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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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The European Securities and Markets Authority (ESMA) has given potential leeway to national competent authorities (NCAs) considering the introduction of open access rules next month. -
A group of market participants and experts selected by the European Commission produced a series of proposals for the Capital Markets Union in a report published on Wednesday, as the coronavirus crisis gave new impetus to the project.
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Members of the European Parliament have agreed on a series of temporary changes to the EU’s bank capital framework, including the introduction of a prudential filter for sovereign bond exposures. They stopped short of adopting amendments that would restrict the payment of additional tier one (AT1) coupons.
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The European Covered Bond Council has updated its harmonised transparency template to include a new tab that tracks mortgage loans that have been granted a payment holiday due to the impact of Covid-19. Credit rating agency analysts welcomed the move, but said there is still a question over how loans will perform after payment holidays end.
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Reforms to personal bankruptcy regimes in various countries along the lines of the US Chapter 13 code could improve non-performing loan (NPL) markets by boosting transparency and certainty, according to Charles Rusbasan, chief executive of Balbec Capital, which has just raised a new $1.2bn fund to buy NPLs where borrowers are subject to insolvency proceedings, restructuring or other forms of distress.
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The European Systemic Risk Board is recommending that financial institutions do not equity dividends at all this year, so that they maintain high levels of capital. It acknowledged the risk that some firms could otherwise be stigmatised if they decided to restrict distributions amid Covid-19.
