Annual report 2013
In: 2014; (2014)
Online
Elektronische Ressource
Zugriff:
During 2013 – the third year of operation of the European Systemic Risk Board (ESRB) – the ESRB continued to monitor the stability of the financial system of the EU against the background of a weak and uneven economic recovery. The public and private debt overhang remained large, fostering an atypical environment for many sectors of the economy. Throughout the year there was a gradual and general improvement in funding conditions for the banking sector, despite sluggish macroeconomic conditions. Pockets of vulnerabilities were identified, such as in some national real estate markets. Overall, developments in several asset classes contributed to improving conditions in the financial sector. During most of the period under review, market concerns were centred on the potential broader impact of changes in global monetary policy conditions and/or the possibility of a sudden reversal in market sentiment. On the structural side, regulatory reforms and preparations for upcoming stress tests called for increases in banks’ capital in order to boost resilience. Furthermore, a number of other legislative amendments were agreed upon, for example on banking (the SSM and BRRD), insurance (Omnibus II) and financial markets (MiFID and MiFIR), which affected the ESRB’s scope of activity. The ESRB continued its work on securities financing transactions and central counterparties, two areas that it had previously acknowledged as being increasingly important for the stability of the financial system. In the insurance sector, both the impact of the low yield environment and the more immediate implications of Solvency II were focal points of the ESRB’s monitoring and assessment activities. To prevent and/or mitigate systemic threats, the ESRB may issue recommendations or warnings. In order to further develop the macro-prudential framework, the ESRB issued Recommendation ESRB/2013/1 on intermediate objectives and instruments of macroprudential policy in April 2013. The work of the ESRB is guided by five intermediate objectives. They comprise the prevention and mitigation of systemic risks that may arise from i) excessive credit growth and leverage; ii) excessive maturity mismatch and market illiquidity; iii) direct and indirect exposure concentrations; iv) misaligned incentives with a view to reducing moral hazard; and v) financial infrastructures
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Annual report 2013
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Autor/in / Beteiligte Person: | European Systemic Risk Board |
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Quelle: | 2014; (2014) |
Veröffentlichung: | 2014 |
Medientyp: | Elektronische Ressource |
ISBN: | 978-92-899-1374-4 (print) |
ISSN: | 1977-5083 (print) |
DOI: | 10.2866/99938 |
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