On Banking Union - annual report 2023
ECON-PR-752739
Committee on Economic and Monetary Affairs · Rapporteur: Ivars Ijabs
Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.
This is a draft report by the Committee on Economic and Monetary Affairs on the Banking Union's annual report 2023. It calls for completing the Banking Union with a European deposit insurance scheme, reforming the crisis management framework, and addressing sanctions, consolidation, supervision and gender balance.¶¶¶ It asks the Commission to keep Banking Union and Capital Markets Union as priorities, to create an EU database for sanctions coordination, and to assist EU banks exiting Russia.¶¶ It calls for removing regulatory impediments to cross-border mergers, adopting the AECE Directive, harmonising supervision, and regulating shadow banking.¶¶¶ It welcomes the Basel III agreement, the SRB's strategic review, and the CMDI reform proposal, while calling for a backstop from the European Stability Mechanism and risk-based contributions to EDIS.¶¶¶
Committee position. The rapporteur proposes that Parliament call for completing the Banking Union with EDIS, reforming the crisis management framework, and addressing sanctions, consolidation, supervision and gender balance.¶¶¶
Key points
- Condemns Russian aggression against Ukraine and calls on banks to reduce exposure to energy-intensive corporates.¶
- Calls on the Commission to create an EU database to coordinate sanctions implementation and assess how EU banks apply sanctions.¶
- Calls on institutions to assist remaining EU banks in Russia with an orderly exit.¶
- Asks the Commission to retain completion of the Banking Union and Capital Markets Union as key priorities for its next mandate.¶
- Calls for consolidation by removing regulatory impediments to cross-border mergers to increase profitability and financial stability.¶
- Regrets the lack of gender balance in the ECB Governing Council, its Supervisory Board and the SRB Board, and calls for future appointments to close the gap.¶
- Calls for adoption of the AECE Directive to develop non-performing loan secondary markets.¶
- Calls for further harmonisation of the EU regulatory framework and convergence between national authorities.¶
- Welcomes the Basel III agreement and notes that implementation for crypto-assets is still pending.¶
- Calls for an appropriate regulatory approach to shadow banking and for addressing risks from banks' exposure to non-bank financial intermediaries.¶
- Calls for expanding the scope of resolution, clarifying public interest assessments, and limiting State aid, and for a backstop credit line from the European Stability Mechanism.¶¶
- Regrets lack of progress on EDIS negotiations and calls for risk-based contributions, consideration of institutional protection schemes, and gradual pooling of liquidity.¶¶
Who is affected
- EU banks, which are asked to reduce exposure to energy-intensive corporates and prepare orderly exits from Russia.¶¶
- The Commission, which is asked to create a sanctions database and keep Banking Union and Capital Markets Union as priorities.¶¶
- The ECB, SRB and EBA, which are called on to ensure gender balance in future appointments.¶
- Supervisors, who are called on to continue assessing exposures to further interest rate hikes.¶
- Co-legislators, who are urged to resume negotiations on EDIS.¶