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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"

This workshop focused on the role of competition in the banking sector, exploring its implications for financial regulation, supervision, and the broader financial system. It brought together experts from central banks, regulatory authorities, academic institutions, and financial organizations to discuss key issues such as credit access, risk-taking, shadow banking, fintech, and the sustainability of business models.

Core Content and Key Topics

Day 1: November 28, 2016

Session 1: Credit Supply and Demand

• Topic: The Competitive Effects of a Bank Megamerger on Access to Credit
  • Presented by Henri Faisse (ACPR), Johan Hombert (HEC), and Mathias Lé (ACPR)
  • Discussed by Valerie De Bruyckere (EBA)
• Topic: "Sorry We are Closed" – Loan Conditions When Bank Branches Close and Firms Transfer to Another Bank
  • Presented by Diana Bonfim, Gil Nogueira (Banco de Portugal), and Steven Ongena (University of Zurich)
  • Discussed by Roberta De Filippis (EBA)
• Topic: Who is Interested? Estimation of Demand on the Hungarian Mortgage Loan Market in a Discrete Choice Framework
  • Presented by Ákos Aczél (National Bank of Hungary)
  • Discussed by Walter Vecchiato (EBA)

Session 2: Risk-taking and Business Models

• Topic: Competition and the Riskiness of Banks' Loan Portfolios
  • Presented by Øivind A. Nilsen, Kristin W. Heimdal, Kristoffer J. Solberg (Norwegian School of Economics), and Lars Sørgard (Norwegian Competition Authority)
  • Discussed by Matteo Aquilina (FCA)
• Topic: Specialisation in Mortgage Risk under Basel II
  • Presented by Nicola Garbarino, Peter Eckley, Liam Kirwin, Paolo Siciliani (Bank of England), Matteo Benetton (LSE), and Georgia Latsi (4-most Europe)
  • Discussed by Klaus Duellmann (ECB)
• Topic: European Banks in the 21st Century – Are Their Business Models Sustainable?
  • Presented by Lea Zicchino, Emanuele De Meo, Annalisa De Nicola, Giuseppe Lusignani, and Federica Orsini (Prometeia)
  • Discussed by Marina Cernov (EBA)

Session 3: Shadow Banking and Fintech

• Topic: Who? What? Where? Mapping the Interconnectedness of European Banks and Shadow Banking Entities
  • Presented by Neill Killeen, Tuomas Peltonen, Jorge Abad Sanchez, Marco Derrico (ESRB), Richard Portes (London Business School and ESRB ASC), Teresa Urbano, and Vera Luz (EBA)
  • Discussed by Nicola Garbarino (Bank of England)
• Topic: What Drives the Expansion of the Peer-to-Peer Lending?
  • Presented by Olena Havrylchyk (University of Lille, LEM, CEPII), Carlotta Mariotto (Ecole des Mines de Paris), Talal-Ur-Rahim (Boston University), and Marianne Verdier (University of Paris 2, CRED)
  • Discussed by Massimiliano Rimarchi (EBA)
• Topic: Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending
  • Presented by Christoph Bertsch, Isaiah Hull, and Xin Zhang (Sveriges Riksbank)
  • Discussed by Øivind A. Nilsen (Norwegian School of Economics)

Day 2: November 29, 2016

Session 4: Relationship Banking

• Topic: Risky Banks and Risky Borrowers: Relationship Banking in the Crisis
  • Presented by Ingrid Stein, Thomas Kick (Deutsche Bundesbank), Johannes Bersch (ZEW Mannheim), and Hans Degryse (KU Leuven)
  • Discussed by Michiel van Leuvensteijn (ACM)
• Topic: Who do Borrowers Borrow From? Evidence from Multi-bank Relationships
  • Presented by Philipp Koziol (ECB), Tobias Berg (Bonn University), and Felix Brinkmann (Deutsche Bundesbank)
  • Discussed by Clara Garcia (EBA)
• Topic: Searching and Switching in Retail Banking
  • Presented by Stefano Callari, Alexander Moore, Laura Rovegno (Competition and Markets Authority) and Pasquale Schiraldi (LSE)
  • Discussed by Michael Boehl (EBA)

Key Note Speech

• Speaker: Viral Acharya (New York University Stern School of Business)
• Topic: "Testing Regulatory Stress Tests"
  • Discussed the importance of stress testing in assessing bank resilience and its role in regulatory frameworks.

Session 5: Funding and Capital

• Topic: Measuring Competition in the UK Deposit-taking Sector
  • Presented by Michael Straughan and Sebastian J. A. de-Ramon (Bank of England)
  • Discussed by Kim Abildgren (Danmarks Nationalbank)
• Topic: Changes in the Cost of Bank Equity and the Supply of Bank Credit
  • Presented by Thomas Kick (Deutsche Bundesbank), Claire Célérier (University of Toronto), and Steven Ongena (University of Zurich)
  • Discussed by Claire Célérier (University of Toronto)
• Topic: Competition and Bank Risk: The Effect of Securitization and Bank Capital
  • Presented by Olivier de Bandt (ACPR), Michiel van Leuvensteijn (ACM), David Marques Ibanez (ECB), and Yener Altunbas (Bangor University Wales)
  • Discussed by Philipp Koziol (ECB)

Key Findings and Main Points

• Competition and Credit Access: Megamerger impacts on credit access were a central theme, highlighting potential market concentration issues and their implications for financial stability.
• Risk-taking Behavior: There is a link between competition and the riskiness of banks' loan portfolios, with implications for regulatory oversight.
• Business Model Sustainability: European banks face challenges in maintaining sustainable business models in a rapidly evolving financial landscape.
• Shadow Banking and Fintech Interconnectedness: The interconnectedness between traditional banks and shadow banking entities, as well as the growth of peer-to-peer lending, was emphasized as a key regulatory concern.
• Relationship Banking: The role of relationship banking in managing credit risk and its implications during financial crises were explored.
• Funding and Capital Markets: Competition in the deposit-taking sector and the cost of bank equity were discussed, with an emphasis on how these factors influence credit supply.

Conclusion

The workshop provided a comprehensive analysis of how competition in the banking sector affects financial regulation and supervision. It covered a wide range of topics, from credit supply and demand to risk-taking behavior, shadow banking, and the sustainability of business models. The discussions underscored the need for adaptive regulatory frameworks that can address the evolving dynamics of the financial system, particularly in the context of technological innovation and market consolidation.