Εκδόσεις - ECEFIL Working Paper Series



Minimum Requirement for Own Funds and Eligible Liabilities (MREL): A comprehensive analysis of the new prudential requirement for credit institutions
Working Paper Series No 2016/16 -updated-
PhD Candidate Nikos G. Maragopoulos

Abstract

The global financial crisis of 2007-2009 triggered a political initiative for a radical reform of the EU bank safety net aiming to enhance financial stability. The establishment of the Minimum Requirement for own funds and Eligible Liabilities (MREL) is one of the new core elements of the Union legal framework seeking to ensure that credit institutions have loss absorbing capacity sufficient to achieve their orderly resolution in case they become unviable. The present working paper, structured in four (4) sections, analyses the components of the new prudential requirement, as well as its potential impact on the EU banking system.

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ECEFIL WP No 2016/16 -updated-
Αρχείο PDF: 497 Kb



Financial Inclusion: An overview of its various dimensions and the initiatives to enhance its current level
Working Paper Series No 2016/15
Professor Christos Vl. Gortsos

Abstract


The present working paper provides an introduction to the topic of financial inclusion (and exclusion) in five Sections:

  (i) The main concepts and characteristics as well as some statistical data are set out in Section 1.

  (ii) Section 2, on the policy aspects related to financial inclusion, deals with the interaction of financial inclusion with monetary policy, financial stability and anti-money laundering/terrorist financing preventive measures.

  (iii) In Section 3 the correlation between financial literacy and financial inclusion is analysed.

  (iv) The case for coordinated efforts to enhance financial inclusion at international, EU and national level is presented in Section 4.

  (v) Finally, Section 5 presents briefly the link between technology and financial inclusion.

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ECEFIL WP 2016/15
Αρχείο PDF: 298 Kb



The ‘Comitology procedure’ under the European Parliament and Council Regulation (EU) No 182/2011 and its importance for EU banking law
Working Paper Series No 2016/14
Professor Christos Vl. Gortsos

Abstract

The present working paper provides an analysis of Regulation (EU) No 182/2011, of the European Parliament and of the Council “laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers”, which repealed Council Decision 1999/468/EC of 28 June 1999, as in force after its amendment by Council Decision 2006/512/EC of 17 July 2006. It is structured in four Sections:

     (i) Section 1 examines the Comitology procedures within the system of law-making under the TFEU.

     (ii) A closer look into the general aspects of Regulation (EU) No 182/2011 and the ‘Comitology Committees’ provided therein is the subject of Section 2.

     (iii) In Section 3, the two main Comitology procedures laid down by the Regulation (the examination and the advisory procedures) are analysed.

     (iv) Finally, Section 4 presents the other provisions of the Regulation (namely those on immediately applicable implementing acts and on controls by the European Parliament and the Council, the transitional provisions and arrangements, as well as the review clause).

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ECEFIL WP 2016/14
Αρχείο PDF: 308 Kb



The European Stability Mechanism Direct Recapitalisation Instrument: An element for a complete European Banking Union
Working Paper Series No 2015/13
PhD Candidate Dimitris Vovolinis

 Abstract

The European Stability Mechanism (‘ESM’) is a permanent crisis resolution mechanism for the countries of the euro area, which started operating in 8 October 2012. It is an important component of the comprehensive EU strategy designed to safeguard financial stability within the euro area. To that end, it issues debt instruments in order to finance loans and other forms of financial assistance to euro area Member States facing adverse financial conditions.

The present working paper, structured in three (3) sections, explores the role of the Direct Recapitalisation Instrument of the ESM within the context of the European Banking Union. Section A provides an overall examination of the ESM, and Section B deals with the provisions on the key elements of the Guideline pertaining to the Direct Recapitalisation Instrument and its integration within the institutional framework of the European Banking Union. Section C contains some concluding remarks.     

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ECEFIL WP 2015/13
Αρχείο PDF: 554 Kb



Macro-prudential tasks in the framework of the Single Supervisory Mechanism (SSM): an analysis of Article 5 of the SSM Regulation
Working Paper Series No 2015/12
Professor Christos Vl. Gortsos

 Abstract

The aim of this paper is to provide an analysis of the macro-prudential tasks assigned to the ECB within the context of the ‘Single Supervisory Mechanism’, which is a major building block of the European Banking Union. It is structured in two (2) sections. Section 1 provides a general overview of the specific supervisory tasks conferred upon the ECB in relation to credit institutions and other supervised entities incorporated in participating Member States, as well as those concerning branches in participating Member States by credit institutions incorporated in non-participating Member States. Section 2 outlines, in particular, the specific macro-prudential tasks conferred upon the ECB under the provisions laid down in Article 5 of the Council Regulation (EU) No 1024/2013, which constitutes the main legal source of the ‘Single Supervisory Mechanism’ (known as the ‘SSM Regulation’).

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ECEFIL WP 2015/12
Αρχείο PDF: 175 Kb




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