
CHANGES
TO
REPORTING
AND
DISCLOSURE
.
126
F)
CHANGES
TO
THE
WORKING
MODALITIES
OF
SUPERVISORS
.
127
3.
NON-PRUDENTIAL
MATTERS
.
127
IV.
PENDING
REGULATORY
PROJECTS
.
128
V.
CONCLUSION
.
128
J.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
COVID-19
PANDEMIC
IN
ITALY
(PALA/DROGHINI)
.
130
I.
INTRODUCTION
.
130
II.
ITALY
*
S
LEGISLATIVE
PROVISIONS
ON
BANKING
SUPERVISION
IN
RESPONSE
TO
THE
CORONA
CRISIS.
131
1.
THE
GENERAL
SUSPENSION
OF
TERMS
AND
DEADLINES
.
131
2.
THE
EXPANSION
OF
THE
*
GOLDEN
POWERS
*
REGIME
.
133
3.
SUPPORT
MEASURES
FOR
BANKS
IN
LAW
DECREE
NO
34/2020
.
134
III.
SUPERVISORY
MEASURES
ADOPTED
BY
THE
BANK
OF
ITALY
TO
CONFRONT
THE
PANDEMIC
.
135
1.
THE
SPECIFIC
EXTENSIONS
OF
TERMS
AND
DEADLINES
IN
THE
SUPERVISORY
FRAMEWORK
.
135
2.
CAPITAL
AND
LIQUIDITY
RELIEFS
.
140
3.
RECOMMENDATION
ON
DIVIDEND
DISTRIBUTION
AND
REMUNERATION
POLICIES
.
141
4.
BANKS
*
CONTINGENCY
STRATEGIES
.
142
5.
CUSTOMER
PROTECTION
AND
FIGHT
AGAINST
FINANCIAL
CRIME
.
143
IV.
EMERGENCY
NATIONAL
MEASURES
ON
BANKING
RESOLUTION
.
145
V.
CONCLUSIONS
.
146
K.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
COVID-19
PANDEMIC
IN
SPAIN
(FERNANDEZ
RUPEREZ)
.
148
I.
OVERVIEW
.
148
II.
CO
VID-
19
DRIVEN
LEGISLATIVE
MEASURES
IMPLEMENTED
RELEVANT
FOR
BANKS
.
149
1.
SUSPENSION
OF
ADMINISTRATIVE
DEADLINES
AND
TIME
LIMITS
.
149
2.
THE
MORTGAGE
PAYMENT
MORATORIUM
.
150
A)
POLICY
OBJECTIVES
.
150
B)
SCOPE
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
.
150
AA)
OBJECTIVE
SCOPE
.
150
BB)
SUBJECTIVE
SCOPE
.
151
CC)
EFFECTS
OF
THE
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
.
152
D)
APPLICATION
.
152
E)
ABUSE
OF
RIGHT
PROVISIONS
.
152
F)
AD-HOC
REPORTING
OBLIGATIONS
.
153
G)
ELIGIBILITY
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
FOR
THE
PURPOSE
OF
AVOIDING
THE
CLASSIFICATION
OF
EXPOSURES
AS
FORBEARANCE
.
153
H)
IMPACT
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
.
153
3.
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
154
A)
POLICY
OBJECTIVES
.
154
B)
SCOPE
OF
THE
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
154
AA)
OBJECTIVE
SCOPE
.
154
BB)
SUBJECTIVE
SCOPE
.
154
C)
EFFECTS
OF
THE
OF
THE
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
155
D)
APPLICATION
.
155
E)
ABUSE
OF
RIGHT
PROVISIONS
.
155
VIII
F)
AD-HOC
REPORTING
OBLIGATIONS
.
156
G)
ELIGIBILITY
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
FOR
THE
PURPOSE
OF
AVOIDING
THE
CLASSIFICATION
OF
EXPOSURES
AS
FORBEARANCE
.
156
H)
IMPACT
OF
THE
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
156
4.
REGULATION
OF
BANKING
SECTOR
MORATORIA
.
156
A)
MAIN
FEATURES:
SCOPE,
EFFECTS,
PRE-CONTRACTUAL
OBLIGATIONS,
AND
AD-HOC
REPORTING
.
156
B)
INTERACTION
BETWEEN
THE
BANKING
SECTOR
MORATORIA
AND
THE
LEGISLATIVE
MORATORIUMS
157
C)
THE
BANKING
SECTOR
MORATORIA
SUBSCRIBED
.
157
D)
EFFECTS
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
FOR
THE
PURPOSE
OF
AVOIDING
THE
CLASSIFICATION
OF
EXPOSURES
AS
FORBEARANCE
.
158
E)
IMPACT
.
158
5.
OTHER
LEGISLATIVE
MEASURES
.
158
A)
AMENDMENTS
ON
FINANCIAL
REPORTING
RULES
FOR
CREDIT
INSTITUTIONS
.
158
B)
STATE-BACKED
GUARANTEE
SCHEME
.
159
AA)
POLICY
OBJECTIVES
.
159
BB)
DIFFERENT
TRANCHES
OF
THE
GUARANTEE
SCHEME
.
159
CC)
KEY
FEATURES
OF
THE
GUARANTEE
SCHEME
.
160
DD)
PRUDENTIAL
TREATMENT
OF
THE
GUARANTEES
GRANTED
UNDER
THE
GUARANTEE
SCHEME.
161
EE)
COMPATIBILITY
WITH
STATE
AID
RULES
.
161
C)
MEASURES
PROTECTING
THE
NATIONAL
FINANCIAL
INFRASTRUCTURES
FROM
FOREIGN
INVESTORS.
161
III.
COVID-19
DRIVEN
SUPERVISORY
MEASURES
TAKEN
BY
BANCO
DE
ESPANA
.
162
1.
BANCO
DE
ESPANA
APPLIES
THE
ECB
RECOMMENDATION
ON
DIVIDEND
DISTRIBUTION
TO
THE
CREDIT
INSTITUTIONS
UNDER
ITS
SUPERVISION
.
162
2.
SUPERVISORY
AND
ACCOUNTING
MEASURES
RELATING
TO
THE
FLEXIBILITY
ENVISAGED
IN
THE
REGULATORY
FRAMEWORK
IN
VIEW
OF
THE
COVID-19
OUTBREAK
OF
30
MARCH
2020
.
163
A)
SUPERVISORY
MEASURES
.
163
B)
ACCOUNTING
MEASURES
.
163
3.
IMPACT
OF
ECB
*
S
PRUDENTIAL
RECOMMENDATIONS
ON
LESS
SIGNIFICANT
CREDIT
INSTITUTIONS
IN
SPAIN
.
164
4.
BANCO
DE
ESPANA
APPLIES
THE
FLEXIBILITY
AVAILABLE
IN
THE
REGULATIONS
ON
MINIMUM
REQUIREMENTS
FOR
OWN
FUNDS
AND
ELIGIBLE
LIABILITIES
(MREL),
IN
VIEW
OF
THE
IMPACT
OF
COVID-
19
.
165
IV.
CONCLUSION
.
165
PART
4
THE
BANKS
PERSPECTIVE
-
PRUDENTIAL
AND
LEGAL
ISSUES
L.
THE
VIEW
FROM
A
SIGNIFICANT
INSTITUTION
(BAUER-
WEILER/SCARRA)
.
167
I.
EXECUTIVE
SUMMARY
.
167
II.
EFFECTIVENESS
OF
COVID-19-RELATED
MEASURES
.
168
III.
CRISIS
SPECIFIC
AD-HOC
REPORTING
EXPECTATIONS
.
170
IV.
RELEVANCE
OF
GLOBALLY
CONSISTENT
MEASURES
FROM
SUPERVISORS
AND
POLICYMAKERS
.
171
V.
FUNGIBILITY
OF
RESOURCES
AND
FRAGMENTATION
OF
THE
PLAYING
FIELD
.
172
1.
USING
BUFFERS
IN
THE
CURRENT
ENVIRONMENT
.
172
2.
DISTRIBUTION
RESTRICTIONS
.
174
VI.
PRO-CYCLICALITY
.
175
1.
IFRS
9
TRANSITIONAL
ARRANGEMENTS
.
175
2.
VAR
BACK-TESTING
.
177
VII.
A
POSSIBLE
WAY
FORWARD
.
177
M.
IMPACTS
OF
REGULATORY
AND
SUPERVISORY
MEASURES
ON
LESS
SIGNIFICANT
INSTITUTIONS
(LSIS)
DURING
THE
COVID-19-CRISIS
(HOFMANN/ACHTELIK)
.
179
I.
INTRODUCTION
.
179
II.
OVERSIGHT
OF
LSIS
IN
GENERAL
.
180
1.
WHAT
ARE
LSIS?
.
180
2.
SUPERVISION
OF
LSIS
IN
THE
SSM
.
180
3.
SPECIFIC
CHARACTERISTICS
OF
LSIS
.
181
III.
SUPERVISORY
AND
REGULATORY
RELIEFS
IN
REACTION
TO
CORONA
CRISIS
FOR
LSIS
.
181
1.
SPECIFIC
ROLES
OF
EBA,
ECB
AND
NCAS
IN
THE
CRISIS
.
182
IX
2.
TARGETED
RELIEF
MEASURES
FOR
LSIS
.
182
A)
RELIEF
MEASURES
REGARDING
CAPITAL
REQUIREMENTS
.
182
B)
RELIEF
MEASURES
REGARDING
LIQUIDITY
REQUIREMENTS
.
183
C)
RELIEF
MEASURES
REGARDING
RISK
MANAGEMENT
AND
GOVERNANCE
REQUIREMENTS
.
184
D)
(RELIEF)
MEASURES
REGARDING
REPORTING
REQUIREMENTS
.
184
E)
RELIEF
MEASURES
REGARDING
NON-PERFORMING
EXPOSURES
(INCLUDING
PAYMENT
MORATORIA)
.
185
F)
RELIEF
MEASURES
REGARDING
THE
OPERATIONAL
ASPECTS
OF
SUPERVISION
.
186
G)
DIVIDEND
DISTRIBUTION
FOR
THE
FINANCIAL
YEAR
2020
AND
RENUMERATION
.
187
3.
DIGRESSION:
SRB
AND
EX-ANTE
CONTRIBUTIONS
IN
2020
.
188
IV.
LEGISLATIVE
MEASURES
.
189
V.
CONCLUSIONS
.
190
1.
IMPORTANCE
OF
NCAS
.
190
2.
OUTSTANDING
MEASURES
.
191
3.
MAINTENANCE
OF
RELIEF
MEASURES
.
191
4.
PROCYVLICAL
EFFECTS
OF
THE
CRISIS
.
192
5.
BANKS
ARE
PART
OF
THE
SOLUTION
FOR
THIS
CRISIS
.
192
N.
KEY
REGULATORY
AND
MARKET
CHALLENGES
FOR
FINANCIAL
INSTITUTIONS
(BOERSCH/ERB/LELLMANN/WOYAND)
.
193
I.
ECONOMIC
BACKGROUND
.
193
1.
THE
ANATOMY
OF
THE
CRISIS
.
193
2.
IMPACT
OF
COVID-19
ON
THE
ECONOMY
.
194
A)
RECESSION
AND
RECOVERY
.
195
B)
SHORT-
AND
LONG-TERM
CHALLENGES
.
195
II.
REGULATORY
CHALLENGES
FOR
BANKS
DURING
THE
CRISIS
.
196
1.
IMPACT
ON
BANKS
.
196
A)
RISK
MANAGEMENT
.
196
B)
ACCOUNTING
.
197
C)
REGULATION
AND
REPORTING
.
197
2.
OVERVIEW
OF
REGULATORY
ACTIONS
AND
THEIR
OBJECTIVES
.
197
A)
CAPITAL
AND
LIQUIDITY
.
197
B)
ASSET
DETERIORATION
.
200
C)
OPERATIONAL
RELIEF
MEASURES
.
201
3.
IMPLICATIONS
FOR
BANKS
.
202
III.
UPCOMING
CHALLENGES
FOR
THE
EUROPEAN
BANKING
INDUSTRY
IN
THE
LONG-RUN
.
203
1.
INCREASING
NEED
FOR
CONSOLIDATION
.
204
A)
SITUATION
BEFORE
COVID-19:
EUROPEAN
MARKET
SUBJECT
TO
OVERCAPACITIES
AND
LOW
PROFITABILITY
.
204
B)
COVID-19
PUTS
FURTHER
PRESSURE
ON
BANK
PROFITABILITY
.
205
C)
M&A
ACTIVITY
IMPLIES
SEVERAL
CHALLENGES
AT
BANK
LEVEL
.
206
2.
GROWING
PRESSURE
TO
RESHAPE
BUSINESS
MODELS
.
208
A)
SITUATION
BEFORE
COVID-19:
ONGOING
TRANSITION
PROCESS
TOWARDS
NOVEL
BUSINESS
MODELS
.
208
B)
COVID-19
ACCELERATES
THE
NEED
TO
ADJUST
BUSINESS
MODELS
.
209
C)
COVID-19
FURTHER
COMPRESSES
BANKS
*
NET
INTEREST
MARGINS
.
210
D)
COVID-19
INTENSIFIES
COST
OPTIMIZATION
TO
COMPENSATE
FOR
DECLINING
INCOME
LEVELS
210
E)
COVID-19
LEADS
TO
FIERCER
COMPETITION
FROM
THE
NON-BANK
FINANCIAL
SECTOR
.
211
3.
ACCELERATED
DIGITAL
TRANSFORMATION
.
212
A)
SITUATION
BEFORE
COVID-19:
DIGITAL
MATURITY
DIFFERS
ACROSS
EUROPEAN
BANKING
MARKETS
.
212
B)
CO
VID-
19
DRIVES
DIGITAL
TRANSFORMATION
.
213
C)
STRONGER
REPLACEMENT
OF
CASH
BY
DIGITAL
PAYMENTS
.
213
D)
ONLINE
AND
MOBILE
CHANNELS
GAIN
IN
FURTHER
IMPORTANCE
.
215
E)
ACCELERATED
DIGITAL
TRANSFORMATION
IMPLIES
CHALLENGES
AT
BANK
LEVEL
.
216
IV.
CONCLUSION
.
216
X
PART
5
A
LOOK
AHEAD
AND
AROUND
O.
THE
IMPLICATIONS
OF
STATE
AID
RULES
AND
THE
RESOLUTION
REGIME
ON
THE
RECAPITALISATION
OF
BANKS
BY
MEANS
OF
PUBLIC
FUNDS
(VON
BONIN/HEINZ)
.
219
I.
INTRODUCTION
.
219
IL
ADDRESSING
THE
IMPACT
OF
THE
COVID-19
PANDEMIC
ON
THE
SOLVENCY
OF
BANKS
.
220
1.
HEIGHTENED
RISK
OF
INCREASE
IN
DEFAULTS
IN
CREDIT
PORTFOLIOS
.
220
2.
SOURCES
AND
INSTRUMENTS
OF
FUNDING
TO
STRENGTHEN
THE
CAPITAL
BASE
.
220
A)
PUBLIC
INVESTMENT
AS
SOURCE
OF
FUNDING
.
220
AA)
PARI
PASSU
WITH
PRIVATE
SHAREHOLDERS/ON
MARKET
TERMS
.
220
BB)
PUBLIC
SUPPORT
MEASURES
WHERE
AN
INSTITUTION
IS
UNABLE
TO
RAISE
CAPITAL
PRIVATELY
IN
MARKETS
.
220
B)
ELIGIBILITY
OF
INSTRUMENTS
OF
FUNDING
AS
OWN
FUNDS
.
221
III.
COMPATIBILITY
OF
PUBLIC
INVESTMENT
WITH
STATE
AID
RULES
AND
CONDITIONALITY
.
221
1.
INTRODUCTION
AND
OVERVIEW
ON
STATE
AID
MEASURES
IN
THE
BANKING
SECTOR
.
221
2.
CO
VID-
19
AND
PUBLIC
SUPPORT
TO
BANKS
.
223
A)
NO-AID
INVESTMENT
-
PARI
PASSU
ON
MARKET
TERMS
.
223
B)
BANKS
MAY
ALSO
RECEIVE
SO-CALLED
*
DISASTER
AID
*
.
223
C)
STATE
AID
ASSESSED
UNDER
THE
BANKING
RULES
.
224
AA)
THE
NORMAL
RULES
FOR
STATE
AID
IN
THE
FORM
OF
RECAPITALISING
BANKS
.
224
BB)
CO
VID-
19
RELATED
MODIFICATIONS
TO
THE
RULES
FOR
AID
TO
FINANCIAL
INSTITUTIONS
.
225
III.
COMPATIBILITY
OF
PUBLIC
INVESTMENT
WITH
RESOLUTION
REGIME
.
226
1.
CONDITIONS
FOR
RESOLUTION:
FAILING
OR
LIKELY
TO
FAIL?
.
226
A)
EXTRAORDINARY
PUBLIC
FINANCIAL
SUPPORT
.
226
B)
PRECAUTIONARY
RECAPITALISATION
.
227
AA)
CONFINED
TO
SOLVENT
INSTITUTIONS
.
227
BB)
LIMITED
TO
ADDRESS
A
CAPITAL
SHORTFALL
UNDER
ADVERSE
SCENARIO
OF
A
STRESS
TEST.
228
CC)
CONDITIONAL
ON
FINAL
APPROVAL
UNDER
STATE
AID
RULES
.
229
2.
IMPLICATIONS
OF
A
*
FAILING
OR
LIKELY
TO
FAIL
*
ASSESSMENT
.
230
V.
CONCLUSIONS
.
230
VI.
EXCURSUS:
ASSET
RELIEF
MEASURES
.
231
1.
INTRODUCTION
.
231
2.
PUBLIC
INTERVENTION
IN
ASSET
RELIEF
MEASURES
.
232
A)
NO-AID
SOLUTIONS
.
232
B)
IMPAIRED
ASSET
MEASURES
.
233
C)
ASSET
MANAGEMENT
COMPANIES
.
234
P.
REMUNERATION
(GLASOW/SCHAER)
.
236
I.
INTRODUCTION
.
236
II.
GENERAL
PRINCIPLES
.
238
1.
VARIABLE
REMUNERATION:
PAY
FOR
RISK-ADJUSTED
PERFORMANCE
.
238
2.
BONUS
POOL:
MAINTAINING
A
SOUND
CAPITAL
BASIS
.
239
3.
INTERPLAY
BETWEEN
REGULATORY
REQUIREMENTS
AND
CONTRACT
AND
LABOUR
LAW
.
241
III.
IMPLICATIONS
FOR
THE
2020
BONUS
DECISION
IN
RESPECT
OF
THE
BONUS
FOR
2019
.
242
1.
GENERALLY,
NO
IMPACT
OF
COVID-19
ON
TARGET
ACHIEVEMENT
FOR
2019
BONUS
.
242
2.
POTENTIAL
IMPLICATIONS
FOR
DETERMINATION
OF
BONUS
POOL
FOR
2019
BONUSES
.
242
IV.
IMPLICATIONS
FOR
VARIABLE
REMUNERATION
FOR
PERFORMANCE
IN
2020
.
243
1.
ADJUSTMENT
OF
PERFORMANCE
PARAMETERS
.
244
2.
AWARD:
USE
OF
SO-CALLED
MODIFIERS
AT
INSTITUTIONAL
(OR
GROUP)
LEVEL
.
245
3.
AWARD:
GRANTING
AND
VESTING
OF
VARIABLE
REMUNERATION
(EX-ANTE
RISK
ADJUSTMENT
AND
EX-POST
RISK
ADJUSTMENT)
.
246
4.
DETERMINATION
AND
DISTRIBUTION
OF
THE
BONUS
POOL
.
247
A)
DETERMINATION
OF
THE
BONUS
POOL:
REGULATORY
AFFORDABILITY
TEST
.
247
B)
ALIGNMENT
OF
BONUS
POOL
DETERMINATION
WITH
CONTRACT
AND
LABOUR
LAW
CONSIDERATIONS
.
248
AA)
IMPLEMENTATION
OF
SEC.
7(2)
IVV
INTO
THE
REMUNERATION
SYSTEM
.
248
BB)
EQUITABILITY
OF
BONUS
POOL
DETERMINATION
UNDER
CONSIDERATION
OF
THE
AFFORDABILITY
TEST
.
249
XI
C)
DISTRIBUTION
OF
A
REDUCED
BONUS
POOL
.
250
V.
POSSIBLE
AMENDMENTS
TO
REMUNERATION
SYSTEMS
IN
REACTION
TO
CO
VID-
19
.
250
1.
INCREASE
OF
DEFERRED
VARIABLE
REMUNERATION
AND
PAY-OUT
IN
EQUITY
INSTRUMENTS
.
250
2.
INCREASED
USE
OF
QUALITATIVE
AND
RELATIVE
PERFORMANCE
PARAMETERS
.
251
3.
REFRAIN
FROM
CREATING
OBLIGATIONS
TO
PAY
VARIABLE
REMUNERATION
.
252
VI.
CONCLUSION
.
252
Q.
THE
DISPUTE
BETWEEN
BUNDESVERFASSUNGEGRICHT
AND
EUROPEAN
COURT
OF
JUSTICE
CONCERN
ING
THE
LEGALITY
OF
ASSET
PURCHASES
BY
THE
ECB
-
WHAT
DOES
THIS
MEAN
FOR
THE
PANDEMIC
EMERGENCY
PURCHASE
PROGRAMME?
(BEHRENS/SCHADTLE)
.
254
I.
INTRODUCTION
.
254
IL
THE
PEPP
AS
TEMPORARY
CRISIS
INTERVENTION
.
255
III.
OMT
AND
PSPP
AS
BACKGROUND
.
256
1.
THE
OMT
PROGRAMME
.
256
2.
THE
PSPP
.
257
3.
IN
COMPARISON:
THE
PEPP
.
258
IV.
THE
ECB
*
S
PUBLIC
SECTOR
PURCHASE
PROGRAMMES
IN
THE
COURTS
.
259
1.
BUNDESVERFASSUNGSGERICHT
VS.
ECJ:
QUIS
IUDICABIT?
.
259
2.
CRITERIA
FOR
ASSESSING
AN
ECB
PROGRAMME
*
S
LEGALITY
.
261
A)
COMPLIANCE
WITH
THE
ECB
*
S
MONETARY
POLICY
MANDATE
.
261
B)
PROPORTIONALITY
IN
RELATION
TO
THE
OBJECTIVES
OF
MONETARY
POLICY
.
262
C)
COMPATIBILITY
WITH
THE
PROHIBITION
OF
MONETARY
PUBLIC
SECTOR
FINANCING
.
263
V.
THE
LEGALITY
OF
THE
PEPP
.
265
1.
PROPORTIONALITY
OF
THE
PEPP
.
265
2.
THE
PEPP
*
S
COMPATIBILITY
WITH
THE
MONETARY
FINANCING
PROHIBITION
.
266
VI.
OUTLOOK
.
268
R.
ULTRA
VIRES
REVIEW
OF
SSM-
AND
SRM-MEASURES?
REFLECTIONS
ON
THE
RECENT
JURISPRU
DENCE
BY
THE
BUNDESVERFASSUNGSGERICHT
(BERGER)
.
269
I.
INTRODUCTION
.
269
1.
THE
PSPP-JUDGEMENT
OF
THE
BUNDESVERFASSUNGSGERICHT
.
270
2.
CONSEQUENCES
OF
THE
PSPP-JUDGEMENT
.
271
3.
THE
BUNDESVERFASSUNGSGERICHT
AND
THE
BANKING
UNION
.
271
II.
THE
BANKING
UNION-JUDGEMENT
.
272
1.
THE
CONSTITUTIONAL
COMPLAINTS
.
272
2.
DECISION
REGARDING
THE
SSM
.
273
A)
ART.
127(6)
TFEU
AND
TRANSFER
OF
POWERS
TO
THE
ECB
.
273
B)
INDEPENDENCE
OF
THE
SSM
AUTHORITIES
AND
COMPENSATION
OF
DEMOCRATIC
DEFICITS
.
274
AA)
COMPENSATING
THE
ECB
*
S
INDEPENDENCE
.
275
BB)
COMPENSATING
THE
NATIONAL
AUTHORITIES
*
INDEPENDENCE
.
275
3.
DECISION
REGARDING
THE
SRM.
276
A)
ESTABLISHMENT
OF
THE
SRB.
276
B)
COMPENSATION
OF
INDEPENDENCE
OF
THE
SRM
.
276
AA)
INDEPENDENCE
OF
THE
SRB
.
277
BB)
INDEPENDENCE
OF
THE
NATIONAL
RESOLUTION
AUTHORITY
.
277
III.
ULTRA
VIRES
REVIEW
OF
SSM-
AND
SRM-MEASURES?
.
278
1.
STARTING
POINTS
FOR
ULTRA
VIRES
ARGUMENTS
.
278
2.
PROCEDURAL
ISSUES
.
278
A)
CONSTITUTIONAL
COMPLAINTS
BY
CREDIT
INSTITUTIONS
.
278
B)
INDIRECT
CHALLENGES
BEFORE
GERMAN
ADMINISTRATIVE
COURTS
.
279
IV.
CONCLUSION
.
279
INDEX
.
281
XII |
| adam_txt |
TABLE
OF
CONTENTS
ABBREVIATIONS
.
XIII
LIST
OF
AUTHORS
.
XV
PART
1
INTRODUCTION
BANKING
SUPERVISON
AND
CO
VID-19:
A
FOREWORD
.
1
I.
THE
CORONA
CRISIS
.
1
II.
THE
BROADER
CONTEXT
AT
A
GLIMPSE
.
2
III.
WHAT
DOES
THIS
MEAN
FOR
BANKING
SUPERVISION
IN
EUROPE?
.
3
IV.
THIS
BOOK
.
4
PART
2
THE
EUROPEAN
PERSPECTIVE
-
MEASURES
ON
THE
EUROPEAN
LEVEL
A.
THE
REACTION
OF
THE
EU
LEGISLATOR
-
QUICK
FIX
AMENDMENTS
TO
THE
CAPITAL
REQUIREMENTS
REGULATION
IN
VIEW
OF
THE
CORONA
PANDEMIC
(LEFTEROV)
.
7
I.
CONTEXT
OF
THE
MEASURES
.
7
II.
DESCRIPTION
OF
THE
PRE-EXISTING
(CAPITAL
REQUIREMENTS
REGULATION)
CRR
REGIME
AND
THE
COMMISSION
PROPOSAL
FOR
QUICK
FIXES
.
7
1.
ACCOUNTING
FOR
CORONA-RELATED
LOSSES
-
IFRS
9
AND
ITS
IMPACT
ON
REGULATORY
CAPITAL
.
9
A)
THE
IFRS
9
IMPLEMENTATION
IN
THE
UNION
.
9
B)
THE
STATIC
AND
DYNAMIC
COMPONENT
OF
THE
CHANGE
IN
ECL
PROVISIONS
.
10
C)
THE
PROPOSED
CHANGE
TO
THE
IFSR
9
TRANSITIONAL
ARRANGEMENTS
.
10
2.
TREATMENT
OF
PUBLIC
GUARANTEES
.
11
A)
TREATMENT
OF
NPES
AND
THE
PRUDENTIAL
BACKSTOP
.
11
B)
THE
PROPOSED
TRANSITIONAL
REGIME
FOR
NPES
GUARANTEED
BY
PUBLIC
SECTOR
ENTITIES
.
11
3.
TREATMENT
OF
CENTRAL
BANK
EXPOSURES
UNDER
THE
LEVERAGE
RATIO
.
11
A)
THE
BASEL
DISCUSSIONS
.
11
B)
THE
FIRST
EU
DEBATE
AND
THE
SOLUTION
IN
CRR
2
.
12
C)
DEVELOPMENTS
RELATING
TO
THE
LEVERAGE
RATIO
.
13
D)
THE
CHANGES
PROPOSED
BY
THE
COMMISSION
.
13
4.
DATE
OF
APPLICATION
OF
OTHER
PROVISIONS
.
14
A)
LEVERAGE
RATIO
BUFFER
.
14
B)
TREATMENT
OF
CERTAIN
SOFTWARE
ASSETS
.
14
C)
TREATMENT
OF
CERTAIN
LOANS
BACKED
BY
PENSIONS
OR
SALARIES,
SME
SUPPORTING
FACTOR
AND
THE
INFRASTRUCTURE
SUPPORTING
FACTOR
.
14
III.
FINAL
CRR
AMENDMENTS
ADOPTED
BY
THE
CO-LEGISLATORS
ON
24
JUNE
2020
.
15
1.
DISCUSSION
BY
THE
CO-LEGISLATORS
.
15
2.
IFRS
9
IMPLEMENTATION
.
16
3.
THE
PRUDENTIAL
BACKSTOP
AND
MINIMUM
LOSS
COVERAGE
FOR
NPES
GUARANTEED
BY
PUBLIC
SECTOR
ENTITIES
.
17
4.
THE
EXCLUSION
OF
CENTRAL
BANK
EXPOSURES
FROM
THE
CALCULATION
OF
THE
LEVERAGE
RATIO.
17
5.
CHANGES
TO
THE
TREATMENT
OF
EXPOSURES
TO
GOVERNMENTS
AND
CENTRAL
BANKS
.
18
6.
MARKET
RISK
UNDER
THE
INTERNAL
MODEL
METHOD
.
18
7.
DISTRIBUTIONS
OF
DIVIDENDS
AND
REMUNERATIONS
.
19
8.
OTHER
ELEMENTS
OF
THE
AMENDING
REGULATION
.
20
IV.
LESSONS
LEARNED
.
20
1.
THE
SUBSTANCE
OF
THE
ADOPTED
MEASURES
.
20
2.
THE
ROLE
OF
THE
COMMISSION
AND
THE
SUPERVISORY
AUTHORITIES
IN
THE
LEGISLATIVE
PROCESS
21
V
B.
SUPERVISORY
MEASURES
TAKEN
IN
REACTION
TO
THE
CORONA
CRISIS
-
AN
OVERVIEW
(GRUBER)
.
23
I.
INTRODUCTION
.
23
IL
ANALYSIS
OF
THE
SUPERVISORY
MEASURES
TAKEN
BY
THE
ECB
.
25
1.
USE
OF
CAPITAL
BUFFERS
.
25
2.
CHANGE
TO
THE
COMPOSITION
OF
THE
PILLAR
2
REQUIREMENTS
.
27
3.
RELEASE
OF
LIQUIDITY
BUFFERS
.
27
4.
RESTRICTIONS
OF
DIVIDENDS
AND
BUY-BACKS
.
28
5.
MEASURES
RELATED
TO
CREDIT
RISK
.
30
A)
MEASURES
CONCERNING
THE
TREATMENT
OF
NPLS
.
30
B)
GUIDANCE
MITIGATING
THE
EFFECTS
OF
IFRS
9
.
31
6.
TEMPORARY
REDUCTION
OF
CAPITAL
REQUIREMENTS
FOR
MARKET
RISK
.
32
7.
OPERATIONAL
RELIEF
.
33
III.
PRELIMINARY
ASSESSMENT
OF
THE
SUPERVISORY
MEASURES
TAKEN
BY
THE
ECB
.
34
1.
EFFECTIVENESS
OF
THE
SUPERVISORY
MEASURES
TAKEN
BY
THE
ECB
.
35
2.
REACTIONS
OF
EXTERNAL
STAKEHOLDERS
.
35
3.
KEY
CHARACTERISTICS
OF
THE
ECB
*
S
MEASURES
.
36
A)
COMMON
OBJECTIVE
.
36
B)
FLEXIBILITY
BUT
NO
FORBEARANCE
.
37
C)
TEMPORARY
NATURE
OF
THE
SUPERVISORY
MEASURES
.
37
D)
COOPERATION
WITH
OTHER
AUTHORITIES
.
38
IV.
CONCLUSION
.
38
C.
DIVIDEND
RECOMMENDATION
(RISO/LACKHOFF)
.
40
I.
THE
CONTENT
OF
THE
DIVIDEND
RECOMMENDATION
.
40
1.
MATERIAL
SCOPE
OF
APPLICATION
.
40
2.
PERSONAL
SCOPE
OF
APPLICATION
.
41
3.
RECOMMENDATION
TO
NATIONAL
COMPETENT
AUTHORITIES
(NCAS)
IN
RESPECT
OF
LESS
SIGNIFICANT
INSTITUTIONS
(LSIS).
41
4.
INTERACTION
WITH
OTHER
LEGAL
INSTRUMENTS
.
42
II.
PURPOSES
PURSUED
BY
THE
DIVIDEND
RECOMMENDATION
.
43
1.
SPECIFIC
PURPOSES
PURSUED
BY
THE
DIVIDEND
RECOMMENDATION
.
43
2.
BROADER
CONCEPTUALIZATION
OF
THE
FUNCTION
OF
DIVIDENDS
.
44
3.
OUTLOOK
FOR
FUTURE
DEVELOPMENTS
.
47
III.
WHY
(ONLY)
A
DIVIDEND
RECOMMENDATION?
.
48
IV.
LEVEL
OF
APPLICATION
.
49
1.
SUBSIDIARIES
OF
AN
SSM
GROUP
.
49
2.
PARENT
UNDERTAKING
OUTSIDE
THE
SSM
.
50
V.
MATERIAL
SCOPE
OF
APPLICATION
.
51
1.
DISTRIBUTION
OF
DIVIDENDS
.
51
2.
SHARE
BUY-BACKS
.
52
VI.
PRACTICAL
APPLICATION
.
53
1.
ISSUES
RELATING
TO
THE
MATERIAL
SCOPE
OF
APPLICATION
.
53
2.
ISSUES
RELATING
TO
THE
PERSONAL
SCOPE
OF
APPLICATION
.
55
D.
IFRS
9
AND
THE
CO
VID-19
PANDEMIC
(GRUNBERGER/VANDERVOORT)
.
57
I.
INTRODUCTION
.
57
1.
A
SUMMARY
OF
CRITICAL
ISSUES
RELATED
TO
IAS
39
.
57
2.
ECB
LETTER
TO
BANKS
.
57
II.
IMPAIRMENT
UNDER
IFRS
9
.
59
III.
COLLECTIVE
ASSESSMENT
.
61
1.
THE
STANDARD
.
61
2.
PRACTICE
.
64
3.
ECB
GUIDANCE
.
66
IV.
MACROECONOMIC
FORECASTS
.
67
1.
THE
STANDARD
.
67
A)
REASONABLE
AND
SUPPORTABLE
INFORMATION
.
67
B)
PIT
AND
TTC
.
68
C)
MACROECONOMIC
FORECASTS
.
69
D)
MACROECONOMIC
SCENARIOS
.
70
VI
2.
PRACTICE
.
71
A)
MACROECONOMIC
FORECASTS
.
71
B)
MACROECONOMIC
SCENARIOS
.
71
C)
MODEL
OVERLAYS
.
72
3.
ECB
GUIDANCE
.
72
E.
MEASURES
REGARDING
INTERNAL
MODELS
(LAUTER)
.
74
I.
INTERNAL
MODELS
-
A
SHORT
RECAP
.
74
II.
OPERATIONAL
RELIEF
MEASURES
REGARDING
INTERNAL
MODELS
.
75
1.
EXTENSION
OF
DEADLINES
FOR
INTERNAL
MODEL
RELATED
OBLIGATIONS
.
75
2.
POSTPONEMENT
OF
ISSUANCE
OF
NEW
INTERNAL
MODEL
RELATED
DECISIONS
.
76
3.
EXTENDED
TIMELINE
FOR
SUPERVISORY
BENCHMARKING
.
76
III.
MEASURES
ADDRESSING
INTERNAL
MODELS
FOR
SPECIFIC
RISK
TYPES
.
77
1.
COMPENSATION
OF
MARKET
RISK
MULTIPLIER
INCREASES
DUE
TO
OVERSHOOTINGS
.
78
2.
CRR2
QUICK
FIX
.
79
IV.
IMPACT
OF
OTHER
SUPPORT
MEASURES
ON
INTERNAL
MODELS
.
80
V.
ASSESSMENT
OF
REQUESTS
FOR
INITIAL
APPROVAL,
MATERIAL
CHANGES
OR
EXTENSIONS
.
81
VI.
CONCLUSION
.
81
F.
THE
LEGAL
EFFECTS
OF
NATIONAL
EMERGENCY
LAWS
SUSPENDING
TIME-LIMITS
ON
ECB
SUPERVISORY
PROCEDURES
(ALMHOFER)
.
82
I.
INTRODUCTION
.
82
II.
SOURCES
OF
ADMINISTRATIVE
LAW
ESTABLISHING
TIME-LIMITS
FOR
ECB
SUPERVISORY
PROCEDURES
83
1.
THE
NOTION
OF
*
TIME-LIMITS
*
.
83
2.
TIME-LIMITS
IN
EU
(SOFT)
LAW
APPLICABLE
TO
THE
ECB
.
84
A)
GENERAL
PRINCIPLES
FOR
DETERMINING
PROCEDURAL
RULES
APPLICABLE
TO
THE
ECB
.
84
B)
EU
PRIMARY,
SECONDARY
AND
TERTIARY
LAW
.
84
C)
EU
SOFT
LAW
.
85
3.
TIME-LIMITS
IN
NATIONAL
LAW
APPLICABLE
TO
THE
ECB
.
87
III.
NATIONAL
LAWS
ON
SUSPENDING
TIME-LIMITS
IN
SUPERVISORY
PROCEDURES
.
89
1.
PURPOSE
AND
MODALITIES
OF
SUSPENDING
TIME-LIMITS
.
89
2.
EXAMPLE:
LAWS
AND
REGULATIONS
SUSPENDING
TIME-LIMITS
IN
AUSTRIA
.
90
3.
APPLICATION
OF
NATIONAL
SUSPENSION
MEASURES
BY
THE
ECB
.
92
IV.
CONCLUSION
.
94
PART
3
THE
NATIONAL
PERSPECTIVE
-
MEASURES
ON
THE
NATIONAL
LEVEL
G.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
COVID-19
PANDEMIC
IN
FRANCE
(BONNARD)
.
97
I.
BACKGROUND
.
97
1.
THE
ECONOMIC
AND
LEGAL
ENVIRONMENT
.
97
2.
PRUDENTIAL
IMPACT
ON
CREDIT
INSTITUTIONS
.
99
II.
RELATIONS
WITH
THE
ACPR
.
100
1.
BUSINESS
CONTINUITY
.
100
2.
TEMPORARY
FLEXIBILITY
FOR
SUBMISSION
OF
NATIONAL
PRUDENTIAL
REPORTING,
AND
PUBLIC
DISCLOSURE
.
101
3.
GENERAL
OBSERVATIONS
.
103
III.
MEASURES
INTENDING
TO
PROMOTE
THE
GRANTING
OF
LOANS
TO
CORPORATES
.
104
1.
RELEASE
OF
CAPITAL
BUFFER
.
104
2.
FRENCH
STATE
GUARANTEE
.
104
A)
GENERAL
DESCRIPTION
.
104
B)
PRUDENTIAL
TREATMENT
.
106
3.
ACPR
REQUEST
NOT
TO
PAY
DIVIDENDS
.
109
IV.
COMMITMENTS
UNDERTAKEN
BY
THE
BANKING
SECTOR
.
ILL
H.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
CO
VID-19
PANDEMIC
IN
GERMANY
(WITTE)
.
114
I.
INTRODUCTION
.
114
II.
LEGAL
NATURE
OF
THE
ANNOUNCEMENTS
MADE
BY
BAFIN
AND
BUNDESBANK
.
115
1.
SCOPE
OF
BAFIN
*
S
COMPETENCE
FOR
THE
ISSUANCE
OF
SUPERVISORY
INTERPRETATIONS
.
115
2.
LEGAL
EFFECTS
ARISING
FROM
THE
PUBLICATIONS
MADE
BY
BAFIN
.
116
VII
3.
THE
ROLE
OF
MARISK
.
117
III.
OVERVIEW
OF
THE
INDIVIDUAL
CHANGES
PRONOUNCED
FOR
SUPERVISION
.
118
1.
QUANTITATIVE
SUPERVISION
.
118
A)
CHANGES
TO
CAPITAL
RATIOS
AND
PILLAR
II
CAPITAL
MEASURES
.
118
B)
CHANGES
WITH
REGARD
TO
CREDIT
RISK
FOR
INDIVIDUAL
EXPOSURES
.
120
C)
CHANGES
WITH
REGARD
TO
LARGE
EXPOSURE
LIMITS
.
122
D)
CHANGES
IN
LIQUIDITY
SUPERVISION
.
123
E)
CHANGES
IN
STRESS
TESTING
.
124
2.
QUALITATIVE
SUPERVISION
.
124
A)
CHANGES
TO
REQUIREMENTS
FOR
GOVERNANCE
ARRANGEMENTS
.
124
B)
CHANGES
TO
PROCESSES,
IN
PARTICULAR
LENDING
STANDARDS
.
124
C)
CHANGES
TO
QUALITATIVE
PILLAR
II
MEASURES
.
125
D)
CHANGES
IN
RECOVERY
AND
RESOLUTION
PLANNING
.
125
E)
CHANGES
TO
REPORTING
AND
DISCLOSURE
.
126
F)
CHANGES
TO
THE
WORKING
MODALITIES
OF
SUPERVISORS
.
127
3.
NON-PRUDENTIAL
MATTERS
.
127
IV.
PENDING
REGULATORY
PROJECTS
.
128
V.
CONCLUSION
.
128
J.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
COVID-19
PANDEMIC
IN
ITALY
(PALA/DROGHINI)
.
130
I.
INTRODUCTION
.
130
II.
ITALY
*
S
LEGISLATIVE
PROVISIONS
ON
BANKING
SUPERVISION
IN
RESPONSE
TO
THE
CORONA
CRISIS.
131
1.
THE
GENERAL
SUSPENSION
OF
TERMS
AND
DEADLINES
.
131
2.
THE
EXPANSION
OF
THE
*
GOLDEN
POWERS
*
REGIME
.
133
3.
SUPPORT
MEASURES
FOR
BANKS
IN
LAW
DECREE
NO
34/2020
.
134
III.
SUPERVISORY
MEASURES
ADOPTED
BY
THE
BANK
OF
ITALY
TO
CONFRONT
THE
PANDEMIC
.
135
1.
THE
SPECIFIC
EXTENSIONS
OF
TERMS
AND
DEADLINES
IN
THE
SUPERVISORY
FRAMEWORK
.
135
2.
CAPITAL
AND
LIQUIDITY
RELIEFS
.
140
3.
RECOMMENDATION
ON
DIVIDEND
DISTRIBUTION
AND
REMUNERATION
POLICIES
.
141
4.
BANKS
*
CONTINGENCY
STRATEGIES
.
142
5.
CUSTOMER
PROTECTION
AND
FIGHT
AGAINST
FINANCIAL
CRIME
.
143
IV.
EMERGENCY
NATIONAL
MEASURES
ON
BANKING
RESOLUTION
.
145
V.
CONCLUSIONS
.
146
K.
SUPERVISORY
MEASURES
IN
RESPONSE
TO
THE
COVID-19
PANDEMIC
IN
SPAIN
(FERNANDEZ
RUPEREZ)
.
148
I.
OVERVIEW
.
148
II.
CO
VID-
19
DRIVEN
LEGISLATIVE
MEASURES
IMPLEMENTED
RELEVANT
FOR
BANKS
.
149
1.
SUSPENSION
OF
ADMINISTRATIVE
DEADLINES
AND
TIME
LIMITS
.
149
2.
THE
MORTGAGE
PAYMENT
MORATORIUM
.
150
A)
POLICY
OBJECTIVES
.
150
B)
SCOPE
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
.
150
AA)
OBJECTIVE
SCOPE
.
150
BB)
SUBJECTIVE
SCOPE
.
151
CC)
EFFECTS
OF
THE
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
.
152
D)
APPLICATION
.
152
E)
ABUSE
OF
RIGHT
PROVISIONS
.
152
F)
AD-HOC
REPORTING
OBLIGATIONS
.
153
G)
ELIGIBILITY
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
FOR
THE
PURPOSE
OF
AVOIDING
THE
CLASSIFICATION
OF
EXPOSURES
AS
FORBEARANCE
.
153
H)
IMPACT
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
.
153
3.
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
154
A)
POLICY
OBJECTIVES
.
154
B)
SCOPE
OF
THE
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
154
AA)
OBJECTIVE
SCOPE
.
154
BB)
SUBJECTIVE
SCOPE
.
154
C)
EFFECTS
OF
THE
OF
THE
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
155
D)
APPLICATION
.
155
E)
ABUSE
OF
RIGHT
PROVISIONS
.
155
VIII
F)
AD-HOC
REPORTING
OBLIGATIONS
.
156
G)
ELIGIBILITY
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
FOR
THE
PURPOSE
OF
AVOIDING
THE
CLASSIFICATION
OF
EXPOSURES
AS
FORBEARANCE
.
156
H)
IMPACT
OF
THE
UNSECURED
LOANS
PAYMENT
MORATORIUM
.
156
4.
REGULATION
OF
BANKING
SECTOR
MORATORIA
.
156
A)
MAIN
FEATURES:
SCOPE,
EFFECTS,
PRE-CONTRACTUAL
OBLIGATIONS,
AND
AD-HOC
REPORTING
.
156
B)
INTERACTION
BETWEEN
THE
BANKING
SECTOR
MORATORIA
AND
THE
LEGISLATIVE
MORATORIUMS
157
C)
THE
BANKING
SECTOR
MORATORIA
SUBSCRIBED
.
157
D)
EFFECTS
OF
THE
MORTGAGE
PAYMENT
MORATORIUM
FOR
THE
PURPOSE
OF
AVOIDING
THE
CLASSIFICATION
OF
EXPOSURES
AS
FORBEARANCE
.
158
E)
IMPACT
.
158
5.
OTHER
LEGISLATIVE
MEASURES
.
158
A)
AMENDMENTS
ON
FINANCIAL
REPORTING
RULES
FOR
CREDIT
INSTITUTIONS
.
158
B)
STATE-BACKED
GUARANTEE
SCHEME
.
159
AA)
POLICY
OBJECTIVES
.
159
BB)
DIFFERENT
TRANCHES
OF
THE
GUARANTEE
SCHEME
.
159
CC)
KEY
FEATURES
OF
THE
GUARANTEE
SCHEME
.
160
DD)
PRUDENTIAL
TREATMENT
OF
THE
GUARANTEES
GRANTED
UNDER
THE
GUARANTEE
SCHEME.
161
EE)
COMPATIBILITY
WITH
STATE
AID
RULES
.
161
C)
MEASURES
PROTECTING
THE
NATIONAL
FINANCIAL
INFRASTRUCTURES
FROM
FOREIGN
INVESTORS.
161
III.
COVID-19
DRIVEN
SUPERVISORY
MEASURES
TAKEN
BY
BANCO
DE
ESPANA
.
162
1.
BANCO
DE
ESPANA
APPLIES
THE
ECB
RECOMMENDATION
ON
DIVIDEND
DISTRIBUTION
TO
THE
CREDIT
INSTITUTIONS
UNDER
ITS
SUPERVISION
.
162
2.
SUPERVISORY
AND
ACCOUNTING
MEASURES
RELATING
TO
THE
FLEXIBILITY
ENVISAGED
IN
THE
REGULATORY
FRAMEWORK
IN
VIEW
OF
THE
COVID-19
OUTBREAK
OF
30
MARCH
2020
.
163
A)
SUPERVISORY
MEASURES
.
163
B)
ACCOUNTING
MEASURES
.
163
3.
IMPACT
OF
ECB
*
S
PRUDENTIAL
RECOMMENDATIONS
ON
LESS
SIGNIFICANT
CREDIT
INSTITUTIONS
IN
SPAIN
.
164
4.
BANCO
DE
ESPANA
APPLIES
THE
FLEXIBILITY
AVAILABLE
IN
THE
REGULATIONS
ON
MINIMUM
REQUIREMENTS
FOR
OWN
FUNDS
AND
ELIGIBLE
LIABILITIES
(MREL),
IN
VIEW
OF
THE
IMPACT
OF
COVID-
19
.
165
IV.
CONCLUSION
.
165
PART
4
THE
BANKS
PERSPECTIVE
-
PRUDENTIAL
AND
LEGAL
ISSUES
L.
THE
VIEW
FROM
A
SIGNIFICANT
INSTITUTION
(BAUER-
WEILER/SCARRA)
.
167
I.
EXECUTIVE
SUMMARY
.
167
II.
EFFECTIVENESS
OF
COVID-19-RELATED
MEASURES
.
168
III.
CRISIS
SPECIFIC
AD-HOC
REPORTING
EXPECTATIONS
.
170
IV.
RELEVANCE
OF
GLOBALLY
CONSISTENT
MEASURES
FROM
SUPERVISORS
AND
POLICYMAKERS
.
171
V.
FUNGIBILITY
OF
RESOURCES
AND
FRAGMENTATION
OF
THE
PLAYING
FIELD
.
172
1.
USING
BUFFERS
IN
THE
CURRENT
ENVIRONMENT
.
172
2.
DISTRIBUTION
RESTRICTIONS
.
174
VI.
PRO-CYCLICALITY
.
175
1.
IFRS
9
TRANSITIONAL
ARRANGEMENTS
.
175
2.
VAR
BACK-TESTING
.
177
VII.
A
POSSIBLE
WAY
FORWARD
.
177
M.
IMPACTS
OF
REGULATORY
AND
SUPERVISORY
MEASURES
ON
LESS
SIGNIFICANT
INSTITUTIONS
(LSIS)
DURING
THE
COVID-19-CRISIS
(HOFMANN/ACHTELIK)
.
179
I.
INTRODUCTION
.
179
II.
OVERSIGHT
OF
LSIS
IN
GENERAL
.
180
1.
WHAT
ARE
LSIS?
.
180
2.
SUPERVISION
OF
LSIS
IN
THE
SSM
.
180
3.
SPECIFIC
CHARACTERISTICS
OF
LSIS
.
181
III.
SUPERVISORY
AND
REGULATORY
RELIEFS
IN
REACTION
TO
CORONA
CRISIS
FOR
LSIS
.
181
1.
SPECIFIC
ROLES
OF
EBA,
ECB
AND
NCAS
IN
THE
CRISIS
.
182
IX
2.
TARGETED
RELIEF
MEASURES
FOR
LSIS
.
182
A)
RELIEF
MEASURES
REGARDING
CAPITAL
REQUIREMENTS
.
182
B)
RELIEF
MEASURES
REGARDING
LIQUIDITY
REQUIREMENTS
.
183
C)
RELIEF
MEASURES
REGARDING
RISK
MANAGEMENT
AND
GOVERNANCE
REQUIREMENTS
.
184
D)
(RELIEF)
MEASURES
REGARDING
REPORTING
REQUIREMENTS
.
184
E)
RELIEF
MEASURES
REGARDING
NON-PERFORMING
EXPOSURES
(INCLUDING
PAYMENT
MORATORIA)
.
185
F)
RELIEF
MEASURES
REGARDING
THE
OPERATIONAL
ASPECTS
OF
SUPERVISION
.
186
G)
DIVIDEND
DISTRIBUTION
FOR
THE
FINANCIAL
YEAR
2020
AND
RENUMERATION
.
187
3.
DIGRESSION:
SRB
AND
EX-ANTE
CONTRIBUTIONS
IN
2020
.
188
IV.
LEGISLATIVE
MEASURES
.
189
V.
CONCLUSIONS
.
190
1.
IMPORTANCE
OF
NCAS
.
190
2.
OUTSTANDING
MEASURES
.
191
3.
MAINTENANCE
OF
RELIEF
MEASURES
.
191
4.
PROCYVLICAL
EFFECTS
OF
THE
CRISIS
.
192
5.
BANKS
ARE
PART
OF
THE
SOLUTION
FOR
THIS
CRISIS
.
192
N.
KEY
REGULATORY
AND
MARKET
CHALLENGES
FOR
FINANCIAL
INSTITUTIONS
(BOERSCH/ERB/LELLMANN/WOYAND)
.
193
I.
ECONOMIC
BACKGROUND
.
193
1.
THE
ANATOMY
OF
THE
CRISIS
.
193
2.
IMPACT
OF
COVID-19
ON
THE
ECONOMY
.
194
A)
RECESSION
AND
RECOVERY
.
195
B)
SHORT-
AND
LONG-TERM
CHALLENGES
.
195
II.
REGULATORY
CHALLENGES
FOR
BANKS
DURING
THE
CRISIS
.
196
1.
IMPACT
ON
BANKS
.
196
A)
RISK
MANAGEMENT
.
196
B)
ACCOUNTING
.
197
C)
REGULATION
AND
REPORTING
.
197
2.
OVERVIEW
OF
REGULATORY
ACTIONS
AND
THEIR
OBJECTIVES
.
197
A)
CAPITAL
AND
LIQUIDITY
.
197
B)
ASSET
DETERIORATION
.
200
C)
OPERATIONAL
RELIEF
MEASURES
.
201
3.
IMPLICATIONS
FOR
BANKS
.
202
III.
UPCOMING
CHALLENGES
FOR
THE
EUROPEAN
BANKING
INDUSTRY
IN
THE
LONG-RUN
.
203
1.
INCREASING
NEED
FOR
CONSOLIDATION
.
204
A)
SITUATION
BEFORE
COVID-19:
EUROPEAN
MARKET
SUBJECT
TO
OVERCAPACITIES
AND
LOW
PROFITABILITY
.
204
B)
COVID-19
PUTS
FURTHER
PRESSURE
ON
BANK
PROFITABILITY
.
205
C)
M&A
ACTIVITY
IMPLIES
SEVERAL
CHALLENGES
AT
BANK
LEVEL
.
206
2.
GROWING
PRESSURE
TO
RESHAPE
BUSINESS
MODELS
.
208
A)
SITUATION
BEFORE
COVID-19:
ONGOING
TRANSITION
PROCESS
TOWARDS
NOVEL
BUSINESS
MODELS
.
208
B)
COVID-19
ACCELERATES
THE
NEED
TO
ADJUST
BUSINESS
MODELS
.
209
C)
COVID-19
FURTHER
COMPRESSES
BANKS
*
NET
INTEREST
MARGINS
.
210
D)
COVID-19
INTENSIFIES
COST
OPTIMIZATION
TO
COMPENSATE
FOR
DECLINING
INCOME
LEVELS
210
E)
COVID-19
LEADS
TO
FIERCER
COMPETITION
FROM
THE
NON-BANK
FINANCIAL
SECTOR
.
211
3.
ACCELERATED
DIGITAL
TRANSFORMATION
.
212
A)
SITUATION
BEFORE
COVID-19:
DIGITAL
MATURITY
DIFFERS
ACROSS
EUROPEAN
BANKING
MARKETS
.
212
B)
CO
VID-
19
DRIVES
DIGITAL
TRANSFORMATION
.
213
C)
STRONGER
REPLACEMENT
OF
CASH
BY
DIGITAL
PAYMENTS
.
213
D)
ONLINE
AND
MOBILE
CHANNELS
GAIN
IN
FURTHER
IMPORTANCE
.
215
E)
ACCELERATED
DIGITAL
TRANSFORMATION
IMPLIES
CHALLENGES
AT
BANK
LEVEL
.
216
IV.
CONCLUSION
.
216
X
PART
5
A
LOOK
AHEAD
AND
AROUND
O.
THE
IMPLICATIONS
OF
STATE
AID
RULES
AND
THE
RESOLUTION
REGIME
ON
THE
RECAPITALISATION
OF
BANKS
BY
MEANS
OF
PUBLIC
FUNDS
(VON
BONIN/HEINZ)
.
219
I.
INTRODUCTION
.
219
IL
ADDRESSING
THE
IMPACT
OF
THE
COVID-19
PANDEMIC
ON
THE
SOLVENCY
OF
BANKS
.
220
1.
HEIGHTENED
RISK
OF
INCREASE
IN
DEFAULTS
IN
CREDIT
PORTFOLIOS
.
220
2.
SOURCES
AND
INSTRUMENTS
OF
FUNDING
TO
STRENGTHEN
THE
CAPITAL
BASE
.
220
A)
PUBLIC
INVESTMENT
AS
SOURCE
OF
FUNDING
.
220
AA)
PARI
PASSU
WITH
PRIVATE
SHAREHOLDERS/ON
MARKET
TERMS
.
220
BB)
PUBLIC
SUPPORT
MEASURES
WHERE
AN
INSTITUTION
IS
UNABLE
TO
RAISE
CAPITAL
PRIVATELY
IN
MARKETS
.
220
B)
ELIGIBILITY
OF
INSTRUMENTS
OF
FUNDING
AS
OWN
FUNDS
.
221
III.
COMPATIBILITY
OF
PUBLIC
INVESTMENT
WITH
STATE
AID
RULES
AND
CONDITIONALITY
.
221
1.
INTRODUCTION
AND
OVERVIEW
ON
STATE
AID
MEASURES
IN
THE
BANKING
SECTOR
.
221
2.
CO
VID-
19
AND
PUBLIC
SUPPORT
TO
BANKS
.
223
A)
NO-AID
INVESTMENT
-
PARI
PASSU
ON
MARKET
TERMS
.
223
B)
BANKS
MAY
ALSO
RECEIVE
SO-CALLED
*
DISASTER
AID
*
.
223
C)
STATE
AID
ASSESSED
UNDER
THE
BANKING
RULES
.
224
AA)
THE
NORMAL
RULES
FOR
STATE
AID
IN
THE
FORM
OF
RECAPITALISING
BANKS
.
224
BB)
CO
VID-
19
RELATED
MODIFICATIONS
TO
THE
RULES
FOR
AID
TO
FINANCIAL
INSTITUTIONS
.
225
III.
COMPATIBILITY
OF
PUBLIC
INVESTMENT
WITH
RESOLUTION
REGIME
.
226
1.
CONDITIONS
FOR
RESOLUTION:
FAILING
OR
LIKELY
TO
FAIL?
.
226
A)
EXTRAORDINARY
PUBLIC
FINANCIAL
SUPPORT
.
226
B)
PRECAUTIONARY
RECAPITALISATION
.
227
AA)
CONFINED
TO
SOLVENT
INSTITUTIONS
.
227
BB)
LIMITED
TO
ADDRESS
A
CAPITAL
SHORTFALL
UNDER
ADVERSE
SCENARIO
OF
A
STRESS
TEST.
228
CC)
CONDITIONAL
ON
FINAL
APPROVAL
UNDER
STATE
AID
RULES
.
229
2.
IMPLICATIONS
OF
A
*
FAILING
OR
LIKELY
TO
FAIL
*
ASSESSMENT
.
230
V.
CONCLUSIONS
.
230
VI.
EXCURSUS:
ASSET
RELIEF
MEASURES
.
231
1.
INTRODUCTION
.
231
2.
PUBLIC
INTERVENTION
IN
ASSET
RELIEF
MEASURES
.
232
A)
NO-AID
SOLUTIONS
.
232
B)
IMPAIRED
ASSET
MEASURES
.
233
C)
ASSET
MANAGEMENT
COMPANIES
.
234
P.
REMUNERATION
(GLASOW/SCHAER)
.
236
I.
INTRODUCTION
.
236
II.
GENERAL
PRINCIPLES
.
238
1.
VARIABLE
REMUNERATION:
PAY
FOR
RISK-ADJUSTED
PERFORMANCE
.
238
2.
BONUS
POOL:
MAINTAINING
A
SOUND
CAPITAL
BASIS
.
239
3.
INTERPLAY
BETWEEN
REGULATORY
REQUIREMENTS
AND
CONTRACT
AND
LABOUR
LAW
.
241
III.
IMPLICATIONS
FOR
THE
2020
BONUS
DECISION
IN
RESPECT
OF
THE
BONUS
FOR
2019
.
242
1.
GENERALLY,
NO
IMPACT
OF
COVID-19
ON
TARGET
ACHIEVEMENT
FOR
2019
BONUS
.
242
2.
POTENTIAL
IMPLICATIONS
FOR
DETERMINATION
OF
BONUS
POOL
FOR
2019
BONUSES
.
242
IV.
IMPLICATIONS
FOR
VARIABLE
REMUNERATION
FOR
PERFORMANCE
IN
2020
.
243
1.
ADJUSTMENT
OF
PERFORMANCE
PARAMETERS
.
244
2.
AWARD:
USE
OF
SO-CALLED
MODIFIERS
AT
INSTITUTIONAL
(OR
GROUP)
LEVEL
.
245
3.
AWARD:
GRANTING
AND
VESTING
OF
VARIABLE
REMUNERATION
(EX-ANTE
RISK
ADJUSTMENT
AND
EX-POST
RISK
ADJUSTMENT)
.
246
4.
DETERMINATION
AND
DISTRIBUTION
OF
THE
BONUS
POOL
.
247
A)
DETERMINATION
OF
THE
BONUS
POOL:
REGULATORY
AFFORDABILITY
TEST
.
247
B)
ALIGNMENT
OF
BONUS
POOL
DETERMINATION
WITH
CONTRACT
AND
LABOUR
LAW
CONSIDERATIONS
.
248
AA)
IMPLEMENTATION
OF
SEC.
7(2)
IVV
INTO
THE
REMUNERATION
SYSTEM
.
248
BB)
EQUITABILITY
OF
BONUS
POOL
DETERMINATION
UNDER
CONSIDERATION
OF
THE
AFFORDABILITY
TEST
.
249
XI
C)
DISTRIBUTION
OF
A
REDUCED
BONUS
POOL
.
250
V.
POSSIBLE
AMENDMENTS
TO
REMUNERATION
SYSTEMS
IN
REACTION
TO
CO
VID-
19
.
250
1.
INCREASE
OF
DEFERRED
VARIABLE
REMUNERATION
AND
PAY-OUT
IN
EQUITY
INSTRUMENTS
.
250
2.
INCREASED
USE
OF
QUALITATIVE
AND
RELATIVE
PERFORMANCE
PARAMETERS
.
251
3.
REFRAIN
FROM
CREATING
OBLIGATIONS
TO
PAY
VARIABLE
REMUNERATION
.
252
VI.
CONCLUSION
.
252
Q.
THE
DISPUTE
BETWEEN
BUNDESVERFASSUNGEGRICHT
AND
EUROPEAN
COURT
OF
JUSTICE
CONCERN
ING
THE
LEGALITY
OF
ASSET
PURCHASES
BY
THE
ECB
-
WHAT
DOES
THIS
MEAN
FOR
THE
PANDEMIC
EMERGENCY
PURCHASE
PROGRAMME?
(BEHRENS/SCHADTLE)
.
254
I.
INTRODUCTION
.
254
IL
THE
PEPP
AS
TEMPORARY
CRISIS
INTERVENTION
.
255
III.
OMT
AND
PSPP
AS
BACKGROUND
.
256
1.
THE
OMT
PROGRAMME
.
256
2.
THE
PSPP
.
257
3.
IN
COMPARISON:
THE
PEPP
.
258
IV.
THE
ECB
*
S
PUBLIC
SECTOR
PURCHASE
PROGRAMMES
IN
THE
COURTS
.
259
1.
BUNDESVERFASSUNGSGERICHT
VS.
ECJ:
QUIS
IUDICABIT?
.
259
2.
CRITERIA
FOR
ASSESSING
AN
ECB
PROGRAMME
*
S
LEGALITY
.
261
A)
COMPLIANCE
WITH
THE
ECB
*
S
MONETARY
POLICY
MANDATE
.
261
B)
PROPORTIONALITY
IN
RELATION
TO
THE
OBJECTIVES
OF
MONETARY
POLICY
.
262
C)
COMPATIBILITY
WITH
THE
PROHIBITION
OF
MONETARY
PUBLIC
SECTOR
FINANCING
.
263
V.
THE
LEGALITY
OF
THE
PEPP
.
265
1.
PROPORTIONALITY
OF
THE
PEPP
.
265
2.
THE
PEPP
*
S
COMPATIBILITY
WITH
THE
MONETARY
FINANCING
PROHIBITION
.
266
VI.
OUTLOOK
.
268
R.
ULTRA
VIRES
REVIEW
OF
SSM-
AND
SRM-MEASURES?
REFLECTIONS
ON
THE
RECENT
JURISPRU
DENCE
BY
THE
BUNDESVERFASSUNGSGERICHT
(BERGER)
.
269
I.
INTRODUCTION
.
269
1.
THE
PSPP-JUDGEMENT
OF
THE
BUNDESVERFASSUNGSGERICHT
.
270
2.
CONSEQUENCES
OF
THE
PSPP-JUDGEMENT
.
271
3.
THE
BUNDESVERFASSUNGSGERICHT
AND
THE
BANKING
UNION
.
271
II.
THE
BANKING
UNION-JUDGEMENT
.
272
1.
THE
CONSTITUTIONAL
COMPLAINTS
.
272
2.
DECISION
REGARDING
THE
SSM
.
273
A)
ART.
127(6)
TFEU
AND
TRANSFER
OF
POWERS
TO
THE
ECB
.
273
B)
INDEPENDENCE
OF
THE
SSM
AUTHORITIES
AND
COMPENSATION
OF
DEMOCRATIC
DEFICITS
.
274
AA)
COMPENSATING
THE
ECB
*
S
INDEPENDENCE
.
275
BB)
COMPENSATING
THE
NATIONAL
AUTHORITIES
*
INDEPENDENCE
.
275
3.
DECISION
REGARDING
THE
SRM.
276
A)
ESTABLISHMENT
OF
THE
SRB.
276
B)
COMPENSATION
OF
INDEPENDENCE
OF
THE
SRM
.
276
AA)
INDEPENDENCE
OF
THE
SRB
.
277
BB)
INDEPENDENCE
OF
THE
NATIONAL
RESOLUTION
AUTHORITY
.
277
III.
ULTRA
VIRES
REVIEW
OF
SSM-
AND
SRM-MEASURES?
.
278
1.
STARTING
POINTS
FOR
ULTRA
VIRES
ARGUMENTS
.
278
2.
PROCEDURAL
ISSUES
.
278
A)
CONSTITUTIONAL
COMPLAINTS
BY
CREDIT
INSTITUTIONS
.
278
B)
INDIRECT
CHALLENGES
BEFORE
GERMAN
ADMINISTRATIVE
COURTS
.
279
IV.
CONCLUSION
.
279
INDEX
.
281
XII |
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| any_adam_object_boolean | 1 |
| author2 | Lackhoff, Klaus |
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| ctrlnum | (OCoLC)1237586426 (DE-599)DNB1214752446 |
| discipline | Rechtswissenschaft Wirtschaftswissenschaften |
| discipline_str_mv | Rechtswissenschaft Wirtschaftswissenschaften |
| format | Book |
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| genre | (DE-588)4143413-4 Aufsatzsammlung gnd-content |
| genre_facet | Aufsatzsammlung |
| id | DE-604.BV046866143 |
| illustrated | Illustrated |
| index_date | 2024-07-03T15:14:18Z |
| indexdate | 2025-01-02T13:14:47Z |
| institution | BVB |
| isbn | 9783406762413 9781509946013 9783848777822 3848777827 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-032274717 |
| oclc_num | 1237586426 |
| open_access_boolean | |
| owner | DE-M382 DE-19 DE-BY-UBM DE-11 DE-12 DE-703 |
| owner_facet | DE-M382 DE-19 DE-BY-UBM DE-11 DE-12 DE-703 |
| physical | XV, 283 Seiten Illustrationen |
| publishDate | 2021 |
| publishDateSearch | 2021 |
| publishDateSort | 2021 |
| publisher | Beck Hart Nomos |
| record_format | marc |
| spelling | Banking supervision and COVID-19 a handbook edited by Klaus Lackhoff Banking supervision in times of the Corona crisis München Beck 2021 Oxford ; New York Hart Baden-Baden Nomos XV, 283 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Europäische Union (DE-588)5098525-5 gnd rswk-swf Pandemie (DE-588)4737034-8 gnd rswk-swf COVID-19 (DE-588)1206347392 gnd rswk-swf Mitgliedsstaaten (DE-588)4170174-4 gnd rswk-swf Bankenaufsicht (DE-588)4004450-6 gnd rswk-swf COVID-19 Corona Bankenrecht Kapitalmarktrecht Supervision Bankenaufsicht SARS CoV 2 European Central Bank Banking Supervision ECB Supervisory Board access to credit Capital Requirements Directive Common Equity Tier 1 liquidity coverage ratio Pillar 2 Guidance (DE-588)4143413-4 Aufsatzsammlung gnd-content Europäische Union (DE-588)5098525-5 b Mitgliedsstaaten (DE-588)4170174-4 s Bankenaufsicht (DE-588)4004450-6 s COVID-19 (DE-588)1206347392 s Pandemie (DE-588)4737034-8 s DE-604 Lackhoff, Klaus (DE-588)172803152 edt DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032274717&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Banking supervision and COVID-19 a handbook Europäische Union (DE-588)5098525-5 gnd Pandemie (DE-588)4737034-8 gnd COVID-19 (DE-588)1206347392 gnd Mitgliedsstaaten (DE-588)4170174-4 gnd Bankenaufsicht (DE-588)4004450-6 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4737034-8 (DE-588)1206347392 (DE-588)4170174-4 (DE-588)4004450-6 (DE-588)4143413-4 |
| title | Banking supervision and COVID-19 a handbook |
| title_alt | Banking supervision in times of the Corona crisis |
| title_auth | Banking supervision and COVID-19 a handbook |
| title_exact_search | Banking supervision and COVID-19 a handbook |
| title_exact_search_txtP | Banking supervision and COVID-19 a handbook |
| title_full | Banking supervision and COVID-19 a handbook edited by Klaus Lackhoff |
| title_fullStr | Banking supervision and COVID-19 a handbook edited by Klaus Lackhoff |
| title_full_unstemmed | Banking supervision and COVID-19 a handbook edited by Klaus Lackhoff |
| title_short | Banking supervision and COVID-19 |
| title_sort | banking supervision and covid 19 a handbook |
| title_sub | a handbook |
| topic | Europäische Union (DE-588)5098525-5 gnd Pandemie (DE-588)4737034-8 gnd COVID-19 (DE-588)1206347392 gnd Mitgliedsstaaten (DE-588)4170174-4 gnd Bankenaufsicht (DE-588)4004450-6 gnd |
| topic_facet | Europäische Union Pandemie COVID-19 Mitgliedsstaaten Bankenaufsicht Aufsatzsammlung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032274717&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT lackhoffklaus bankingsupervisionandcovid19ahandbook AT lackhoffklaus bankingsupervisionintimesofthecoronacrisis |