Banking & Payments Federation Ireland (BPFI) today held its Banking Union Conference 2015 in the Marker Hotel, Dublin. With key note speeches from Ignazio Angeloni, ECB Supervisory Board member and Dr. Elke König, Chair of the Single Resolution Board, the conference discussed developments over the past year since the introduction of the Single Supervisory Mechanism (SSM) as well as the priorities for the SSM during 2016. It also focused on the new Single Resolution Mechanism (SRM), due to take effect in January, and developments at an international level on macroprudential supervision.
Opening the conference, Maurice Crowley, Director, Banking & Payments, BPFI addressed the challenges ahead in implementing the SSM:
“The implementation of the SSM represents a considerable endeavour for the European Central Bank as well as for the directly-supervised euro area banks. While much has been achieved, significant challenges remain: these include the need to seamlessly align the SSM with the approach of other non-euro area and international supervisors; and to contribute to the content and application of a Single Rulebook which the European Banking Authority is developing for all banks in the EU and European Economic Area. Related to this is the significant review of national discretions and options which is a matter of particular interest to Europe’s banks.”
Also speaking at the conference, Dr. Elke König, Chair of the Single Resolution Board (SRB), outlined the task ahead for the SRB, which will be fully operational and responsible for resolution actions from January:
“The SRB will be a game-changer in banking resolution and, as a consequence will enhance systemic stability in the 19 Member States of the Banking Union and beyond. While there is still much work to be done, rest assured the SRB will be prepared for what is coming by helping to avoid future bail-outs and placing the burden of bank resolution firmly onto the banks, their owners and their creditors. Our objective is to restore market economy principles in the banking sector! Nothing more, nothing less. We will enhance financial stability by addressing and solving resolution obstacles. Financial institutions will therefore be more robust, more resistant and the regulatory landscape more efficient.”
Other speakers contributing to the conference included Cyril Roux, Deputy Governor, Financial Regulation, Central Bank of Ireland, John Fell, Deputy Director General, Macroprudential Policy &Financial Stability, European Central Bank and Mark Kennedy, Managing Partner, Mazars.
Banking and Payments Federation Ireland (BPFI) is the voice of banking and payments in Ireland representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.
For Further Information Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880