EBA欧洲银行-Seminar-on-Synthetic-Securitisation_Agenda_3页_249kb

Seminar Summary: Synthetic Securitisation and Financial Guarantees

Overview

The seminar on Synthetic Securitisation and Financial Guarantees was held on 31 May 2016, from 09:00 to 16:00. It aimed to explore the role of synthetic securitisation in the European Union (EU) in light of current policy initiatives and to examine the landscape of credit guarantees and securitisation, including challenges, proposals, and practical applications.

Core Content

The seminar focused on the following core topics:

• The role of synthetic securitisation in the EU context and its alignment with current policy goals.
• The current landscape and policy initiatives related to credit guarantees and securitisation, with a particular emphasis on SMEs and the treatment of different investors.
• Regulatory and supervisory challenges in assessing significant risk transfer in synthetic securitisations.
• The practical implementation of synthetic securitisation and credit guarantees, including existing product offerings and potential future developments.

Main Views and Key Information

1. Welcome and Introduction

• Adam Farkas, Executive Director of the EBA, provided welcome remarks.
• Roman Escolano, Vice President of the EIB, gave opening remarks.
• The seminar addressed the importance of synthetic securitisation in the context of EU banking challenges and policy initiatives.

2. Credit Guarantees and Securitisation: Current Landscape and Policy Initiatives

• The discussion centered on reconciling different policy proposals in the European context.
• The focus was on funding mechanisms, risk transfer, asset types, and treatment of investors.
• Kestutis Juras from the EC DG ECFIN outlined the role of risk-sharing instruments in the EU's SME policy.
• Lars Overby from the EBA presented the EBA Report on Synthetic Securitisation, published in December 2015.
• Aron Gereben from the EIB summarized the Vienna Initiative report, which examined credit guarantees in the EU and CESEE region.
• A Q&A session followed, involving a representative from the European Commission's DG FISMA.

3. Panel Discussion on Synthetic Securitisation and Credit Guarantees in Practice

• The session covered existing product offers and future developments in synthetic securitisation.
• It also explored the benefits and risks of credit risk transfer through synthetic securitisations.
• A comparison was made between credit default swaps (CDS) and financial guarantees.
• Presentations were given by:
  • Alessandro Tappi and Claudio Zucca from the EIB Group on their product offerings.
• The panel was chaired by Christian Moor, a policy expert from the EBA.
• Panelists included:
  • Kiril Velitchkov from KBC European Financial Instruments Competence Center
  • Bruno Bancal from BNP Paribas
  • Jessica Littlewood from Clifford Chance
  • Audrius Zabotka from the European Association of Guarantee Institutions
  • Alex Batchvarov from Bank of America-Merrill Lynch

4. Panel Discussion on Regulatory and Supervisory Issues

• This panel addressed supervisory practices in the EU regarding significant risk transfer in synthetic securitisations.
• The discussion aimed to determine whether all supervisory authorities are applying the EBA's guidelines on significant risk transfer.
• It also explored the potential for harmonization and standardization in this area.
• The panel was chaired by Mario Marangoni, Head of Unit at the Bank of Italy and Chairman of the EBA’s subgroup on securitisation.
• Other participants included:
  • George Passaris from ETF
  • Massimiliano Rimarchi from the EBA
  • Ralf Schneider from BAFIN
  • Mascha Canio from PGGM
  • Giuseppe Sapienza from Bank Austria – UniCredit

5. Closing Remarks

• Cristian Popa, Vice President of the EIB, delivered closing remarks, summarizing the key points and future directions for synthetic securitisation and financial guarantees in the EU.

Conclusion

The seminar provided a comprehensive overview of the current state of synthetic securitisation and credit guarantees, highlighting both challenges and opportunities. It emphasized the need for harmonization and standardization in regulatory and supervisory practices and encouraged collaboration among stakeholders to support the development of these financial instruments in the EU context.