Is the Bank Resolution & Recovery Directive working?
Held on Tuesday, September 19, 2017.
Lorenzo Codogno (LSE)
Simon Samuels (Veritum Partners)
Amélie Labbé Thompson (IFLR)
The BRRD – and the Single Resolution Mechanism that enforces it, for those taking part in Banking Union – has been put through its paces recently.
In Spain, the Banco Popular resolution went smoothly enough (if a little too smoothly in the eyes of some of its creditors), essentially costing the taxpayers nothing. However, somehow €17bn of Italian government money found its way into Banca Popolare di Vicenza and Veneto Banca. And (at the time of writing) Novo Banco in Portugal is still haggling with its bondholders.
Italian senior bondholders may well be delighted. Wolfgang Schäuble appears less so, and he is far from the only EU politician sounding frustrated. Elke König, head of the Single Resolution Board, has a delicate job on her hands.
How flawed is the current system? Does it, in fact, insulate taxpayers from the fortunes of bankers? And what should the SRB and Eurocrats be doing about it? Joining us to debate the issues we are pleased to welcome:
- Lorenzo Codogno, founder and chief economist at LC Macro Advisors, a visiting professor at the LSE and a former chief economist and director general at the Italian Treasury;
- Simon Samuels, a former head of European banks equity research at both Barclays and Citigroup, and founding partner of Veritum Partners, an independent advisor to the sector;
- Amélie Labbé Thompson, editor of International Financial Law Review and frequent commentator on the BRRD and SRM.
If you (or a colleague) would like to join the discussion, please call the CSFI on 020 7621 1056 or email email@example.com. Wine, refreshments and sandwiches will be available as usual. Sincerely yours,