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5th EBA Policy Research Workshop Summary

Event Overview

• Date: 28–29 November 2016
• Location: EBA, Picasso room, Floor 46, One Canada Square, Canary Wharf, London, E14 5AA, UK
• Theme: "Competition in banking: implications for financial regulation and supervision"
• Organizer: European Banking Authority (EBA)
• Participants: Representatives from central banks, regulatory bodies, academic institutions, and financial organizations across Europe and beyond.

Core Content and Objectives

The workshop aimed to explore the implications of competition in the banking sector, with a focus on how it affects financial regulation and supervision. It addressed various aspects of banking competition, including credit supply and demand, risk-taking behavior, the role of shadow banking and fintech, and the sustainability of business models.

Key Sessions and Topics

Day 1: 28 November 2016

Session 1: Credit Supply and Demand

• Presenters: Henri Faisse (ACPR), Johan Hombert (HEC), Mathias Lé (ACPR)
• Topic: "The Competitive Effect of a Bank Megamerger on Credit Supply"
• Discussion: Valerie De Bruyckere (EBA)
• Other Presentations:
  • "Sorry We are closed" Loan Conditions When Due to Branch Closure
    Presenters: Diana Bonfim (Banco de Portugal), Gil Nogueira (Banco de Portugal), Steven Ongena (University of Zurich)
  • "Who is Interested? Estimation of Demand on the Hungarian Mortgage Loan Market"
    Presenter: Ákos Aczel (Central Bank of Hungary)
• Chair: Samuel Da Rocha Lopes (EBA)

Session 2: Risk-taking and Business Models

• Presenters: Øivind A. Nilsen, Kristin W. Heimdal, Kristoffer J. Solberg (Norwegian School of Economics), Lars Sørgard (Norwegian Competition Authority)
• Topic: "Competition and the riskiness of banks' loan portfolios"
• Discussion: Matteo Aquilina (FCA)
• Other Presentations:
  • "Specialisation in mortgage market risk under Basel II"
    Presenters: Matteo Benetton (LSE), Peter Eckley, Nicola Garbarino, Liam Kirwin, Paolo Siciliani (Bank of England), Georgia Latsi (4-most Europe)
  • "European banks in the XXI century – are their business models sustainable?"
    Presenters: Emanuele De Meo, Annalisa De Nicola, Lea Zicchino (Prometeia), Giuseppe Lusignani (University of Bologna and Prometeia)
• Chair: Mario Quagliariello (EBA)

Session 3: Shadow Banking and Fintech

• Presenters: Neill Killeen, Tuomas Peltonen, Jorge Abad Sanchez, Marco Derrico (ESRB), Richard Portes (London Business School and ESRB ASC/JEGS), Teresa Urbano and Vera Luz (EBA)
• Topic: "Who? What? Where? Mapping the interconnectedness of European banks and shadow banking entities"
• Discussion: Nicola Garbarino (Bank of England)
• Other Presentations:
  • "What drives the expansion of the peer-to-peer lending?"
    Presenters: Olena Havrylchyk (University of Lille, LEM), Carlotta Mariotto (CERNA), Talal Rahim (Boston University), Marianne Verdier (CRED, CERNA)
  • "Fed Liftoff and Subprime loan interest rates: Evidence from the Peer-to-Peer Lending Market"
    Presenters: Christoph Bertsch, Isaiah Hull, Xin Zhang (Sveriges Riksbank)
• Chair: Santiago Fernández de Lis (BBVA and BSG)

Day 2: 29 November 2016

Session 4: Relationship Banking

• Presenters: Johannes Bersch (ZEW), Hans Degryse (KU Leuven and CEPR), Thomas Kick and Ingrid Stein (Deutsche Bundesbank)
• Topic: "Risky Banks and Risky Borrowers": Relationship Banking in the Crisis
• Discussion: Michiel van Leuvensteijn (ACM)
• Other Presentations:
  • "Who do borrowers borrow from? Evidence from multi-bank relationships"
    Presenters: Tobias Berg (Bonn University), Felix Brinkmann (Deutsche Bundesbank), Philipp Koziol (ECB)
  • "Searching and switching in retail banking"
    Presenters: Stefano Callari, Alexander Moore, Laura Rovegno (Competition and Markets Authority), Pasquale Schiraldi (LSE)
• Chair: Lars Overby (EBA)

Key Note Speech

• Speaker: Viral Acharya (New York University Stern School of Business)
• Topic: "Testing Regulatory Stress Tests"

Session 5: Funding and Capital

• Presenters: Sebastian J. A. de-Ramon and Michael Straughan (Bank of England)
• Topic: "Measuring Competition in the UK deposit-taking sector"
• Discussion: Kim Abildgren (Danmarks Nationalbank)
• Other Presentations:
  • "Does the Cost of Equity Affect Bank Lending?"
    Presenters: Thomas Kick (Deutsche Bundesbank), Claire Célérier (Rotman School of Management), Steven Ongena (University of Zurich)
  • "Competition and Bank Risk: The Role of Securitisation and Bank Capital"
    Presenters: David Marques Ibanez (ECB), Yener Altunbas (Bangor University Wales), Michiel van Leuvensteijn (ACM)
• Chair: Viral Acharya (New York University Stern School of Business)

Closing Remarks

• Speaker: EBA Executive Director, Adam Farkas
• Time: 15:40–16:00

Main Themes and Findings

• Competition and Risk: The role of competition in shaping banks' risk profiles and loan portfolios was a central theme. Presenters highlighted how competition can lead to both increased risk-taking and more efficient lending practices.
• Credit Supply Dynamics: The impact of bank mergers and branch closures on credit availability and loan conditions was examined, emphasizing the need for regulatory vigilance.
• Shadow Banking and Fintech: The interconnectedness of banks with shadow banking entities and the growth of peer-to-peer lending were discussed, raising concerns about systemic risks and regulatory adaptation.
• Business Model Sustainability: The long-term viability of European banks' business models was questioned, with a focus on how competition and regulatory frameworks influence their resilience.
• Regulatory Stress Testing: The importance of robust stress testing mechanisms for assessing bank stability under adverse conditions was underscored.

Key Information and Participants

• Institutions Involved: EBA, ECB, Bank of England, FCA, ACPR, ACM, and various academic and financial research bodies.
• Key Figures: Andrea Enria (EBA Chairperson), Viral Acharya (New York University), Adam Farkas (EBA Executive Director), and numerous researchers and policymakers from across Europe.
• Discussions: Each session included a structured discussion with experts from regulatory bodies and academia, providing diverse perspectives on banking competition and its regulatory implications.

Conclusion

The workshop provided a comprehensive analysis of the evolving landscape of banking competition, its impact on credit markets, risk management, and regulatory frameworks. It emphasized the need for adaptive and forward-looking policies to ensure the stability and sustainability of the European banking sector in the face of changing market dynamics and technological advancements.