2013年-IMF国际货币组织全球_European_Union_Publication_of_Financial_Sector_Assessment_Program_DocumentationTechnical_Note_on_Progress_with_Bank_Restructuring_and_Resolution_in_Europe_26页_729kb

Summary of the European Union: Financial Sector Assessment Program Documentation—Technical Note on Progress with Bank Restructuring and Resolution in Europe

Core Content

This document provides an overview of the progress and challenges in bank restructuring and resolution within the European Union (EU) as of February 2013, focusing on the financial sector stability assessment. It is prepared by the International Monetary Fund (IMF) and outlines the current status of the EU banking system, the role of government interventions, and the need for further reforms to ensure financial stability and sustainable recovery.

Main Views

• Bank Restructuring is Underway but Incomplete: The EU banking system has undergone some restructuring, with capital ratios significantly improved through government support. However, the process is not yet complete, and systemic challenges remain.
• Government Support and Recapitalization: EU governments have provided extensive support to banks, including capital injections, guarantees, and liquidity assistance. The EBA-led recapitalization exercise has led to €200 billion in new capital or reduction of capital needs.
• Slow Consolidation and NPL Accumulation: Consolidation in the banking sector has been slow, and nonperforming loans (NPLs) continue to rise, especially in peripheral countries like Greece, Ireland, Italy, Portugal, and Spain. This hampers profitability and transparency.
• Need for Enhanced Resolution Framework: The EU needs a stronger resolution framework aligned with the Financial Stability Board (FSB) Key Attributes for Effective Resolution. A Single Resolution Mechanism (SRM) is proposed to complement the Single Supervisory Mechanism (SSM).
• Legal and Structural Barriers: Legal frameworks in several EU countries hinder the restructuring of NPLs and asset recovery. There is a need for harmonization of definitions and procedures to improve comparability and efficiency.
• Role of Asset Management Companies (AMCs): AMCs are being considered as a tool to manage NPLs, either as decentralized entities or a centralized public AMC. Their use is still in early stages within the EU.

Key Information

Recent Developments

• Crisis Response: Massive government aid was provided to banks, with EU member states committing nearly €4.5 trillion in total support (37% of EU GDP) between 2008 and 2011. Taxpayer money used amounted to €1.7 trillion (13% of EU GDP).
• Monetary Support: The ECB provided liquidity support through various mechanisms, including LTROs and OMT, which eased funding conditions for peripheral banks.
• Deleveraging and Recapitalization: EU banks under State Aid rules have deleveraged up to 19% of their total assets, while others have deleveraged less. The EBA stress tests and recapitalization efforts have improved Tier 1 capital ratios, which now exceed 10% compared to 7% in 2008.
• NPL Trends: NPLs have increased significantly, outpacing loan growth. In some countries, NPLs have risen by up to 7 times since 2007, with Greece and Ireland experiencing high levels of reliance on Emergency Liquidity Assistance (ELA).

On-Going Challenges

• Low Interest Rates and Liquidity Support: While helpful in avoiding abrupt restructuring, these measures do not address underlying economic and financial vulnerabilities.
• Weak Economic Environment: The EU economy remains weak, especially in the periphery and Emerging Economies in the EU (EEE), which threaten recovery.
• Funding Constraints: Banks in peripheral countries still face high funding costs, and reliance on ECB liquidity remains significant.
• NPL Management: NPLs continue to absorb management capacity and weaken profitability. Efficient NPL management is essential for financial system recovery.

Resolution and Restructuring Framework

• National Resolution Tools: Some countries, like the UK and Germany, have developed domestic resolution regimes, such as the Special Resolution Regime (SRR) and the Bank Reorganization Act.
• EU Resolution Directive: A new EU resolution directive is being developed to harmonize and strengthen resolution frameworks across the EU, aiming to prevent regulatory arbitrage and ensure efficient resolution of cross-border banks.
• Single Resolution Mechanism (SRM): The SRM is proposed as a central mechanism to coordinate with the SSM, ensuring that resolution and recovery plans are developed and implemented effectively.
• Coordination with DG COMP: The SRM must work closely with DG COMP to ensure that State aid is aligned with the broader macro-financial framework and that resolution actions are efficient and transparent.
• AMCs as a Solution: AMCs are being considered as a tool for managing NPLs, but their implementation is still in early stages. The document suggests that a centralized AMC may be necessary in cases of systemic NPL accumulation.

Conclusion

The EU banking system is in the process of restructuring, but significant challenges remain. The resolution framework needs to be strengthened, with a focus on harmonization, transparency, and efficiency. The role of AMCs and the need for a Single Resolution Mechanism are emphasized as key steps towards a more resilient financial sector. Coordination between supervisory and resolution authorities is essential to ensure that the EU can manage the ongoing crisis and support long-term financial stability.