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Proposed 10% limit on interest would strip out most of securitizations' excess spread
Implementation necessary after wide-ranging changes last year
It is not enough to just undo some of the European Commission’s more controversial proposals
Despite a tepid response in a 2024 consultation, there are signs EU authorities are laying the groundwork
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European Union institutions failed on Friday to reach a deal on a clearing resolution scheme, due to disagreements on whether the second skin in the game should be prefunded or not. The EU Commission is now suggesting a middle way that will be debated on Tuesday evening. -
Nikhil Rathi will be the new chief executive of the Financial Conduct Authority. He is currently CEO of the London Stock Exchange.
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The US Federal Reserve will publish the results of its latest bank stress tests this week, after updating the exercise to include three new scenarios related to Covid-19. The new scenarios could have a bearing on dividend policy, but capital requirements will still be based on the pre-pandemic stress test model.
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In this round-up, the Chinese capital of Beijing conducts nucleic acid tests for Covid-19 on 2.3m local residents, the central bank leaves the benchmark lending rate unchanged for June, and a subsidiary of AIA is set to become China’s first wholly foreign owned life insurance company.
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The European Commission proposal for a debt-financed coronavirus recovery fund goes before the European Council on Friday. The Council is unlikely to reach a decision on the fund this week, but analysts hope a verdict will emerge before July.
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The European Parliament has voted overwhelmingly in favour of a series of temporary amendments to the Capital Requirements Regulation. The changes will offer banks capital relief during the coronavirus pandemic, including via a prudential filter for government bond exposures.
