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Europe's regulator seeks to reduce complexity while 'preserving banks' resilience and resolvability'
Two senior bankers to leave, new roles for Tayler and Roose
Managing director is joining Citi's SSA and covered bond trading team
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The list of companies that have declared their support for the Task Force on Climate-Related Financial Disclosures has grown to 671, with a combined market capitalisation of $9.3tr. This is up from 457 worth $7.9tr in September. The TCFD Secretariat issued its second status report on adoption of the recommendations this week. -
The European Central Bank will price the third instalment of its Targeted Longer-Term Refinancing Operations (TLTRO III) more harshly than expected, it revealed on Thursday. This should keep most banks using market funding. Meanwhile, expectations are rising of another round of quantitative easing, something that would boost prices of bank debt, write Tom Brown, Jasper Cox, David Freitas and Bill Thornhill.
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The European Central Bank’s cheap lending programme for European banks will prolong the lives of some, but not cure them.
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Nikko Asset Management has raised more than €144m from Japanese clients to launch a total loss-absorbing capacity (TLAC) fund. It will invest in loss-absorbing bonds issued by European and US globally systemic banks. Further ahead, the firm will explore diversifying its offering into minimum requirement for own funds and eligible liabilities (MREL) as well.
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Insurance firms appear untroubled by the impact of climate change on some aspects of their business, while the industry is also overly reliant on historical data that could become irrelevant, according to a consultation paper released by the European Insurance and Occupational Pensions Authority, the supervisory body. Insurers are integrating sustainability into investment decisions, but EIOPA said a brown taxonomy could be useful for the purposes of further work on capital requirements.
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The first results are emerging from the worldwide drive to get companies to think about how climate change is going to affect their businesses. Over 40% of the world’s biggest firms are now able to give an estimate of how much they expect to lose and gain. Collectively, they forecast twice as much upside as downside. But this may be optimistic, especially as the data are skewed to financial services.
