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The Annual Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) convene finance ministers and central bank governors to participate in the highest-level decision-making bodies of the two institutions, as well as in various committees and groups that drive the agenda on issues related to the international monetary system and development policy. The 2024 Annual Meetings took place in Washington, D.C. from 21 to 26 October 2024. This paper summarises the main developments and ...

Maria Lu铆s Albuquerque was independent non-executive director and a member of the Audit, Risk, and Nomination committees at Morgan Stanley, and a member of the Operating Team at Horizon Equity Partners. She was a member of the ISCTE University Institute of Lisbon's Executive Education Advisory Board. Prior to these roles, she was an independent non-executive director (chair of the Sustainability Committee) at the asset management firm Arrow Global Group (2016-2021), and a member of the High-level ...

Two European Union (EU) directives regulate the EU collective investment funds industry: the Directive relating to undertakings for collective investment in transferable securities (UCITS) and the Alternative Investment Funds Manager Directive (AIFMD). The UCITS Directive, which covers mutual funds, lays down uniform rules, allowing them to be offered cross-border, while the AIFMD, which covers hedge funds and private equity, lays down the rules for authorising, supervising and overseeing the managers ...

Directive 2009/138/EC 鈥� also known as Solvency II 鈥� sets out the prudential regulatory framework for the insurance sector in the EU. The framework aims to establish the single market for insurance services further, while strengthening policyholders' protection. On 22 September 2021, the European Commission tabled a proposal for a directive that would amend Solvency II in essentially three ways: i) lowering regulatory obligations on small and low-risk profile insurance companies, ii) taking into account ...

This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 21 March 2024. This briefing addresses: 鈥� New SRM strategy: Vision 2028 鈥� Single Resolution Fund at target level 鈥� Liquidity and liquidity in resolution 鈥� MREL dashboard Q3/2023 鈥� List of consultations and requests to the industry.

This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 4 December 2023. This briefing addresses: Report on smaller banks, Updated resolvability assessment, SRB study on CMDI reform impact, Court confirmed the SRB's treatment of Banco Popular shareholders and creditors, Review of three external papers 鈥淒o "white knights" make excessive profits in bank resolution?", Liquidity in resolution, Update on the SRB鈥檚 ...

This study looks at potential windfall profits for the four banking acquisitions in 2023. Based on accounting figures, an FT article states that a total of USD 44bn was left on the table. We see accounting figures as a misleading analysis. By estimating marked-based cumulative abnormal returns (CAR), we find positive abnormal returns in all four cases which when made quantifiable, are around half of the FT鈥檚 accounting figures. Furthermore, we argue that transparent auctions with enough bidders ...

Climate considerations have entered the agenda of the ECB in recent years. The ECB has intensified its analyses of the macroeconomic impact of climate change and started to evaluate and implement more active approaches and best practices to support the green transition. In this paper we discuss how climate change could affect monetary policy, other policies available to the ECB to support the green transition, and potential trade-offs with its primary objective of price stability. This document ...

This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Andrea Enria, scheduled for 7 November 2023. The briefing addresses: 鈥� The change at the helm of the Supervisory Board 鈥� Internal models supervision: where does the ECB stand? 鈥� Does TLAC work? 鈥� Latest supervisory banking statistics 鈥� Economy-wide climate stress tests 鈥� NPL reduction: Success at risk? 鈥� Significant risk transfer securitisations 鈥� Unrealised losses from debt securities ...

This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 18 July 2023. This briefing addresses: * the Strategic Review of the SRB; * the SRB鈥檚 Annual Report for 2022; * ex-ante contributions to the Single Resolution Fund; * the SRB鈥檚 policy for and monitoring of MREL in 2023; * the impact of the CMDI Review; and * follow-up to the 2021 European Court of Auditors report.