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European Banking Union Another Brick in the Wall of the European Financial System

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European Banking Union Another Brick in the Wall of the European Financial System Lukas Feiner, BSc European Banking Union Another brick in the wall of the European Financial System A fundamental analysis of the current state and future outlook of Europe's new supervisory framework Master's Thesis to be awarded the degree of Master of Science in Business Administration at the University of Graz, Austria supervised by o. Univ.-Prof. Dr. Edwin O. Fischer Institute of Finance Graz, June 2015 Author's Declaration Unless otherwise indicated in the text or references, or acknowledged above, this thesis is entirely the product of my own scholarly work. Any inaccuracies of fact or faults in reasoning are my own and accordingly I take full responsibility. This thesis has not been submitted either in whole or part, for a degree at this or any other university or institution. This is to certify that the printed version is equivalent to the submitted electronic one. Graz, June, 2015 (Feiner Lukas) Acknowledgments I would like to express my appreciation to my advisor, Prof. Dr. Edwin Fischer, for giving me the opportunity to work on this highly topical issue and for his con- tinuous support throughout the entire process of developing this thesis. Furthermore I would like to thank Dominik and Meredith, two prospective inter- preters, whose valuable linguistic advice has facilitated writing this thesis in English. I would like to thank my loved ones for their great support and assistance at finalising this work and throughout my educational career in Graz. Content List of figures ....................................................................................................... IV List of abbreviations ............................................................................................ V 1 Introduction ..................................................................................................... 1 2 Definition and European rationale................................................................. 3 2.1 Pillars of a Banking Union ....................................................................... 3 2.2 Lessons learnt from the Global Financial Crisis ...................................... 5 2.3 Reformation of the international banking system ..................................... 6 2.3.1 Reforms outside the Eurozone ...................................................... 6 2.3.2 Banking reorganisation in the U.S. ................................................ 7 2.3.3 Excursus 1: Banking system US and Europe compared ............... 8 2.4 A Banking Union for Europe .................................................................. 10 2.4.1 Problems of the European banking sector .................................. 11 2.4.2 Effectiveness of the monetary policy of the ECB ........................ 14 2.4.3 Reintegration of the European banking system .......................... 15 2.4.4 Fixing longstanding problems ..................................................... 15 2.5 Short-term crisis management vs. long-term structural changes ........... 16 3 Evolution of the Banking Union in Europe ................................................. 18 3.1 Historical outline .................................................................................... 18 3.2 EBA and ECB - sharing of responsibilities ............................................. 21 3.2.1 The Single Rulebook - Foundation of the Banking Union............ 23 3.2.2 The Single Supervisory Handbook .............................................. 24 3.3 Geographical Scope .............................................................................. 24 3.4 Opt-in and Opt-out ................................................................................. 26 3.5 The U.K. and the Banking Union ........................................................... 29 3.5.1 Possible institutional conflicts ...................................................... 29 3.5.2 Effective Banking Union without London ..................................... 30 3.5.3 Banking Union and a withdrawal of the U.K. from the EU ........... 30 4 Single Supervisory Mechanism (SSM) ........................................................ 32 4.1 Supervising principles ............................................................................ 32 4.2 Legal basis of the SSM .......................................................................... 34 I 4.3 The functioning of the SSM ................................................................... 36 4.3.1 Distribution of tasks between ECB and NCAs ............................. 36 4.3.2 Classification as significant or less significant ............................. 37 4.3.3 Joint Supervisory Teams ............................................................. 38 4.3.4 Excursus 2: The Role of the Austrian FMA in the SSM ............... 39 4.4 Progress in the operational implementation .......................................... 41 4.5 Results of the first comprehensive assessment in November 2014 ...... 42 4.5.1 Rationale ..................................................................................... 42 4.5.2 Excursus 3: Stress test - baseline and adverse scenario ............ 43 4.5.3 Results ........................................................................................ 43 4.5.4 Excursus 4: European stress test for Austrian banks .................. 46 5 Single Resolution Mechanism (SRM) .......................................................... 47 5.1 European resolution prior to the SRM ................................................... 48 5.2 Linkage between banking and sovereign crisis ..................................... 49 5.2.1 Statistical evidence ..................................................................... 49 5.2.2 An illustration - the Spanish Caja Debacle .................................. 50 5.3 Bank Recovery and Resolution Directive (BRRD) ................................. 52 5.3.1 Legal background and scope ...................................................... 53 5.3.2 Recovering proceedings and early intervention .......................... 54 5.3.3 Resolution process ..................................................................... 54 5.3.4 Bail-in .......................................................................................... 55 5.3.5 Cooperation and coordination ..................................................... 56 5.3.6 Resolution financing at European level ....................................... 56 5.4 SRM within the Banking Union .............................................................. 57 5.4.1 Single Resolution Board (SRB) ................................................... 58 5.4.2 Single Resolution Fund (SRF) .................................................... 59 6 Deposit Guarantee Schemes (DGSs) .......................................................... 61 6.1 Deposit protection in the EU .................................................................. 61 6.1.1 Preface - panic in Cyprus 2013 ................................................... 61 6.1.2 Directive 94/19/EC - Minimum harmonisation in the EU ............. 62 6.1.3 Directive 2009/14/EC - Unified coverage level ............................ 62 6.2 Calls for a Single Deposit Guarantee Scheme ...................................... 63 II 6.3 Directive 2014/49/EU - maximum harmonisation of national schemes .. 64 6.4 Funding of DGS ..................................................................................... 65 6.4.1 Target funding levels and composition ........................................ 66 6.4.2 Risk-based approach of DGS funds ............................................ 66 7 Conclusion .................................................................................................... 67 Annex 1 ............................................................................................................... 69 Annex 2 ............................................................................................................... 70 Annex 3 ............................................................................................................... 74 Bibliography ....................................................................................................... 76 III List of figures Figure 1: Three-pillar model of the European Banking Union ................................. 4 Figure 2: Regulatory Architecture in the U.S. ......................................................... 8 Figure 3: Comparison of Return on Equity and Price-to-book ratios ...................... 9 Figure 4: Overbanking in Small Euro area countries ............................................ 13 Figure 5: Evolution of the European Banking Union (Milestones) ........................ 19 Figure 6: Geographical scope of the Banking Union ............................................ 25 Figure 7: Status quo: opt-in and opt-out ............................................................... 26 Figure 8: General principles of the SSM ............................................................... 33 Figure 9: Tasks within the SSM ............................................................................ 36 Figure 10: Functioning of the JST ........................................................................ 38 Figure 11: Supervisory architecture in Austria ...................................................... 40 Figure 12: Gross AQR adjustment by country ...................................................... 44 Figure 13: Median projected adverse scenario reduction in CET1 by country ..... 45 Figure 14: Stress
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