DOCSLIB.ORG

Strengthening the EU's Bank Crisis Management and Deposit Insurance Framework

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Strengthening the EU's Bank Crisis Management and Deposit Insurance Framework Strengthening the EU’s bank crisis management and deposit insurance framework: for a more resilient and efficient banking union High-level conference Speakers' biographies 18 March 2021 Banking and #CMDIreview Finance Index of names B L Berrigan, John 25 Leão, João 5 Bjerre-Nielsen, Henrik 7 M C Maczynska, Aleksandra 22 Campa Manuel, Jose 20 Mazintiene, Aurelija 23 McGuinness, Mairead 3 D R Dissaux, Thierry 21 Raspiller, Sébastien 15 Restoy, Fernando 16 F Freitas, João 14 S Sabatini, Giovanni 17 G Simon, Peter 10 Garicano, Luis 8 Gelpern, Anna 6 T Greene, Megan 13 Grünewald, Seraina 19 Tinagli, Irene 12 Guindos de, Luis 4 Tomaszewski, Piotr 11 K W König, Elke 9 Wijnhoven, Geert 24 Wimmer, Eva 18 The Speakers’ biographies are in chronological order Last update 09/03/2021 Mairead McGuinness European Commissioner for Financial Services, Financial Stability and Capital Markets Union Mairead McGuinness is the European During her time in the Parliament, Commissioner for financial services, Ms McGuinness sat on a range of financial stability and Capital Markets committees, covering agriculture, Union. environment, public health, budgets, petitions and constitutional affairs. The Commissioner’s vision for the Her legislative work included portfolio is focused on ensuring leading for the EPP Group on the the financial sector’s strength and European Climate Law, the revision stability, so that it can deliver for of medical devices legislation, and people, society and the environment. CAP reform post-2013. As an Irish MEP representing the border region, Before joining the Commission in she was outspoken on Brexit and the October 2020, Ms McGuinness was consequences for the EU and Ireland. First Vice-President of the European Parliament from 2017. She served In 2006-2007, Ms McGuinness as an MEP from Ireland for 16 years, chaired the Parliament’s investigation and was a Vice-President of the into the collapse of the Equitable Life Parliament since 2014. assurance company which identified issues around weak financial As Vice-President, she oversaw regulation. relations with national Parliaments, led the Parliament’s dialogue Prior to becoming an MEP, she with religious and philosophical was an award-winning journalist, organisations, and had responsibility broadcaster and commentator. for the Parliament’s communication policy. 3 Luis de Guindos Vice-President of the European Central Bank (ECB) Luis de Guindos is Vice-President of Mr de Guindos was Head of the European Central Bank since 1 Financial Services (2008-2009) at June 2018. In this capacity, he is also PricewaterhouseCoopers and Director a member of the Executive Board, at IE Business School and PwC Center the Governing Council and General for the Finance Sector (2010-2011). Council of the European Central Bank. He was Minister of Economy, Industry He was Chief Executive Officer and Competitiveness (2016-2018) Iberia at Lehman Brothers and and Minister of Economy and Chief Executive Officer at Nomura Competitiveness (2011-2016). Securities (2006-2008). He was Secretary of State for He graduated with honours in BSc in Economic Affairs and member of the Economics from Colegio Universitario Economic and Financial Committee de Estudios Financieros (CUNEF) in of the EU (2002-2004,). Spain (1982) and graduated as State Economist and Trade Expert (1984). Prior to that, he was Secretary General for Economic and Competition Policy (2000-2002) and Director General (1996-2000). 4 João Leão Minister of State for Finance, Portugal Born in Lisbon, 1974. Member of the Economic and Social Council and of the Statistical Council PhD in Economics from the between 2010 and 2014. Massachusetts Institute of Technology (MIT), USA. Degree in Member of the Portuguese Economics and Master in Economics delegation to the OECD Economic from Universidade Nova de Lisboa, Policy Committee in 2010 and 2012 Portugal. and part of working groups within the OECD. Professor of Economics at ISCTE - Instituto Universitário de Lisboa since 2008. Secretary of State for Budget between 2015 and 2020. Head of the Studies Office of the Ministry of Economy between 2010 and 2014. Advisor to the Deputy Minister for Industry and Development between 2009 and 2010. President of the Scientific Committee of the Department of Economics at ISCTE between 2009 and 2010 and Director of the PhD in Economics (2011-2012). 5 Anna Gelpern Professor at Georgetown Law and non-resident Senior Fellow at the Peterson Institute Anna Gelpern, non-resident senior She was an International Affairs fellow at the Peterson Institute for Fellow at the Council on Foreign International Economics, is professor Relations, served in legal and of law and Anne Fleming Research policy positions at the US Treasury Professor at Georgetown University. Department, and practiced with Cleary, Gottlieb, Steen & Hamilton in She writes about financial integration, New York and London. government debt, and regulation, and coauthored the leading law textbook She earned an AB from Princeton on international finance. University, a JD from Harvard Law School, and an MSc from the London She has contributed to international School of Economics and Political initiatives on financial reform Science. and sovereign borrowing, most recently as an expert for the United Nations Conference on Trade and Development. She has held faculty appointments at the American University Washington College of Law, Rutgers School of Law–Newark, and the Rutgers University Division of Global Affairs, and visiting appointments at Harvard Law School and University of Pennsylvania School of Law. 6 Henrik Bjerre-Nielsen Chief executive officer, Finansiel Stabilitet When Henrik Bjerre-Nielsen retires Henrik Bjerre-Nielsen has extensive later this year he has the past 25 international experience, notably years served the Danish government as chair of CEIOPS (2004-07), the as either Director General of the predecessor of EIOPA and from the Danish Financial Supervisory beginning been a member of EBA’s Authority (1996-2008) or CEO of the Resolution Committee. Henrik Bjerre- Danish Financial Stability Company Nielsen holds a MSc Economics from (2008-2021). the University of Copenhagen. FSC was set up during the Global Financial Crisis to manage the temporary general government guarantee of senior, unsecured claims on Danish banks including taking over the activities of failing banks. Today FSC is a Danish resolution authority and manages the Danish depositor and investor guarantee scheme. Since inception FSC has taken over activities from 15 banks, including resolving 2 minor banks using bail-in according to BRRD. 7 Luis Garicano Member of the European Parliament (EP) Luis Garicano is a Member of the He was an advocate of reforming European Parliament, leader of the Spanish savings banks system Ciudadanos in Europe, and Vice and he was a part of the Euronomics President for Economic Affairs of group, which first proposed the Renew Europe. establishment of sovereign bond- backed securities in 2011. He is also a Professor of Economics and Strategy at IE Business School Most recently, he has proposed a path (currently on leave). for the completion of the Banking Union based on expanding the role Before entering elective politics, he of the Single Resolution Board and was a full Professor at the London on an innovative approach to the School of Economics and at the regulatory treatment of sovereign University of Chicago, where he got exposures. his PhD. His academic work focuses on the future of work, the relationship between technology and inequality, and economic growth. At the same time, he has done significant research and has made several proposals in the area of European financial integration. 8 Elke König Chair of the Single Resolution Board (SRB) Dr Elke König is Chair of the SRB, From 1980 to 1990, she worked for responsible for the management KPMG Deutsche Treuhandgesellschaft of the organisation, the work of the in Cologne, auditing and advising Board, the budget, all staff and the insurance undertakings, from 1986 Executive and Plenary sessions of the as a holder of a special statutory Board. authority (Prokuristin) and from 1988 as a director and partner. The General Counsel, the Strategy, International Relations and From 1990 to 2002, Dr König was a Communications Unit and the Internal member of the senior management Audit function report directly to her. of the Munich Re Group (Head of Accounting); she then moved to She was President of the German Hannover Rückversicherung AG as Federal Financial Supervisory Chief Financial Officer. Authority (Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) From 2010 to the end of 2011, from 2012 until 2015. Dr König was a member of the International Accounting Standards After qualifying in business Board (IASB) in London. administration and obtaining a doctorate, Dr König spent many Dr König was also a representative of years working for companies in the the Supervisory Board of the Single financial and insurance sector. Supervisory Mechanism. 9 Peter Simon Managing Director, European Savings and Retail Banking Group (ESBG) An EU lawyer, Peter Simon served as a Prior to his career as an MEP, Mr. Member of the European Parliament Simon worked as a lawyer specialised between 2009 and 2019. in EU affairs. He was the Vice-Chairman of the He was also a lecturer in EU law at Economic and Monetary Affairs the Baden-Württemberg Cooperative Committee (ECON) between 2014 State University. and 2019. Before joining ESBG and WSBI He was also Coordinator of the S&D as Managing Director, he was Group in the special committees Plenipotentiary to the European TAXE1 and TAXE2 of inquiry on tax Union at the German Savings Banks avoidance (Tax rulings and "LuxLeaks" Association (DSGV). special committees) as well as in the Panama Papers committee of inquiry on tax evasion, money laundering and tax avoidance (PANA). In addition to this, he was Rapporteur for CRD V/CRR II; Shadow rapporteur of the S&D Group for the 4th and 5th AMLD (Anti-Money Laundering Directive) and Rapporteur for the Deposit Guarantee Schemes Directive now in force.
Load more

Recommended publications
  • Local Benefits of Europe
    Local Benefits of Europe 1 European Green Party Rue Wiertz 31, 1050 Brussels – Belgium [email protected] Funded by the European Parliament. Sole liability remains with the author. Printed in Brussels, Belgium on recycled paper Designed by Mijuro © 2018 DEAR FRIENDS European politics have a signifi cant Evelyne Huytebroeck influence on the lives of people at the (Member of the EGP Committee) local level. In many EU Member States, the local elections are held simulta- neously with the European elections providing a huge opportunity to link the two election campaigns. Against this background, we would like to provide you with some practical background material and answer your questions on how European decisions in various policy areas influence your municipality by means of this booklet ‘Local Benefi ts of Europe’. This booklet is based on a work that was done by the German Greens lead by Anna Cavazzini and Reinhard Bütikofer. The information can also help you prepare for your local election programmes or campaigns. We place particular emphasis on how the people in your community benefi t practically from Europe, ranging from (Secretary General EGP) environmental protection to structural Mar Garcia policy, and what the Greens in Europe have achieved for European communi- ties. If you need more information on a spe- cifi c topic - no problem: in each chapter, you will fi nd a contact person who has contributed to this handbook and can answer your questions. We hope that this handbook will help you to prepare for the upcoming Euro- pean and local elections. Best regards 1. How do cities and municipalities benefi t from Europe? 5 1.1.
    [Show full text]
  • A Unique Opportunity to Acquire a Leading Portuguese Banking Franchise with Selected European and International Operations
    A unique opportunity to acquire a leading Portuguese banking franchise with selected European and international operations December 2014 Background and opportunity On 3-Aug-14, the central bank of Portugal, Banco de Portugal used its statutory powers to resolve Banco Espírito Santo S.A. (“BES”) (the “Resolution” or the “Resolution Measure”). The majority of the assets and liabilities of BES were transferred to a newly created bank NOVO BANCO (the “Bank”). The equity capital of NOVO BANCO, to the amount of €4.9bn, was fully subscribed by the Portuguese Resolution Fund (“Resolution Fund”) which became the sole shareholder of the Bank The sale of NOVO BANCO is a unique opportunity to acquire the control of a leading financial institution in Portugal with international operations: A bank born out of the Resolution which has retained its customer base and franchise , whilst exposure to the former shareholders and junior creditors has been removed A leading bank in Portugal with a blended 18% market share, the number one in the corporate segment and a leading retail capacity Market-leading sales efficiency in Portugal A universal bank with a wide distribution network in Portugal , complemented by a successful multi-channel approach A meaningful presence in key European markets and selected dynamic geographies around the world, primarily focused on countries with cultural and economic ties with Portugal A new management team in place, fully aligned with the objectives of the new shareholder and focused on the consolidation of the business
    [Show full text]
  • Notification by Banco De Portugal on Six
    Notification template for Article 131 CRD – Other Systemically Important Institutions (O-SII) Please send this template to [email protected] when notifying the ESRB; Emailing this template to the above-mentioned addresses constitutes an official notification, no further official letter is required. In order to facilitate the work of the notified authorities, please send the notification template in a format that allows electronically copying the information. 1. Notifying national authority 1.1 Name of the notifying authority Banco de Portugal 2. Description of the measure On which institution(s) is the measure applied (name and LEI code)? Caixa Geral de Depósitos (Lei code: TO822O0VT80V06K0FH57) 2.1 Concerned institution or Banco Comercial Português (Lei code: U1U6S0DG9YLT7N8ZV32) group of institutions Novo Banco (Lei code: 5493009W2E2YDCXY6S81) Santander Totta – SGPS (Lei code: 5493005RLLC1P7VSVC58) Banco BPI (Lei code: 3DM5DPGI3W6OU6GJ4N92) Caixa Económica Montepio Geral (Lei code: 2138004FIUXU3B2MR537) What is the level of the buffer (in %) applied to the institution(s)?Taking into account this decision, the O-SII´s buffers shall be applicable from 1 January 2018 and shall be phased-in over a four years period. The buffer rates applied to the institutions are the following: O-SIIs institutions O-SII Buffer O-SII Buffer to O-SII Buffer to O-SII Buffer to be be required in be required in to be required in 1 January 2019 1 January 2020 required in 1 2.2 Level of the buffer applied 1 January January 2018 2021 Caixa Geral de Depósitos 0.25% 0.50% 0.75% 1.00% Banco Comercial Português 0.188% 0.375% 0.563% 0.75% Novo Banco 0.125% 0.25% 0.375% 0.5% Banco BPI 0.125% 0.25% 0.375% 0.5% Santander Totta - SGPS 0.125% 0.25% 0.375% 0.5% 1 Caixa Económica Montepio 0.063% 0.125% 0.188% 0.25% Geral Please provide the name and the LEI code of the EU ultimate parent institution of the group of each of the concerned institutions, in case the EU ultimate parent institution is not the concerned institution itself.
    [Show full text]
  • General Risk Management Policies for Money Laundering and Terrorist Financing
    GENERAL RISK MANAGEMENT POLICIES FOR MONEY LAUNDERING AND TERRORIST FINANCING NOVO BANCO GROUP February 2021 BEST – Banco Electrónico de Serviço Total, S.A. ● Praça Marquês de Pombal, 3 - 3.º, 1250-161 Lisboa www.bancobest.pt ● Tel. (+351 218 505 775 (dias úteis, das 8h às 22h) Registado na Conservatória do Registo Comercial de Lisboa - 1.ª Secção, com o n.º 505 149 060 de pessoa coletiva e de matrícula e o capital social de 63.000.000,00 EUR CONTENTS: 1. GOALS .................................................................................................................................... 5 2. ACRONYMS ............................................................................................................................ 5 3. LEGAL AND REGULATORY FRAMEWORK ............................................................................... 6 3.1. COMPANY INFORMATION ..................................................................................................... 6 3.2. INTERNATIONAL STANDARDS AND RECOMMENDATIONS ................................................... 7 3.3. DOMESTIC REGULATIONS AND LEGISLATION ....................................................................... 8 3.4. REGULATORY STANDARDS OF SECTORAL AUTHORITIES .................................................... 10 4. RISK MODEL (MLTF) ............................................................................................................ 12 4.1. COMPLIANCE RISK ASSESSMENT ........................................................................................
    [Show full text]
  • Luis De Guindos Appointed As Vice President of the European Central Bank
    PRESS Council of the EU EN PRESS RELEASE 160/18 22/03/2018 Luis de Guindos appointed as Vice President of the European Central Bank The European Council appointed today Luis de Guindos as Vice-President of the European Central Bank for a non-renewable 8- year term. The new Vice President will replace Vítor Constâncio as of 1 June 2018. The decision was taken after having consulted both the European Parliament and the European Central Bank's Governing Council. The Economic and Financial Affairs Council on 20 February issued a recommendation to the European Council, confirming the nomination of Luis de Guindos as vice-president of the European Central Bank, after the Eurogroup gave its support to the candidacy a day before. Background: Article 283(2) of the Treaty on the Functioning of the European Union specifies that appointments to the ECB executive board are made "by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the European Central Bank." The ECB executive board is responsible for implementation of eurozone monetary policy, as laid down by the ECB governing council. It is composed of the President, the Vice President and four other members, all appointed for non-renewable eight-year terms. The governing council is composed of the six executive board members and the governors of the national central banks of the eurozone member states. Curriculum Vitae of Luis de Guindos Press office - General Secretariat of the Council Rue de la Loi 175 - B-1048 BRUSSELS - Tel.: +32 (0)2 281 6319 [email protected] - www.consilium.europa.eu/press.
    [Show full text]
  • 2017 H1 Deleveraging Europe
    Shifting momentum Regulation driving change in European loan portfolio markets Deleveraging Europe H1 2017 Financial Advisory Shifting momentum | Regulation driving change in European loan portfolio markets Contents Introduction 01 Market overview 03 European NPLs – The clash of politics and the markets 09 David Edmonds Andrew Orr Global Head of PLAS Partner & UK Head Italy 13 United Kingdom & Ireland 16 Spain & Portugal 20 Germany & Netherlands 25 Greece & Cyprus 29 Will Newton David Lane Partner & Head of Partner Austria & CEE 31 Strategic Advisory France 34 Nordics 36 Emerging markets 37 China 38 Benjamin Collet Indonesia 38 Partner Thailand 39 India 39 Middle East 40 Brazil 41 Deloitte Portfolio Lead Advisory Services 42 Contacts 43 Shifting momentum | Regulation driving change in European loan portfolio markets Introduction The European loan portfolio market had a slow start in the first half of 2017 compared to the same period last year, as sellers and investors pushed deals into the second half of the year. But with a large number of ongoing deals still in the pipeline for the second half, the total market for 2017 is currently set to exceed the record deal making of the previous two years when over €100 billion of deals were concluded. The pipeline is busy Regulatory influence Headline facts and figures At the mid-year point €42 billion of One element that has tempered the Ativity by year bn deals had been completed in Europe pace of deals in 2017 has been the heavy (compared to €45 billion last year) with regulatory load on potential NPL sellers in 2014 €82.9 €82.9 another €3 billion in emerging markets, and 2017.
    [Show full text]
  • ECB Policy and Eurozone Fragility: Was De Grauwe Right?
    ECB Policy and Eurozone Fragility: Was De Grauwe Right? ORKUN SAKA*, ANA-MARIA FUERTES and ELENA KALOTYCHOU Cass Business School, City University London, U.K First draft: November 2013; This draft: May 2014 Abstract De Grauwe’s Eurozone fragility hypothesis states that member countries of a monetary union are highly vulnerable to a self‐fulfilling mechanism by which the efforts of investors to avoid losses from default can end up triggering the very default they fear. We test this hypothesis by applying an eclectic methodology to a time window around Draghi’s “whatever‐it‐takes” pledge on July 26, 2012 which was soon after followed by the actual announcement of the Outright Monetary Transactions (OMT) program. The principal components of Eurozone credit default spreads (CDS) validate this choice of break date. An event study reveals significant pre‐announcement contagion from Spain to Italy, Belgium, France and Austria. Furthermore, the analysis of time‐series regression residuals confirms frequent clusters of large bad shocks to the CDS spreads of the above four Eurozone countries but soley during the pre‐announcement period. Our findings support the Eurozone fragility hypothesis and endorse the OMT program. Keywords: Sovereign debt; Eurozone; European Central Bank; Outright Monetary Transactions; Self-fulfilling panic. JEL classification: E44, F36, G15, C52. _____________________________________________________________________ * Corresponding author. Cass Business School, 24 Chiswell Street London, EC1Y 4UE United Kingdom; Tel: +44 (0)75 9306 9236; [email protected]. † We are grateful to Paul De Grauwe, José-Luis Peydró and Christian Wagner for their useful comments and suggestions. We also thank participants at the Young Finance Scholars’ Conference and Quantitative Finance Workshop at the University of Sussex (May 2014), and seminar participants at Cass Business School, Keele University and Brunel University.
    [Show full text]
  • EXHIBIT I Article 3: Nepotism
    EXHIBIT I Article 3: Nepotism. Solbes´son in law and Guindos’ nephew assigned ​ ​ ​ ​ 21 job contracts in the Spanish Embassy. El ESPAÑOL reviews all connections in the diplomatic legation that has become a placement agency. JOSE GALLEGO ESPINA ”josegallego81 4/27/ 2017 02:59h It is a popular saying in Spain that “If you don´t have a Godfather you will not get baptized”. Although this saying isn’t used in English it has been easily applied at the Spanish Embassy in Washington, where it became normal to hire friends and family of politicians and diplomats: an assignment to an architect –who is accused of manipulating the time limit specified using his wife´s influence as a diplomat, the creation of a few job positions to accommodate a few friendly faces... All of these things are tainting the Minister of Economy Luis de Guindos with suspicions and also his ​ colleague Pedro Solbes, a Socialist, who occupied this position from 2004-2009. The last case laid out on the table – and in court is that of a North American Construction Company who has denounced at The Superior Court of the District of Columbia (DC) the assignment of one of the contracts that was given to Gustavo Frech. According to the report Gustavo Frech manipulated the timeframes using information obtained from his wife who was working as one of the General Secretaries and is known to be one of the Minister Luis de Guindos nieces. Gustavo Frech and his wife Maria Pedrosa de Guindos on the Spanish Embassy in Washington The lawsuit was presented way before El Español unveiled the connection between Frech and the Embassy.
    [Show full text]
  • Consolidated Results 1H 2021
    Consolidated Results 1H 2021 August 2nd, 2021 Unaudited financial information Disclaimer This document may include some statements related to the NOVO BANCO Group that do not constitute a statement of financial results or other historical information. These statements, which may include forward-looking statements, targets, objectives, forecasts, estimates, projections, expected cost savings, statements regarding possible future developments or results of operations, and any forward-looking statement that includes statements such as "believes", "expects", “aims or intends", "may" or similar expressions, constitute or may constitute forward-looking statements. By their nature, forward-looking statements are inherently predictive, speculative, and involve risk and uncertainty. There are many factors that can lead to results and developments that differ materially from those expressed or implied in forward-looking statements. These factors include, but are not limited to, changes in economic conditions in countries where the NOVO BANCO Group has operations, tax or other policies adopted by various governments or regulatory entities in Portugal and in other jurisdictions, levels of competition from other Banks or financial entities, and future exchange rates and interest rate levels. NOVO BANCO expressly disclaims any obligation or commitment to make any forward-looking review included in this document to reflect any event or change in future circumstances occurring after the date hereof. Notes: • In Sep-20, NOVO BANCO classified the Spanish Branch as discontinued operations, in line with the strategy to discontinue the Spanish business. Thus, for comparison purposes, 1H20 is presented pro-forma. • With the completion of the restructuring process in 2020, the 1H21 results are disclosed only at consolidated level.
    [Show full text]
  • F:\PANA Files\Meetings\Coordinators Meetings
    European Parliament 2014 - 2019 Committee of Inquiry to investigate alleged contraventions and maladministration in the application of Union law in relation to money laundering, tax avoidance and tax evasion COORDINATORS' MEETING Thursday, 8 September 2016 9h00 - 11h00 Altiero Spinelli (A5-G3) Brussels Summary of Coordinators recommendations Present: Bureau: Werner Langen (Chair) Ana Gomes (1st Vice-Chair) Fabio De Masi (3rd Vice-Chair) Coordinators: Dariusz Rosati (EPP Coordinator) Peter Simon (S&D Coordinator) Miguel Viegas (GUE/NGL Substitute Coordinator) Sven Giegold (Greens/EFA Coordinator) Marco Zanni (EFDD Coordinator) Rapporteur: Jeppe Kofod (S&D- Co-Rapporteur) 1 A. Adoption of draft agenda The agenda was adopted without changes. B. Chairs’ announcements Denmark decided to buy information linked to Panama Papers. C. Workshop with the EP Legal Service on access to documents with a specific focus on (other) confidential documents as well as the differences between “Special” and “Inquiry” Committees This session was an “open” Coordinators meeting to inform Members on these legal issues. D. Request of access to documents The Coordinators were invited to send in writing their recommendations for access to documents to the Secretariat. Deadline: by 15 September at 10.00 ITEMS FOR DECISION E. Appointment of Co-Rapporteurs The Coordinators confirmed the appointment of the two co-rapporteurs: Jeppe Kofod (S&D Group) Petr Jezek (ALDE Group) The political groups are invited to send the names of the shadow rapporteurs to the Secretariat. F. Studies, briefings and workshops A list of studies, briefings and workshops was discussed. The Coordinators wish to be able to comment on the draft studies, briefings and specifications in order to ensure the outcome would better fit their needs.
    [Show full text]
  • OBSERVATORIO9 Ingl:OBSERVATORIO 24/10/07 13:36 Página 1
    OBSERVATORIO9 ingl:OBSERVATORIO 24/10/07 13:36 Página 1 Observatorio Económico INTERNATIONAL ECONOMIC ANALYSIS 9 IS IT THE END OF ECONOMIC PROSPERITY? The 9th session of the FAES Economic Forum took place on July 9, 2007, during the opening of the FAES campus summer course called “Evaluating the Economic Future.” The forum was attended by Jaime García-Legaz, Secretary General of FAES and course director, Fernando Fernández, Vice-Chancellor of the University of Antonio de Nebrija, José Luis Feito, President of ASETA, Luis de Guindos, President of Lehman Brothers in Spain and Portugal, and Juan José Toribio, Professor at IESE. The participants analysed the principal factors affecting the international economic situation in the context of interest rate hikes, which have major reper- cussions on the international financial markets. José Luis Feito opened the debate with a comment about the key international economic indicators, which point to the end of an eco- nomic cycle of intense growth and low rates. Luis de Guindos followed with an analysis of how these new situations can affect the financial markets, and particularly the credit markets. Juan José Toribio described four strategic challenges for the economy in the future. Fernando Fernández ended the speeches with an analysis warning of the imminent change in the eco- nomic cycle. José Luis Feito, Juan José Toribio, Fernando Fernández, Luis de Guindos and Jaime García-Legaz. OBSERVATORIO9 ingl:OBSERVATORIO 24/10/07 13:36 Página 2 Observatorio Económico TThe end of cheap money in the US and to a lesser extent in Europe, In the last few years the international eco- started rising again and this trend intensified nomic arena has been characterized by in 2006 and in 2007, and spread to all long strong economic growth driven by uncharac- and short term interest rates.
    [Show full text]
  • European Npls - FY18 an Overview of the Non-Performing Loan Market
    An Acuris Company Year-End 2018 European NPLs - FY18 An overview of the non-performing loan market Alessia Pirolo Head of NPL Coverage, Debtwire +44 (0) 20 3741 1399 [email protected] Amy Finch Data Journalist, Debtwire +44 (0) 20 3741 1187 [email protected] European NPLs – FY18 An Acuris Company Overview: A Record Year for NPL sales 3-7 Trends by Country Italy 8-13 Spain 14-17 New Entries: Portugal, Greece and Cyprus 18-24 UK and Ireland 25-28 Germany 29-30 Index List of closed deals 31-40 Criteria 41 Authors and contact details 42 2 European NPLs – FY18 An Acuris Company A Record Year for NPL sales The European non-performing loan (NPL) market reached its peak in 2018 with disposal totalling EUR 205.1bn in gross book value (GBV). Debtwire NPL Database tracked 142 transactions. The year just closed has been by far a record, compared with EUR 144bn in 2017 and EUR 107bn in 2016, according to data from Deloitte. The last quarter of 2018 saw a particularly intense pace of activity, given that at the end of the third quarter closed deals totalled EUR 125bn. The most active country was Italy, which totalled half of the total volume of NPL sales. In 2018, 64 NPL sales with a gross book value (GBV) of EUR 103.6bn were tracked in the country, almost half of which were via securitisations within the government’s Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme, which now has only until 6 March 2019 to run. Spain has started to see a slowdown of sales, but still completed a massive EUR 43.2bn in 27 deals.
    [Show full text]