EBA欧洲银行-EBA-Op-2014-09-Opinion-on-a-structural-measure-notified-by-the-French-Republic_5页_356kb

报告摘要

EBA Opinion on French Structural Banking Separation Measure

Introduction and Legal Basis

Document Reference: EBA/Op/2014/09
Date: 17 July 2014
Subject: French Republic's structural measure on banking separation under Article 395(6) of Regulation (EU) No 575/2013 (CRR)

The French Republic notified the European Banking Authority (EBA) and other EU institutions of its planned structural measure to implement law 2013-672 of 26 July 2013, which aims to separate banking activities from speculative trading. The notification met the legal requirements of Article 395(7) of the CRR, including providing two months' notice and relevant evidence.

The EBA acknowledged the notification and invited the French Republic to provide additional information on the suitability, effectiveness, and proportionality of the measure. The French Republic submitted further details in letters dated 3 July and 8 July 2014, incorporating feedback from national supervisory bodies.

General Comments

The EBA has previously emphasized the importance of consistency in structural measures across the EU to avoid regulatory arbitrage and maintain a level playing field.
The French structural measure, as outlined in law 2013-672 and the draft order, aims to reduce group risk exposure by segregating proprietary trading activities into dedicated subsidiaries.
The EBA does not believe the measure conflicts with EU internal market principles or would negatively impact the internal market.
The measure is not intended to ring fence institutions across national borders but rather to restrict speculative activities within the banking group, regardless of their geographical location.
The EBA reminds the French Republic that once the Commission's proposal for a regulation on structural measures (submitted on 29 January 2014) is adopted, it must comply with the EU legal framework on structural separation.

Specific Comments

1. Scope of Activities

The Note clarifies that credit institutions in France with more than 7.5% of their balance sheet assets classified as FVTPL (Fair Value Through Profit and Loss) are required to segregate proprietary trading into dedicated subsidiaries.
The definition of proprietary trading excludes investment services to customers, clearing, hedging, market making, cash management, and group investments.
The EBA encourages alignment with potential future EU legislation on structural separation.

2. Suitability, Effectiveness, and Proportionality

The Note supports the measure's suitability by highlighting that it reduces the parent company's exposure to the segregated entity to 10% of eligible capital.
The measure ensures that speculative activities remain under banking supervision, avoiding externalization to the shadow banking sector.
The French Republic provides quantitative evidence that speculative activities have decreased from 15% to 20% of NBP in 2006 to 3% to 5% currently, indicating a need to prevent a resurgence.
These elements are deemed satisfactory by the EBA in terms of suitability, effectiveness, and proportionality for depositor protection.

3. Impact on the Internal Market

The EBA welcomes the Consulting Member State's assessment that the increased monitoring of market activities will reduce risks and increase financial stability.
It is argued that the measure will have a positive impact on the internal market, as the affected banking groups operate in multiple EU countries.
The measure is not considered discriminatory against other Member States, as it targets specific high-risk activities, not geographical entities.

Conclusion

After a thorough review of the information provided by the French Republic, the EBA has no specific objections to the structural measure.
The EBA recommends that the French Republic continues to align with the EU legal framework on structural separation, particularly once the Commission's proposed regulation is adopted.
The opinion will be published on the EBA's website.