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IMF Global Financial Stability Report - September 2011: Europe bank's exposure to the eurozone debt crisis increased to €300bn

 

Europe bank's exposure to the eurozone debt crisis has increased to €300bn (£263bn).

Cumulative spillovers from high spread euro area sovereigns to the EU banking system - 300 bn euros

The epicenter of sovereign risk has been Greece, which generated the first of four waves of spillover to European banks. The analysis suggests that, first, spillovers on European bank exposures to the Greek sovereign have amounted to almost €60 billion (Figure 1.17). Second, as sovereign risks spread to other governments, the spillovers to banks have mounted. If the sovereign stresses in Ireland and Portugal are included, the total spillover rises to €80 billion. Third, the governments in Belgium, Italy, and Spain have also come under market pressure; incorporating credit risks from these sovereigns into the analysis further raises the total estimated spillover, to about €200 billion. Fourth, bank asset prices in the high-spread euro area have fallen in concert with sovereign stresses, leading to a rise in the credit risk of interbank exposures; including those exposures increases the total estimated spillover to €300 billion overall. Although these numbers are based on market assessments of credit risk, which may reflect a degree of overshooting, the underlying problems that they highlight are real.

ESRB European Systemic Risk Board holds inaugural meeting

The General Board of the European Systemic Risk Board (ESRB) held its inaugural meeting today at the European Central Bank (ECB) in Frankfurt am Main.

20 January 2011: the European Systemic Risk Board (ESRB)

The legislation establishing the European Systemic Risk Board (ESRB) came into force on the 16th December 2010. The seat of the ESRB is in Frankfurt am Main and its Secretariat is ensured by the European Central Bank (ECB).

IMPOSING A SYSTEMIC RISK CHARGE: the Issing Commission

Criteria for a workable approach towards bank levies and bank restructuring

Otmar Issing (Chairman), Jan Pieter Krahnen, Klaus Regling, William White

link

ECB: recent advances in modelling systemic risk using network analysis

7 January 2010 - Summary of a workshop on recent advances in modelling systemic risk using network analysis

In October 2009, the European Central Bank (ECB) hosted a workshop entitled “Recent advances in modelling systemic risk using network analysis”. Today, the ECB is publishing a summary of the workshop, which was attended by experts from central banks and international organisations working in the fields of financial stability and payment system analysis/oversight.

ECB: Recent advances in modelling systemic risk using network analysis

Introductory remarks by

Gertrude Tumpel-Gugerell,

Member of the Executive Board

of the ECB

ECB workshop

5 October 2009

 

Commission should make ECB reference authority for macro-prudential supervision

art noveau door bxlOn Wednesday 27 May [2009], the European Commission is to present the principles of the structure for the new financial supervision in Europe.

Rethinking the financial network

BoE Coin Logo

Speech delivered at the Financial Student Association, Amsterdam, 28th April 2009

by

Andrew G Haldane, Executive Director, Financial Stability, Bank of England

 

Bernanke proposes Systemic Risk Authority

The US needs an overarching regulatory authority to prevent a repeat of risks building up unchecked across the financial system and exploding into economic crisis, Ben Bernanke said on Tuesday. He said the financial crisis, which had seen huge risks building up in lightly regulated institutions, had revealed the weakness of fragmented regulation.

“We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” he said. “In particular, strong and effective regulation and supervision of banking institutions, although necessary for reducing systemic risk, are not sufficient by themselves to achieve this aim.”

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