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4th EBA Policy Research Workshop Summary

Date: 18–19 November 2015
Location: EBA, Picasso room, Floor 46, One Canada Square, Canary Wharf, London, E14 5AA, UK
Theme: "Financial regulation and the real economy: a micro-prudential perspective"

Core Content

The 4th EBA Policy Research Workshop focused on the intersection of financial regulation and the real economy, particularly from a micro-prudential perspective. It aimed to explore how regulatory frameworks affect banking stability and the broader economic environment, with a special emphasis on credit markets, bank business models, and the impact of regulatory changes on credit intermediation and lending behavior.

Key Sessions and Discussions

Day 1 – 18 November 2015

• Registration and Welcome Speech (09:30–10:15):
  The workshop began with registration, followed by a welcome speech from Andrea Enria, EBA Chairperson.

• Key Note Speech – Xavier Vives (10:15–11:15):
  The keynote speech discussed the relationship between competition, regulation, and banking stability.

• Session 1: Credit and Real Economy (11:30–13:15):
  This session featured three presentations:

  • R. Ayadi, W. De Groen, P. Thyri: Examined state aid to banks and credit for SMEs, questioning the need for conditionality.
  • P. Behr, D. Foos, L. Norden: Analyzed the cyclicality of SME lending and the role of government in banks.
  • O. De Jonghe, H. Dewachter, K. Mulier, S. Ongen, G. Schepens: Explored the impact of bank funding shocks on credit reallocation.
  • Discussion Chairs: Marina Cernov, Walter Vecchiato, and Andrea Resti.

• Buffet Lunch (13:15–14:15):

• Key Note Speech – Mathias Dewatripont (14:15–15:15):
  Dewatripont presented on the banking crisis and its responses, highlighting the challenges and policy implications.

• Session 2: Business Models (15:30–17:15):
  This session included three presentations:

  • O. de Bandt, M. Chahad: Presented a DSGE model to assess post-crisis regulation of universal banks.
  • F. Mergaerts, R. Vander Vennet: Analyzed business models and bank performance over the long term.
  • F. Vinas: Compared universal banks and retail banks during the Great Recession.
  • Discussion Chairs: Antonella Foglia, Klaus Duellmann, and Raffaele Passaro.

• Drinks and Buffet (17:30–20:30):

Day 2 – 19 November 2015

• Session 3: Credit and Real Economy (09:15–11:00):
  This session covered:

  • R. Kelly, F. McCann, C. O'Toole: Examined credit conditions, macroprudential policy, and house prices.
  • A. Silva: Explored strategic complementarity in banks' funding liquidity choices and financial stability.
  • C. Labonne, C. Welter-Nicol: Investigated the relationship between cheap credit and expensive houses.
  • Discussion Chairs: Valerie de Bruyckere and Olivier de Bandt.

• Coffee Break (11:00–11:15):

• Session 4: Non-performing Loans and Credit Losses (11:15–13:00):
  Presentations included:

  • T. Kick, T. Pausch, B. Ruprecht: Discussed the "Winner's Curse" and the risks of aggressive credit growth.
  • P. Jakubik, T. Reininger: Analyzed key determinants of non-performing loans in CESEE.
  • C. Domikowsky, D. Foos, M. Pramor: Studied loan loss accounting rules and their impact on bank lending over the cycle.
  • Discussion Chairs: Mira Lamriben and Mario Quagliariello.

• Buffet Lunch (13:00–14:00):

• Session 5: Impact of Financial Regulation (14:00–15:45):
  This session featured:

  • M. Bucher, D. Dietrich, A. Hauck: Explored the implications of bank regulation for credit intermediation and bank stability.
  • M. Grill, J. Lang, J. Smith: Analyzed the leverage ratio, risk-taking, and bank stability.
  • A. D Scopelliti: Presented evidence on securitisation, bank capital, and financial regulation in European banks.
  • Discussion Chairs: Stan Maes, Gerbert van der Kamp, and Massimiliano Rimarchi.

• Closing Remarks – EBA Executive Director, Adam Farkas (15:45–16:00):
  The workshop concluded with closing remarks from Adam Farkas, summarizing the key insights and outlining future research directions.

Main Themes and Key Takeaways

• Micro-prudential focus: The workshop emphasized the importance of understanding how individual bank behaviors and regulations impact financial stability and the real economy.
• Credit and SMEs: There was significant discussion on the role of credit in supporting SMEs, the effects of state aid, and the need for conditionality in credit provision.
• Business models and performance: Presentations highlighted the long-term implications of different business models on bank performance and stability.
• Non-performing loans and credit losses: The session explored the determinants of NPLs, the impact of accounting rules, and the risks of aggressive credit growth.
• Regulatory impact: The role of financial regulation in shaping credit intermediation, bank stability, and capital management was a central theme.

Key Speakers and Institutions

• Andrea Enria – EBA Chairperson
• Xavier Vives – IESE Business School
• Mathias Dewatripont – National Bank of Belgium
• Olivier de Bandt – Banque de France and ACPR
• Andrea Resti – Bocconi University
• David T Llewellyn – Loughborough University
• Adam Farkas – EBA Executive Director

This workshop provided a comprehensive overview of the micro-prudential aspects of financial regulation, offering insights into its implications for credit markets and the broader economy.