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ECB and SSM – One Year on SRM – Taking Shape

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www.pwc.com ECB and SSM – one year on SRM – taking shape Experiences so far and key priorities for 2016 March 2016 What is the Banking Union? Banking Union Single Supervisory Mechanism Single Resolution Mechanism (SSM) nly (SRM) Aim: Aim: • Ensure that banks comply with the EU banking rules • Ensure an orderly resolution of failing banks with • Be in a position to tackle problems early on minimal costs for the real economy and taxpayers • Key components: Single Resolution Board (SRB) and Eurozone o Eurozone • Direct supervision of ”significant“ banks by ECB; Single Resolution Fund (SRF) for medium-term close cooperation of ECB and National Competent funding Authorities (NCAs) for ”less-significant“ institutions Single Rulebook Aim: To standardise rules within EU area EU Bank Recovery and Resolution Deposit Guarantee Schemes Directive CRD IV/CRR Directive (BRRD) (DGSD) March 2016 PwC 2 SSM and SRM – Status of Luxembourg institutions SSM – ECB list dated 30 December 2015 The list includes: € • Significant entities ECB • Less significant institutions SRM – SRB list dated 1 March 2016 • All significant entities • 16 other cross-border banking groups March 2016 PwC 3 Significant Supervised Entities in Luxembourg 1. Banque et Caisse d’Epargne de l’Etat, Luxembourg 2. J.P. Morgan Bank Luxembourg S.A. 3. Precision Capital S.A. including: - Banque Internationale à Luxembourg S.A. - KBL European Private Bankers S.A. - Banque Puilaetco Dewaay Luxembourg S.A. 4. RBC Investor Services Bank S.A. 5. State Street Bank Luxembourg S.A. 6. UBS (Luxembourg) S.A. March 2016 PwC 4 Luxembourg Subsidiaries of Significant Supervised Entities 1 ABLV Bank Luxembourg S.A. 21 Europäische Genossenschaftsbank S.A. 2 ABN AMRO Bank (Luxembourg) S.A. 22 Fideuram Bank (Luxembourg) S.A. 3 Allfunds Bank International S.A. 23 HSH Nordbank Securities S.A. 4 Banca Popolare dell’Emilia Romagna (Europe) International S.A. 24 ING Luxembourg S.A. 5 Banco Popolare Luxembourg S.A. 25 La Française Bank 6 Bankinter Luxembourg S.A. 26 Mediobanca International (Luxembourg) S.A. 7 Banque BCP S.A. 27 Natixis Bank 8 Banque de Luxembourg S.A. 28 Nord/LB Luxembourg S.A. Covered Bond Bank 9 Banque Degroof Luxembourg S.A. 29 Sal. Oppenheim jr. & Cie Luxembourg S.A. 10 Banque Transatlantique Luxembourg S.A. 30 Société Européenne De Banque S.A. 11 BGL BNP-Paribas 31 Société Générale Bank & Trust 12 CACEIS Bank Luxembourg 32 Société Générale Capital Market Finance S.A. 13 Commerzbank International S.A. 33 Société Générale Financing and Distribution 14 Crédit Agricole Luxembourg 34 Société Générale LDG 15 Credem International (Lux) 35 State Street Europe Holdings Luxembourg S. à r.l. 16 DekaBank Deutsche Girozentrale Luxembourg S.A. 36 Ubi Banca International S.A. 17 Deutsche Bank Luxembourg S.A. 37 UniCredit International Bank (Luxembourg) S.A. 18 DZ Privatbank S.A. 38 UniCredit Luxembourg S.A. 19 Erste Europäische Pfandbrief- und Kommunalkreditbank AG in Luxemburg 20 Eurobank Private Bank Luxembourg S.A. March 2016 PwC 5 Less Significant Institutions in Luxembourg (1/2) 1 Advanzia Bank S.A. 21 China Construction Bank (Europe) S.A. 2 Agricultural Bank of China (Luxembourg) S.A. 22 Citibank International Plc, London (Royaume-Uni), succursale de Luxembourg 3 Andbank Luxembourg 23 Clearstream Banking S.A. 4 Banco Bradesco Europa S.A. 24 Compagnie de Banque Privée Quilvest S.A. 5 Banco BTG Pactual Luxembourg S.A. 25 Cornèr Banque (Luxembourg) S.A. 6 Bank Leumi (Luxembourg) S.A. 26 Credit Suisse (Luxembourg) S.A. 7 Bank of China (Luxembourg) S.A. 27 Danieli Banking Corporation S.A. 8 Bank of Communications (Luxembourg) S.A. 28 Danske Bank International S.A. 9 Banque Carnegie Luxembourg S.A. 29 Delen Private Bank Luxembourg S.A. 10 Banque de Patrimoines Privés 30 Depfa Pfandbrief Bank International S.A. 11 Banque Hapoalim (Luxembourg) S.A. 31 DNB Luxembourg S.A. 12 Banque Havilland S.A. 32 East West United Bank S.A. 13 Banque J. Safra Sarasin (Luxembourg) S.A. 33 Edmond de Rothschild (Europe) 14 Banque Öhman S.A. 34 EFG Bank (Luxembourg) S.A. 15 Banque Raiffeisen 35 EFG Investment (Luxembourg) S.A. 16 Bemo Europe - Banque Privee 36 FIL Holdings (Luxembourg) S.A. 17 BHF-BANK International 37 Fortuna Banque s.c. 18 Brown Brothers Harriman (Luxembourg) S.C.A. 38 Freie Internationale Sparkasse S.A. 19 BSI Europe S.A. 39 GPB International S.A. 20 Catella Bank S.A. 40 HSBC Bank Plc., Luxembourg branch March 2016 PwC 6 Less Significant Institutions in Luxembourg (2/2) 41 HSBC Private Bank (Luxembourg) S.A. 58 Société Nationale de Crédit et d'Investissement 42 Industrial and Commercial Bank of China (Europe) S.A. 59 Standard Chartered Bank Luxembourg Branch 43 John Deere Bank S.A. 60 Sumitomo Mitsui Trust Bank (Luxembourg) S.A. 44 Keytrade Bank Luxembourg S.A. 61 Svenska Handelsbanken AB (Publ), Stockholm (Suède), succursale de Luxembourg 45 Lombard Odier (Europe) S.A. 62 Swedbank AB (publ) Luxembourg Branch 46 M.M. Warburg & CO Luxembourg S.A. 63 TD Bank International S.A. 47 Mirabaud & Cie (Europe) S.A. 64 The Bank of New York Mellon (International) Ltd., Luxembourg Branch 48 Mitsubishi UFJ Global Custody S.A. 65 The Bank of New York Mellon (Luxembourg) S.A. 49 Mizuho Trust & Banking (Luxembourg) SA 66 The Royal Bank of Scotland Plc, Luxembourg Branch 50 Nomura Bank (Luxembourg) S.A. 67 Union Bancaire Privée (Europe) S.A. 51 Nordea Bank S.A. 68 VP Bank (Luxembourg) S.A. 52 Northern Trust Global Services Ltd, London (Royaume- Uni), Luxembourg Branch 53 PayPal (Europe) S.à r.l. et Cie, S.C.A. 54 Pictet & Cie (Europe) S.A. 55 Quilvest Wealth Management S.A. 56 Skandinaviska Enskilda Banken S.A. 57 SMBC Nikko Bank (Luxembourg) S.A. March 2016 PwC 7 Agenda 1. Organisation of the SSM 2. The experience so far 3. ECB priorities for 2016 4. The SRM March 2016 PwC 8 Organisation of the SSM March 2016 PwC 9 1. Organisation of the SSM PwC SSM Competence Centre Headquarters: Frankfurt am Main Consistent across Europe (Eurozone and non-Eurozone) ECB is accountable ECB Governing Council Consistent tools, methodologies and to both the approaches European SSM Supervisory Board Parliament & the EU Chair: Danièle Nouy Council Vice-Chair: Sabine Lautenschläger Secretariat of the SSM DG I. Microprudential DG II. Microprudential DG III. Microprudential DG IV. Microprudential Supervision Supervision Supervision Supervision Lead: Stefan Walter Lead: Ramón Quintana Lead: Jukka Vesala Lead: Korbinian Ibel Direct Supervision of significant Direct Supervision of significant - Indirect Supervision of all - Quality Assurance banking institutions banking institutions other banks in participating - Policies 30 banks 98 banks countries 30 banks (incl. subs.) >90 banks (incl. subs.) - Methodology & Standards - Oversight & NCA Relations - Authorisation 7 divisions 8 divisions + 18 sections - Institutional & Sectoral - SSM Risk Analysis Oversight - Enforcement & Sanctions Joint Supervisory Teams (JSTs) - Analysis & Methodological - Crisis Management - Comprising staff from ECB and NCA, and led by JST Coordinator Support - Planning & Coordination of - Responsible for day-to-day supervision of individual significant banks SREP and for implementing the annual supervisory programme - Centralised On-Site - Responsible for implementing decisions of Supervisory Board / Country desks Inspections Governing Council - Internal Models - Size and composition of JSTs vary between banks: - Biggest banks – 1 dedicated JST team - Otherwise 1 JST team responsible in average for up to 4 banks The ECB has received approval to increase total SSM staff from 1,000 to 1,300 over the next 2 years March 2016 PwC 10 The experience so far March 2016 PwC 11 2. The experience so far One year of SSM: key lessons learned Setting up the SSM has been a No single interpretation of CRD IV significant achievement and CRR regulations, given national options and discretions More intrusive approach to Results of CA depend on regulation national regulation and stress testing methodology More harmonisation is The first Ongoing work on business needed in many areas e.g. models and profitability SREP practices year of SSM drivers needed Banks are genuinely trying to SSM touches on behaviour and adapt to the new regime culture through governance and risk appetite review Regulation at a local level across the EU First round of annual supervisory remains diverse and fragmented assessments of the banks: Supervisory Review and Evaluation Process March 2016 PwC 12 2. The experience so far 2015 Supervisory Review and Evaluation Process (SREP) Internal Business model Assessment of capital adequacy Assessment of liquidity adequacy Governance Assessment of Stress Stress internal governance RAS ICAAP RAS ILAAP Business model, strategic testing testing and of the risk planning and viability management process Pillar 2 Requirements Pillar 2 Requirements Global SREP assessment Supervisory measures Corrective intervention Capital enhancing Liquidity enhancing Qualitative measures measures General findings ICAAP findings • Banking business models are under significant pressure (low interest • Insufficient consideration of interest rate risk in the banking book rates, profitability, competitive pressure) • Insufficient consideration of concentration risks • Medium-term financial planning is not always consistent with capital • The need to take into account business model risk planning processes • Adequacy of the confidence level used in pillar II capital modelling • Stress testing results are not sufficiently taken into account in assessing a bank’s risk bearing capacity • Emphasis
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