European Systemic Risk Board (ESRB)
Central banks’ liquidity injections may amplify bank runs, paper argues
ESRB paper looks at 2008 US crisis using simple model of bank runs
Mersch: no political appetite for ‘European safe bonds’
The proposal for pooled, tranched bonds is “interesting”, but the public are likely to be suspicious
‘Significant’ housing market risks in eight EU states – ESRB
UK outlook “highly uncertain”, while regulatory mandate in Sweden is “not clear”
European commercial bond market may suffer from lack of liquidity, ESRB says
Banks complain of effect of European regulations on liquidity; reporting on European fixed income markets still has “significant information gap”
Non-banks’ asset purchases should be capped, paper argues
Researcher puts forward model of impact on economy of secondary market trading
ECB officials and Borio disagree on falling real rates
Vítor Constâncio and François Villeroy de Galhau emphasise importance of saving-investment mismatch, while Claudio Borio stresses financial cycle, but speakers find some points of agreement
ESRB publishes guide to OTC derivatives database
Draghi repeats pledge to extend central clearing regulation to all forms of derivatives; ESRB paper sheds light on “opaque” markets
ESRB recommends EU states reciprocate Estonian capital buffer
European Systemic Risk Board’s recommendation is only second time it has suggested regulators should reciprocally adopt a new macro-prudential measure
ESRB unveils methodology for mapping shadow banks
ESRB presents report on European shadow banking and identifies major risks in sector; says major gaps in data still exist
Beyond banking: ESRB wants wider macro-prudential toolkit
European Systemic Risk Board argues for providing policy-makers with macro-prudential instruments extending to all forms of credit; lays out specific short- and long-term actions
Panellists at ECB conference challenge complexity of macro-prudential set-up
Public and private sector representatives agree it is too early to judge macro-prudential framework; identify some positive elements but raise concerns about institutional complexity
EBA unveils 2016 stress test methodology
European Banking Authority presents the methodology for 2016 stress tests; no single capital adequacy level, but results will inform regulators’ assessments under SREP
Carney says reciprocity ‘central feature’ in ESRB framework for spillovers
ESRB analysis shows domestic policies can be more effective if their spillovers are managed; Carney says framework for doing so will be operational ‘early next year’
EBA unveils plans for 2016 stress tests
European Banking Authority publishes draft guidelines for stress-testing systemically important banks; some 53 banks will be tested from February 2016
ESRB open to revising macro-prudential intermediate objectives
European Systemic Risk Board sees scope for ‘sharpening’ some of the existing five objectives, while potentially adding others, in review of EU policy
ESRB group wants treatment of sovereign debt reviewed
Report published by European Systemic Risk Board argues sovereign debt can no longer treated as risk-free, and outlines different ways the regulatory framework could be adapted
ESRB on the hunt for experts to join macro-prudential advisory committee
Applicants for a seat on Advisory Scientific Committee must be academics or industry practitioners and cannot be employees of a member institution
People: Fritz Zurbrügg appointed as SNB vice-chair; Vanoli gets nod from Argentine senate
SNB reshuffles board, with Zurbrügg assuming vice-chair after Danthine retires; Luis Linde replaces Ignacio Visco at the steering committee of the European Systemic Risk Board
ESRB report studies allocation of macro-prudential powers
Report from advisory scientific committee says coordinating monetary and macro-prudential policies is easier if the powers sit within a single institution, often the central bank
ESRB paper identifies difficulties in tracing origins of collateral
Occasional paper presents results from two data collection exercises, finding ‘widespread’ use of securities financing transactions and lack of clarity on the reuse of collateral
Central Banking poll finds tepid response to EU stress tests
Some 60% of respondents to Central Banking poll say the EU stress tests are ‘not stringent enough’; ECB will release results for eurozone banks along with AQR findings next month
ESRB publishes framework for calibrating CCBs
European Systemic Risk Board identifies the indicators EU member states should use when building, reducing and releasing their counter-cyclical capital buffers
ESRB handbook calls on macro-prudential regulators to overcome ‘inaction bias'
Comprehensive guidance on macro-prudential tools was published yesterday by the European Systemic Risk Board
People: Israel appoints new currency head; ESRB re-elects Ingves
ESRB also reappoints Marek Belka, president of the National Bank of Poland, to steering committee and appoints Richard Portes, founder of CEPR, to Advisory Scientific Committee