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EBA Research Workshop Summary: "How to regulate and resolve systemically important banks"

Event Overview

The EBA Research Workshop, titled "How to regulate and resolve systemically important banks", was held on 14 November 2013 at the European Banking Authority (EBA), located at 30 Old Broad Street, London EC2N 1HT. The event spanned from 09:00 to 18:00, with a dinner session at 19:00. It aimed to address the challenges of improving financial stability and resilience in the banking sector post-crisis, with a focus on regulation and resolution mechanisms for systemically important financial institutions (SIFIs).

Agenda Highlights

Day 1: 14 November 2013

09:00–09:30

Registration: Participants arrived and registered for the workshop.

09:30–09:45

Welcome Speech by Andrea Enria (EBA Chairperson): Introduced the workshop's objectives and the importance of regulatory and resolution frameworks in the post-crisis era.

09:45–10:45

Keynote Speech by Erkki Liikanen (Governor of the Bank of Finland): Discussed the broader implications of financial stability and resilience in the wake of the crisis.

10:45–11:15

Coffee Break: Provided a short break for networking and refreshments.

11:15–13:00

Session 1: Credit Risk

• Presenters: K. Dullmann and P. Koziol (Deutsche Bundesbank)
• Topic: "Are SME Loans Less Risky than Regulatory Capital Requirements Suggest?"
• Discussion: M. Quagliariello (EBA), T. Ota (Bank of England)
  Key Points:
• SME loans may not be as risk-free as suggested by regulatory capital requirements.
• There is a need to reassess risk assessment models to better reflect real-world conditions.

13:00–14:00

Buffet Lunch: Provided a meal for participants.

14:00–15:45

Session 2: SIFIs

• Presenter: S. Masciantonio (Banca d'Italia)
• Topic: "Identifying and Tracking Global, EU and Eurozone Systemically Important Banks with Public Data"
• Discussion: Samuel da Rocha Lopes (EBA)
  Key Points:
• SIFIs can be identified and tracked using public data.
• The use of such data is essential for effective supervision and early warning systems.

15:45–16:15

Coffee Break

16:15–18:00

Session 3: Systemic Risk

• Presenters: S. Bornemann, S. Homolle, C. Hubensack, T. Kick, A. Pfingsten (University of Münster, Deutsche Bundesbank)
• Topic: "Visible Reserves in Banks - Determinants of Initial Creation, Usage, and Contribution to Bank Stability"
• Discussion: A. Marcelo (EBA)
• Presenters: C. Bonner, I. van Lelyveld, R. Zymek (De Nederlandsche Bank)
• Topic: "Banks' Liquidity Buffers and the Role of Liquidity Regulation"
• Discussion: L. Overby (EBA)
• Presenters: U. Kruger, M. Libertucci (Deutsche Bundesbank, Banca d'Italia)
• Topic: "Does the Basel III countercyclical capital buffer mitigate regulatory capital (pro)cyclicality? Evidences from empirical tests"
• Discussion: M. Rimarchi (EBA)
  Key Points:
• Visible reserves play a critical role in maintaining bank stability.
• Liquidity buffers are essential tools for managing financial risks.
• The countercyclical capital buffer can help reduce regulatory capital cyclicity.

18:00–19:00

Dinner (at EBA premises): Social event to foster discussion among participants.

09:30–11:15

Session 4: Resolution

• Presenters: M. Ignatowski and J. Korte (Goethe University)
• Topic: "Wishful Thinking or Effective Threat? Tightening Bank Resolution Regimes and Bank Risk-Taking"
• Discussion: P. Allard (EBA)
• Presenters: N. Martynova and E. Perotti (University of Amsterdam)
• Topic: "Convertible Bonds and Bank Risk-Taking"
• Discussion: L. Kalyvas (EBA)
• Presenters: A. Schäfer, I. Schnabel, B.W. di Mauro (CEPR)
• Topic: "Financial Sector Reform After the Crisis: Has Anything Happened?"
• Discussion: I. van Lelyveld (De Nederlandsche Bank)
  Key Points:
• Tightening resolution regimes can influence bank behavior and risk-taking.
• Convertible bonds may affect a bank's risk profile and capital structure.
• Financial sector reforms have had mixed results in enhancing stability and resilience.

11:15–11:45

Coffee Break

11:45–12:45

Keynote Speech by Mark Flannery (University of Florida):

• Topic: "Maintaining Safe Banks: Should CoCos Play a Bigger Role?"
  Key Points:
• Contingent Convertible Bonds (CoCos) could be a valuable tool in enhancing bank safety.
• Their role in capital adequacy and resolution mechanisms requires further exploration.

12:45–13:00

Closing Remarks by EBA Executive Director Adam Farkas: Summarized the key takeaways and emphasized the importance of continued research and policy development.

13:00–14:00

Buffet Lunch: Final meal of the day.

Core Content and Main Themes

• Financial Stability and Resilience: A central theme of the workshop was the need to enhance the stability and resilience of financial institutions, especially in the aftermath of the financial crisis.
• Regulatory Capital and Risk Assessment: The discussion focused on how regulatory capital requirements may not fully capture the risks associated with SME loans, suggesting a need for more nuanced risk modeling.
• Systemically Important Banks (SIFIs): Identifying and monitoring SIFIs using public data was highlighted as a critical step for effective supervision and crisis prevention.
• Systemic Risk Measurement: Various studies explored the effectiveness of systemic risk measures and their ability to forecast potential impacts within financial networks.
• Resolution Mechanisms: The role of resolution frameworks, including CoCos and convertible bonds, was debated as a means to ensure orderly bank failures and reduce systemic risk.

Key Takeaways

• The post-crisis regulatory environment requires continuous review and adaptation to address emerging risks.
• Public data is a valuable resource for identifying and tracking SIFIs, supporting more proactive supervision.
• Systemic risk measures must be robust and informative to guide policy decisions effectively.
• Resolution regimes should be designed to deter excessive risk-taking and ensure the stability of the financial system.
• CoCos and other capital instruments may play a significant role in future regulatory frameworks.