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  • BIS: Bankruptcies, Unemployment And Reallocation From Covid-19

    Date 12/10/2020

    Key takeaways

    • The expected wave of business failures in the Covid-19 recession has yet to materialise, due in part to policy support, but also reflecting the inherent lag between declines in GDP and insolvencies.
    • Bankruptcies weigh heavily on labour markets. Unemployment typically increases three times more if a fall in GDP is accompanied by a similar-sized increase in bankruptcies.
    • Concentration of bankruptcies in those sectors hit especially hard by Covid-19 could exert a significant drag on the labour market.
    • The natural renewal process where young, dynamic firms displace those who exited takes two to three years, leaving a protracted period of lacklustre activity. This underscores the need to reallocate resources quickly and efficiently to drive growth in the post-pandemic world.

  • EBA Supports Harmonisation Of Creditworthiness Assessment For Consumer Credit Across The EU

    Date 12/10/2020

    • The EBA has responded to a Commission consultation on its proposed consumer agenda to express support for a harmonisation of creditworthiness assessments for consumer lending across the EU.
    • The harmonised approach to creditworthiness assessment for all consumer credit should cover data and methodologies that build on the EBA Guidelines on loan origination and monitoring.

  • BIS: Stress-Testing Banks During The Covid-19 Pandemic

    Date 12/10/2020

    Highlights

    • In response to the Covid-19 pandemic, a number of authorities that regularly conduct stress tests on individual banks adjusted their approach. They performed ad hoc exercises to assess the vulnerability of banking sectors as a whole. These exercises are different from regular ones in terms of key features such as objectives, design and methodologies, and communication.

  • ESAs’ Board Of Appeal Dismisses Case Against ESMA On Alleged Non-Application Of Union Law

    Date 12/10/2020

    The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published today its decision in the appeal case brought by Mr Howerton against the European Securities and Markets Authority (ESMA). The Board of Appeal’s decision considered as inadmissable the Appellant’s claim that six national financial supervisory authorities and ESMA should have taken supervisory steps in relation to an alleged non-application of Union law.

  • Moscow Exchange: REPO Risk Parameters Changes For The Security PIKK

    Date 12/10/2020

    As per the Securities market risk parameters methodology, on 12.10.2020, 17-35 (MSK) the lower bound of the REPO rate for tenor Y0/Y1Dt (up to -178.42 %), penalty rate and IR Risk Rate (up to -3.086 rub) for the security PIKK were changed. New values are available here

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