The document discusses the changes affecting the European Union and the financial sector, including the sovereign debt crisis, economic crisis, and financial crisis (the "Unholy Trinity"). It outlines several main topics that will be covered, including the Banking Union, Eurobonds, fiscal union, financial regulations, and consumer protection. The conclusion section notes that banks have become a significant source of systemic risk due to their holdings of government debt, putting them in the center of the ongoing crisis.
Key figures at September 30, 2010 - Conference call November 10, 2010ve-finance
- The document provides key financial figures for Veolia Environnement as of September 30, 2010, including a breakdown of revenue by division and the impact of foreign exchange rate fluctuations.
- Foreign exchange rate movements increased reported revenue by €647 million and adjusted operating income by €46 million compared to the first nine months of 2009.
- By division, water revenue declined 3.1% due to works dynamics, while environmental services grew 6.3% and energy services grew 4.1%.
The document outlines the UK government's industrial strategy to promote partnership between government and industry. It discusses the need for the strategy due to changes in the global economy and the UK's relative position. The strategy focuses on strategic partnerships in key sectors like aerospace, offshore wind, and construction. Progress to date includes commitments in life sciences, automotive investments, technology investments, improving access to finance, procurement, and skills. The overall goal is to promote long term growth through these partnerships and investments.
- The document discusses Veolia Environnement's 2010 annual shareholders' meeting and 2009 financial results.
- In 2009, Veolia's revenue declined 1.7% to €34.55 billion due to falling waste volumes and prices. However, operating cash flow margin was maintained at 11.5%.
- Veolia's waste division revenue fell 9.2% in 2009 but cost cutting measures improved profitability throughout the year, with operating cash flow margin reaching 13.2%.
Golden Growth: Restoring the Lustre of the European Economic ModelEesti Pank
Europe has experienced strong economic growth and convergence since the 1970s. It has become a highly integrated trade and finance region, with emerging European countries experiencing particularly large capital inflows that have boosted growth. However, productivity growth has slowed in larger European economies relative to the US in recent decades. The US specializes in newer, more research-intensive sectors while Europe focuses more on older industries. Addressing barriers to business and further improving integration could help restore faster productivity growth across Europe.
Key figures at September 30, 2010 - Conference call November 10, 2010ve-finance
- The document provides key financial figures for Veolia Environnement as of September 30, 2010, including a breakdown of revenue by division and the impact of foreign exchange rate fluctuations.
- Foreign exchange rate movements increased reported revenue by €647 million and adjusted operating income by €46 million compared to the first nine months of 2009.
- By division, water revenue declined 3.1% due to works dynamics, while environmental services grew 6.3% and energy services grew 4.1%.
The document outlines the UK government's industrial strategy to promote partnership between government and industry. It discusses the need for the strategy due to changes in the global economy and the UK's relative position. The strategy focuses on strategic partnerships in key sectors like aerospace, offshore wind, and construction. Progress to date includes commitments in life sciences, automotive investments, technology investments, improving access to finance, procurement, and skills. The overall goal is to promote long term growth through these partnerships and investments.
- The document discusses Veolia Environnement's 2010 annual shareholders' meeting and 2009 financial results.
- In 2009, Veolia's revenue declined 1.7% to €34.55 billion due to falling waste volumes and prices. However, operating cash flow margin was maintained at 11.5%.
- Veolia's waste division revenue fell 9.2% in 2009 but cost cutting measures improved profitability throughout the year, with operating cash flow margin reaching 13.2%.
Golden Growth: Restoring the Lustre of the European Economic ModelEesti Pank
Europe has experienced strong economic growth and convergence since the 1970s. It has become a highly integrated trade and finance region, with emerging European countries experiencing particularly large capital inflows that have boosted growth. However, productivity growth has slowed in larger European economies relative to the US in recent decades. The US specializes in newer, more research-intensive sectors while Europe focuses more on older industries. Addressing barriers to business and further improving integration could help restore faster productivity growth across Europe.
Tele2 is a leading European telecommunications company that experienced significant growth in 2005. The number of mobile customers increased by 40% and broadband customers by 109%. Operating revenue grew 16% to SEK 49.9 billion. While investments in infrastructure led EBITDA to remain steady, the number of customers grew by 9% to over 30 million. Tele2 made several acquisitions to strengthen its position in key markets like Russia, the Netherlands, Belgium, and Spain.
The document provides an overview of AES Brasil Group, including:
1) Market share information for distribution and generation companies.
2) Shareholding structure details for AES Brasil Group and its subsidiaries.
3) Key operating and financial metrics for AES Eletropaulo, including consumption trends, investments, SAIDI/SAIFI indexes, costs and expenses, EBITDA, net income, dividends paid, and debt profile.
Presentation on the sale of light cemigEquatorialRI
Cemig is increasing its stake in Light S.A., an electricity distribution company. This marks the beginning of a second stage in Light's history and a new era of growth. Cemig will become a minority shareholder alongside a new investment fund in a special purpose company that will hold up to a 26.06% stake in Light. The transaction price is R$785 million for each 13.03% block of Light shares. This acquisition will create opportunities to capture synergies between Cemig and Light's generation, transmission and distribution assets and customer bases. It will also increase Cemig's exposure to Rio de Janeiro's growing economy.
This document provides a sector update and analysis of the media industry in Malaysia. Some key points:
1) Advertising expenditure (adex) in March 2009 contracted only 1% year-over-year, a much better showing than previous months, driven by a 13% increase in TV adex.
2) However, the analyst maintains a cautious outlook due to difficult year-over-year comparisons and lack of major events in 2009 that boosted adex in 2008.
3) The analyst downgrades their recommendation on Media Prima and Star to Sell, as their share prices have risen ahead of underlying fundamentals in the weak economy. The media sector outlook is downgraded to Underweight.
This discussion group presentation from the British High Commissioner to Australia summarized opportunities for UK infrastructure investment. It highlighted the UK's competitive tax and growth environment and experience with over 730 private finance initiative projects. It outlined the national infrastructure plan's vision and £250 billion pipeline of projects seeking private capital. Examples were provided of Australian institutional investors already active in UK infrastructure. Additional funding routes and policy measures like the UK Guarantees Scheme and Green Investment Bank were also summarized.
The document discusses Ireland's budget challenges over the past several years. It shows graphs of government spending and revenues from 2000-2015 that illustrate growing deficits as spending exceeded revenues. It notes Ireland had to undertake a 4-year plan with the EU/IMF to reduce borrowing and get public finances under control. Key points in budgets from 2009-2011 included slashing capital investment, providing flood relief funds, introducing tax breaks for startups, and considering pension and carbon tax reforms.
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
The document provides an economic analysis and outlook from the Chief Economist of a bank. It summarizes data on GDP growth in Canada and the US, food and commodity price inflation, the economic outlook and recession risks for European economies, challenges for the banking sector in Europe, fiscal policy debates in the US, US consumer behavior, monetary policy outlook from the Fed, and the US housing market. The analysis covers economic indicators and policy issues across multiple countries and regions.
The document provides an overview of the key aspects of the German economy. It discusses Germany's strong industry and service sectors, its position as the second largest exporter in the world, and the government's activities during the financial crisis to support domestic demand and reduce unemployment. Some of Germany's economic strengths highlighted include the strong medium and small businesses, efficiency and quality of production, and its developing service sector providing high-level services.
The Italian election resulted in a hung parliament, reducing the likelihood of structural reforms. A limited government will likely form, with new elections expected in 12 months. Meanwhile, France and the Netherlands abandoned the 3% deficit target, reducing fiscal austerity. In the US, automatic spending cuts were avoided temporarily. Portugal remains in recession but sentiment is slightly improving. Spain's budget deficit of 6.74% of GDP remained high, and further deficit reduction will likely be required after 2014.
Banks Finance/Insurance: Competition or ConvergenceCapco
Presenter: J. David Cummins, Temple University
"The Future of Financial Services”, organized by Capco and NYU-Poly
The Post-Crisis World of Finance
June 16, 2011
Uk gilt holdings and qe - money for nothing gilts for freeJohn Ashcroft
Since QE began in early 2009, UK gilts in issue have increased from £600 billion to £1.6 trillion. Bank of England holdings have increased from zero to £400 billion accounting for 25% of all gilts in issue. BoE holdings peaked at almost 30% of total holdings in 2012. Overseas holdings of gilts, have doubled from £200 billion to £400 billion. In the most recent period, overseas holdings have fallen to 25% of all gilts in issue, compared to an historical average of 30%. UK institutional holdings of gilts have increased from £400 billion to £800 billion accounting for 50% of all gilts in issue. Holdings of gilts by pension funds and insurance funds have increased from just over £200 billion to almost £500 billion. As a share of total gilts in issue, pension fund and insurance company holdings have been steady at around 28% over the six year period. Other UK financial institutions have seen a fluctuation in holdings with some suggestion of “front running” i.e. buying gilts ahead of the Bank of England purchase programme to benefit from rising prices. in the initial stages. In fact, all major stakeholders in gilts have increased holdings over the five year period. This raises an interesting question about from whom has the Bank of England bought gilts as part of the QE process? Only in the very early stages of QE is there evidence of purchased from the private sector (note 7). In reality it would appear the Bank of England purchases gilts from the Debt Management Office and not from financial institutions. Asset values are guaranteed by Treasury. JKA
Dividends, yields and coupons are also returned to Treasury, which effectively enables the government to finance borrowing with a Dire Straits underpin “Money for nothing - Gilts for Free.”
Tim O'Rahilly from PwC gave a presentation to the Dublin Chamber of Commerce on 30 November 2011 about the current Irish tax environment, Budget 2012, and trends in tax-efficient structuring. He discussed how the tax system has changed significantly in recent years due to the public finances crisis, with new taxes introduced and reliefs restricted. Budget 2012 is expected to raise additional tax revenue through further income tax increases, an annual property tax, and a possible increase to the VAT and capital gains tax rates. Common tax planning trends involve using personal service companies, employee growth shares, and restructuring property and debt holdings into companies.
Why Latvia succeeded and Southern Europe failedLatvijas Banka
Presentation by Dr. Anders Åslund, Senior Fellow, Peterson Institute for International Economics (USA) at Bank of Latvia conference ""Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?
Riga, November 2, 2012.
The weekly market perspectives document provides an overview of the key events and developments from the previous week in the global financial markets. It discusses topics such as the ongoing debt crisis in Europe, economic data releases and central bank actions. The summary highlights that Spain has yet to formally request external support, uncertainty around Greece obtaining additional bailout funds, and mixed economic indicators in both Europe and the US.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
Risk Management - The Role of Financial Institutions in the Current Economic ...FERMA
The panel discussed the role of financial institutions in the current economic climate. They addressed:
1) How new regulations like Solvency II and Basel III will impact institutions by increasing capital requirements and costs, but potentially help reduce systemic risk. Regulations could also inadvertently reduce long-term investing and cause pro-cyclical impacts.
2) Insurers have an opportunity to finance the real economy as banks reduce lending. Solvency II may encourage long-term investing in infrastructure and SMEs if capital rules are appropriately refined. Partnering with banks also provides investment opportunities for insurers.
MTG reported financial results for Q1 2013. Key highlights include:
- Sales were up 2% year-over-year at constant FX rates, driven by strong growth in emerging markets.
- EBIT was SEK 454 million including SEK 235 million from associated companies.
- Net income was SEK 334 million, down from SEK 454 million in Q1 2012.
- Cash flow from operations was SEK 267 million including receipt of SEK 58 million in dividends from associated companies.
Tele2 is a leading European telecommunications company that experienced significant growth in 2005. The number of mobile customers increased by 40% and broadband customers by 109%. Operating revenue grew 16% to SEK 49.9 billion. While investments in infrastructure led EBITDA to remain steady, the number of customers grew by 9% to over 30 million. Tele2 made several acquisitions to strengthen its position in key markets like Russia, the Netherlands, Belgium, and Spain.
The document provides an overview of AES Brasil Group, including:
1) Market share information for distribution and generation companies.
2) Shareholding structure details for AES Brasil Group and its subsidiaries.
3) Key operating and financial metrics for AES Eletropaulo, including consumption trends, investments, SAIDI/SAIFI indexes, costs and expenses, EBITDA, net income, dividends paid, and debt profile.
Presentation on the sale of light cemigEquatorialRI
Cemig is increasing its stake in Light S.A., an electricity distribution company. This marks the beginning of a second stage in Light's history and a new era of growth. Cemig will become a minority shareholder alongside a new investment fund in a special purpose company that will hold up to a 26.06% stake in Light. The transaction price is R$785 million for each 13.03% block of Light shares. This acquisition will create opportunities to capture synergies between Cemig and Light's generation, transmission and distribution assets and customer bases. It will also increase Cemig's exposure to Rio de Janeiro's growing economy.
This document provides a sector update and analysis of the media industry in Malaysia. Some key points:
1) Advertising expenditure (adex) in March 2009 contracted only 1% year-over-year, a much better showing than previous months, driven by a 13% increase in TV adex.
2) However, the analyst maintains a cautious outlook due to difficult year-over-year comparisons and lack of major events in 2009 that boosted adex in 2008.
3) The analyst downgrades their recommendation on Media Prima and Star to Sell, as their share prices have risen ahead of underlying fundamentals in the weak economy. The media sector outlook is downgraded to Underweight.
This discussion group presentation from the British High Commissioner to Australia summarized opportunities for UK infrastructure investment. It highlighted the UK's competitive tax and growth environment and experience with over 730 private finance initiative projects. It outlined the national infrastructure plan's vision and £250 billion pipeline of projects seeking private capital. Examples were provided of Australian institutional investors already active in UK infrastructure. Additional funding routes and policy measures like the UK Guarantees Scheme and Green Investment Bank were also summarized.
The document discusses Ireland's budget challenges over the past several years. It shows graphs of government spending and revenues from 2000-2015 that illustrate growing deficits as spending exceeded revenues. It notes Ireland had to undertake a 4-year plan with the EU/IMF to reduce borrowing and get public finances under control. Key points in budgets from 2009-2011 included slashing capital investment, providing flood relief funds, introducing tax breaks for startups, and considering pension and carbon tax reforms.
KI a INESS v spolupráci s ďalšími partnermi organizovali medzinárodnú
konferenciu v rámci Free Market Road Show 2012 na tému Európa na ceste do
nevoľníctva?, ktorá sa konala dňa 27. apríla 2012 v Bratislave. Pozrite si
prezentáciu Daneila Mitchella. Viac informácií na
www.konzervativizmus.sk.
The document provides an economic analysis and outlook from the Chief Economist of a bank. It summarizes data on GDP growth in Canada and the US, food and commodity price inflation, the economic outlook and recession risks for European economies, challenges for the banking sector in Europe, fiscal policy debates in the US, US consumer behavior, monetary policy outlook from the Fed, and the US housing market. The analysis covers economic indicators and policy issues across multiple countries and regions.
The document provides an overview of the key aspects of the German economy. It discusses Germany's strong industry and service sectors, its position as the second largest exporter in the world, and the government's activities during the financial crisis to support domestic demand and reduce unemployment. Some of Germany's economic strengths highlighted include the strong medium and small businesses, efficiency and quality of production, and its developing service sector providing high-level services.
The Italian election resulted in a hung parliament, reducing the likelihood of structural reforms. A limited government will likely form, with new elections expected in 12 months. Meanwhile, France and the Netherlands abandoned the 3% deficit target, reducing fiscal austerity. In the US, automatic spending cuts were avoided temporarily. Portugal remains in recession but sentiment is slightly improving. Spain's budget deficit of 6.74% of GDP remained high, and further deficit reduction will likely be required after 2014.
Banks Finance/Insurance: Competition or ConvergenceCapco
Presenter: J. David Cummins, Temple University
"The Future of Financial Services”, organized by Capco and NYU-Poly
The Post-Crisis World of Finance
June 16, 2011
Uk gilt holdings and qe - money for nothing gilts for freeJohn Ashcroft
Since QE began in early 2009, UK gilts in issue have increased from £600 billion to £1.6 trillion. Bank of England holdings have increased from zero to £400 billion accounting for 25% of all gilts in issue. BoE holdings peaked at almost 30% of total holdings in 2012. Overseas holdings of gilts, have doubled from £200 billion to £400 billion. In the most recent period, overseas holdings have fallen to 25% of all gilts in issue, compared to an historical average of 30%. UK institutional holdings of gilts have increased from £400 billion to £800 billion accounting for 50% of all gilts in issue. Holdings of gilts by pension funds and insurance funds have increased from just over £200 billion to almost £500 billion. As a share of total gilts in issue, pension fund and insurance company holdings have been steady at around 28% over the six year period. Other UK financial institutions have seen a fluctuation in holdings with some suggestion of “front running” i.e. buying gilts ahead of the Bank of England purchase programme to benefit from rising prices. in the initial stages. In fact, all major stakeholders in gilts have increased holdings over the five year period. This raises an interesting question about from whom has the Bank of England bought gilts as part of the QE process? Only in the very early stages of QE is there evidence of purchased from the private sector (note 7). In reality it would appear the Bank of England purchases gilts from the Debt Management Office and not from financial institutions. Asset values are guaranteed by Treasury. JKA
Dividends, yields and coupons are also returned to Treasury, which effectively enables the government to finance borrowing with a Dire Straits underpin “Money for nothing - Gilts for Free.”
Tim O'Rahilly from PwC gave a presentation to the Dublin Chamber of Commerce on 30 November 2011 about the current Irish tax environment, Budget 2012, and trends in tax-efficient structuring. He discussed how the tax system has changed significantly in recent years due to the public finances crisis, with new taxes introduced and reliefs restricted. Budget 2012 is expected to raise additional tax revenue through further income tax increases, an annual property tax, and a possible increase to the VAT and capital gains tax rates. Common tax planning trends involve using personal service companies, employee growth shares, and restructuring property and debt holdings into companies.
Why Latvia succeeded and Southern Europe failedLatvijas Banka
Presentation by Dr. Anders Åslund, Senior Fellow, Peterson Institute for International Economics (USA) at Bank of Latvia conference ""Economic Adjustment under Sovereign Debt Crisis: Can Experience of the Baltics Be Applied to Others?
Riga, November 2, 2012.
The weekly market perspectives document provides an overview of the key events and developments from the previous week in the global financial markets. It discusses topics such as the ongoing debt crisis in Europe, economic data releases and central bank actions. The summary highlights that Spain has yet to formally request external support, uncertainty around Greece obtaining additional bailout funds, and mixed economic indicators in both Europe and the US.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
Risk Management - The Role of Financial Institutions in the Current Economic ...FERMA
The panel discussed the role of financial institutions in the current economic climate. They addressed:
1) How new regulations like Solvency II and Basel III will impact institutions by increasing capital requirements and costs, but potentially help reduce systemic risk. Regulations could also inadvertently reduce long-term investing and cause pro-cyclical impacts.
2) Insurers have an opportunity to finance the real economy as banks reduce lending. Solvency II may encourage long-term investing in infrastructure and SMEs if capital rules are appropriately refined. Partnering with banks also provides investment opportunities for insurers.
MTG reported financial results for Q1 2013. Key highlights include:
- Sales were up 2% year-over-year at constant FX rates, driven by strong growth in emerging markets.
- EBIT was SEK 454 million including SEK 235 million from associated companies.
- Net income was SEK 334 million, down from SEK 454 million in Q1 2012.
- Cash flow from operations was SEK 267 million including receipt of SEK 58 million in dividends from associated companies.
The interim report summarizes the company's financial performance in the first half of 2008. Key points include record profitability with an operating margin of 16.6% and net margin of 12.1%. Vehicle and service sales grew 15% and 30% respectively. Earnings per share increased 36% to SEK 12.52. The outlook predicts earnings in 2008 will be higher than 2007 due to continued strong demand outside of Europe.
This document provides an overview of the 2011 UK Budget announced by the Chancellor of the Exchequer. Key points include:
- The Budget aims to move the economy from "rescue to reform" and "from reform to recovery" but growth forecasts were lowered slightly.
- Corporation tax will be reduced by another 1% to encourage business investment and competitiveness.
- There were few new spending or tax changes as reducing the deficit remains a top priority.
- Professional advice is recommended before making financial decisions based on the Budget announcements.
The document discusses the long-term fiscal challenges facing governments as a result of the sovereign debt crisis and aging populations. It notes that while the financial crisis increased debt levels in many advanced economies, aging will be an even greater burden on public finances through increased spending on pensions and healthcare. The speaker argues that early action through fiscal rules and reforms to pension and health systems is needed to ensure long-term fiscal sustainability, as demographic shifts will not spare Switzerland and most countries are unprepared for the fiscal impacts.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
1. How the EU reshapes
the Belgian financial sector
Filip Dierckx, chairman of Febelfin &
Michel Vermaerke, CEO of Febelfin
2. AGENDA
Introduction
• The Unholy Trinity: changes on all ends
• EU today at a crossroads
Main subjects of today
• Banking Union
• Eurobonds
• Fiscal Union
• Liikanen, Volcker & Vickers
• Basel III – CRD IV
• Shadow Banking
• Consumer protection
Conclusion
Febelfin | 26/6/2012 2
3. Introduction
• The Unholy Trinity: changes on all ends
• EU today at a crossroads
Febelfin | 26/6/2012 3
4. The Unholy Trinity: changes on all ends
European Debt
Government Crisis reduction
Bank
Growth
stability
Economic Financial
crisis crisis
Febelfin | 26/6/2012 4
5. Eurozone crisis – historical perspective
10Y Government Bonds: Interest rate spread with German Bund 10Y (in bp)
5000
Bel um
gi
• Maastricht Treaty + Stability & Growth Pact 4500
• Sovereign debt max 60% of GDP I al
t y
4000
• Max 3% budgetary deficit Spai
n
• No actual enforcement measures in place Portugal 3500
France 3000
• Created a factual Eurobonds environment I and
rel
2500
Greece
• Provided access to (too) cheap money for member states 2000
1500
1000
500
0
01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12
10Y Government Bonds: Interest rate spread with German Bund 10Y (in bps)
Febelfin | 26/6/2012 5
6. Debt
Eurozone crisis – track record & result reduction
10Y Government Bonds: Interest rate spread with German Bund 10Y (in bp)
EA-17 general government gross debt (%GDP)
90
5000
85
60% to GDP norm was never Bel um
gi
80 reached as there was no 4500
incentive I al
t y
75
70 Spai
n 4000
65
Portugal 3500
60
55
France 3000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
EA-17 general government deficit/surplus (%GDP) I and
rel
3 2500
Germany Greece
0 2000
-3 1500
The 3% max budget deficit
-6 covenant was quickly
1000
breached
(incl. Germany = precedent) 500
-9
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
0
01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12
10Y Government Bonds: Interest rate spread with German Bund 10Y (in bps)
Febelfin | 26/6/2012 6
7. Debt
reduction
Eurozone crisis –
sovereign debt evolution & outlook
2008-2011 Sovereign debt evolution and 2012-2013 forecast (%GDP)
180
160
140
120
GR
IT
100
BE
80
EA PT
DE FR
60
IE
40 ES
Source: European Commission Febelfin | 26/6/2012 7
8. Bank
Systemic risk stability
• Increase of the systemic risk of the banking sector
• Banks are an important buyer of government debt paper
• …
Febelfin | 26/6/2012 8
9. Bank
Banks in the eye of the storm: stability
the broader picture
• Observations
Bank run
Nationalisation of banks
Locally financed debt Against EU spirit
National solutions
Cheap liquidities (LTRO)
Basic belief: the functioning of banks is based on trust
today no trust and more importantly no LT plan to rebuild trust
Febelfin | 26/6/2012 9
10. Bank
Belgium takes the lead in ‘deleveraging’ – stability
transformation ongoing
Total Total equity Leverage
liabilities of capital of (in units)
Belgian Belgian
banking banking sector
sector (in billions of Belgium is a quick learner when
(in billions of EUR) it comes MFI'sdeleveraging
Size of
to as % of GDP
EUR) 450 Size of MFIs (%GDP)
End of June 1,595.2 48.5 31.9 EMU BE
400
2007 FR DE
350
End of Dec. 1,147.3 52.8 20.7
300
2011
% change -28.1% +8.9% -35.1% 250
200
98 99 00 01 02 03 04 05 06 07 08 09 10 11
Source: Febelfin calculations based on NBB data (consolidated basis) Source: ECB
Febelfin | 26/6/2012 10
11. Growth
Impact on world GDP growth
GDP growth 2008-2013 forecast (in %)
4,0
2,0
0,0
-2,0
-4,0
-6,0
-8,0
BE DE FR IT ES PT IE GR
6,0
4,0
2,0
0,0
-2,0
World
-4,0 EA
-6,0
2008 2009 2010 2011 2012 2013
Source:European Commission
EU economy is missing the lubricant of trust and confidence
Febelfin | 26/6/2012 11
12. EU today at a crossroads
Crucial role of banks
• Financed economy during economic
growth (until 2007) & crisis (2008- Q1
2012)
Ad hoc solutions Long term solutions
• Spanish problem • Banking union
left in Spain • Eurobonds
• Further increase of • Fiscal union
Spanish deficit …
• Senior vs junior
debt holders
….
Basel III – CRD IV
• Middle of important changes
Banks directly impacted by any decision Febelfin | 26/6/2012 12
13. Main subjects of today
•Banking Union
•Eurobonds
•Fiscal Union
•Liikanen, Volcker & Vickers
•Basel III – CRD IV
•Shadow Banking
•Consumer protection
Febelfin | 26/6/2012 13
14. I.Banking Union : concept
One single cross-border supervisory
One EU-wide Deposit Guarantee Scheme
One resolution fund
Febelfin | 26/6/2012 14
15. Banking Union: general considerations
• General considerations
• No possibility for national discretion on capital requirements
• Direct recapitalization to avoid additional sovereign debt
• Strong & deep political and fiscal union required to mitigate the moral hazard risk
Break the vicious spiral between
sovereigns & banks
Febelfin | 26/6/2012 15
16. Banking Union: sector considerations
• Banking Union could be an answer
• To avoid regulatory competition & inconsistencies
• For effective crisis management of cross-border SIFI’s
•BUT
• Balance needed between EU-wide financial stability measures and proportionality
EU Level Playing Field
• Common DGS should take into account previous & current national DGS contributions
Profitablity
Belgium: evolution DGS
Febelfin | 26/6/2012 16
17. II. Eurobonds: considerations
10Y Government Bonds: Interest rate spread with German Bund 10Y (in bp)
• Possible need for formal Eurobonds 5000
• To lighten the interest rate burden of certain member Bel um
gi
4500
states I al
t y
• To break the vicious spiral between banks & sovereigns Spai
n 4000
• To fund a Banking Union resolution scheme
Portugal 3500
France 3000
• Eurobonds could limit the incentive for structural changes
I and
rel
2500
• Eurobonds in themselves could create moral hazard Greece
2000
• A strong & deep political and fiscal union is required to 1500
mitigate the moral hazard risk 1000
500
0
01/00 01/01 01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09 01/10 01/11 01/12
10Y Government Bonds: Interest rate spread with German Bund 10Y (in bps)
Febelfin | 26/6/2012 17
18. III. Fiscal Union: context
• Cornerstone of the eurosystem (Stability & Growth Pact, Semester and
Sixpack)
• Becomes even more acute with Banking Union
• Key in avoiding moral hazard and promoting eurozone economic
convergence as was envisioned with the Stability & Growth Pact
Moral
hazard
Fiscal
Union
Ensure a fiscally sound EMU & mitigate the moral hazard risk Febelfin | 26/6/2012 18
19. Fiscal Union: considerations
• Considerable sovereignty transfer needed
• On the short term, common borrowing on the bond market would be
required to create fiscal breathing room for currently struggling
member states
• The banking sector is indirectly suffering from the lack of confidence
in the market vis-à-vis the eurozone and member states’ outstanding
debt
Stabilize the market to restore confidence
Febelfin | 26/6/2012 19
20. IV. Ringfencing initiatives
Volcker vs. Vickers
Issue Volcker rule Vickers Report
Separation/segregation Commercial banking and Ringfence retail banking from
some investment banking wholesale and investment
banking
Prohibitions Banks cannot engage in Activities that must be
proprietary trading and offered/that are permitted
covered funds (exemptions) within ringfence
Scope of applications All banks benefiting from All UK banks
federal insurance of deposits
Extraterritoriality Applicable also to non-US No (only UK entities)
banks if US criteria matched
Febelfin | 26/6/2012 20
21. Ringfencing initiatives
Liikanen
• European Commission appointed a High-Level Expert Group (Liikanen group)
to discuss on possible reforms to the structure of the EU banking sector
• Mandate of Liikanen Group:
The Group has been requested to consider in-depth whether there is a need for reforms directly
targeted at the structure of individual banks themselves and the banking system as a whole, in
order to reduce the probability and impact of failure, better ensure the continuation of vital economic
functions and better protect retail clients, and to make any relevant proposals as appropriate.
The Group will have regard to on-going regulatory reform both, in the EU and globally, and will assess the
added value of structural reform. The group will pay particular attention to on-going structural
reforms, i.e. regarding activity restrictions (Volcker Rule), size limits (Dodd-Frank Act) and/or
structural separation of certain activities (Vickers Report).
• A final report of the Liikanen Group is expected in September 2012
Febelfin | 26/6/2012 21
22. Ringfencing initiatives
Sector considerations
Universal banks are an asset for the European economy.
Ringfencing would make dissappear the advantages the universal
banking model presents for banks, shareholders and the whole
economy, but can’t prevent financial crises resulting from market
activities
Financial sector not in favour of structural reforms (Vickers), as
current ongoing regulatory reforms, including the development
of a crisis management framework, are sufficient to reach the
objectives
Febelfin | 26/6/2012 22
23. V. Basel III – CRD IV
Important characteristic Timing
Capital Stronger than in Basel II 2017
2013
Leverage Reduce the size of activities 2018
Liquidity Survive 30 days 2015
Funding Certain funding > 1 year 2018
Febelfin | 26/6/2012 23
24. VI. Shadow Banking: context
• Current (re-)drafting of regulatory requirements in banking, could lead tot a
growing shadow banking sector
No clear definition (even after 2y of discussion)
Size, reach, utility unknown
Shadow banking investigated on different levels
- EU Commission (Green paper)
- Regulatory proposals Financial Stability Board (G20)
Shadow banking will prove to be very elusive to regulate
(absence of a clear definition poses a risk of inappropriate regulation)
Febelfin | 26/6/2012 24
25. Shadow Banking: considerations
• Micro-managing the banking sector through stringent regulations on a global,
European and national level, could push financing activities into the ‘unknown’
(source: Oliver Wyman)
• Effectively regulating the elusive shadow banking sector will prove to be
• Extremely difficult
• Sometimes inappropriate, as particular regulatory measures are already in
place (e.g.: UCITS for Exchange Traded and Money Market Funds)
Avoid overregulation on banks, to keep & manage the risk in plain sight
Febelfin | 26/6/2012 25
26. VII. Consumer protection
EU measures
• MiFID II
• SEPA
• European mortgage directive
Belgian initiatives
• Moratorium
• Savings account
Febelfin | 26/6/2012 26
28. Towards a new financial model through
dynamic and balanced regulation
Clear and stable regulation, via cumulative impact
assessments
Preserve integrated EU financial market through maximum
harmonisation at the European level
More coherent and consistent (implementation of) regulation
Respecting phasing-in
Sustain diversity through proportionality
Press Conference | 20| June 2012
Febelfin 26/6/2012 28
Deze slide geeft de evolutieweer van de evolutievan de staatsschuld van:‘probleemlanden’België,Frankrijk, DuitslandEurzonegemiddelde(voor 2012 & 2013 gaat het over voorspellingen)Eventueelbijkomend: Beligschestaatsschuldblijftbeheersbaarondermeer door heffingen op banken (raming 4 heffingenvoor 2012 bedragenbijna 1,4 mia EUR) & financiëleproducten.
Ontstaan van systemisch risico bij bankenDoor goedkope liquiditeiten worden banken steeds groter (zie grafiek op slide)(Let wel op: België is sneller begonnen met het deleveragen komt verderop aan bod)Banken zijn een belangrijke opkoper van overheidsobligaties (daling waarde obligaties impact kapitaal banken) & belangrijk: aankoop van overheidsobligaties door banken is onder meer op aanraden van autoriteiten gebeurd (cfr. overheidsobligaties = veilige beleggingen)
Weziendatoplossingenmeestal NATIONAAL getintwaren >< in tegenstellingtotwat Febelfin altijdheeftnaarvoorgeschovenzijndeoplossingen op Europees niveau.Some observationsReal depositoutflowfrombanks in certain countries (Greece, Spain,…) or ‘slow motion bankrun’ VoorGriekenlandbedraagtdeze 73 mia EUR sindsdec 2009 (peak-to-trough). In vergelijking met vorigjaar (april 2011) is ereenuitstroom van 32 mia. (naaraanloop van de tweedeverkiezingsrondeschat men daterongeveer 800 mio per dag werdafgehaald & volgensnationale bank van Griekenlandzou 10 à 20 mia in safes of thuisbewaardworden).VoorSpanjebedraagt de uitstroom 104 mia EUR in vgl met vorigjaar.Re-nationalisation of banksvoorbeeld Spain – interventieSpaanseoverheid in de spaarbanken/cajas – ter informatie: schattingenvolgensstresstestskapitaaltekortenSpaansebanken 40 mia EUR volgens IMF, 51 miavolgens Roland Berger en 62 mia Oliver Wyman)België: DexiaGovernmentdebtfinancedagainmuch more locally in many countries Bv. Spaansebankenkopen nu meer en meer & noodgedwongenSpaansstaatspapieraangezienbuitenlandseinvesteerdersSpanje de rugtoekerenSindsnovember 2011 (start LTRO 1) is de blootstellingaanoverheidspapier van zowelSpaansealsItaliaansebanken met elk 80 mia EUR gestegen. Voor de EMU alsgeheelbedroegdezetoenameslechts 140 mia ! Eenonderverdeling van dezeschuldwordtnietgegeven, maar we kunnenverwachtendatditoverwegendschuldpapier van eigenoverheid is.Gedetailleerdecijfers: Holdings of General goverment securities Spanje: nov 2011 177,9; april 2012 261,3 increase 83,4 Italië: nov 2011 247,4; april 2012 327,5 increase 80,1EMU: nov 2011 1381,8 ; april 2012 1526,7 increase 144,9If banksruninto trouble, always national solution (bijgevolggovernmentdebt in negative spiral)Issue withwholesaleinterbankingmarket; banksparktheirreservesat the ECB instead of tradingwitheachother, henceneed for LTROIn meijongstledenparkeerdeneuropesecommerciëlebanken 790 mia EUR bij de ECB. De 2 LTRO's bedroegen 1000 mia EUR. Bijkomend:naast LTRO’s, is erook ELA (emergency liquidity assistance): dusalsbankenniet in aanmerkingkomenvoor LTRO kanernogberoepgedaanworden op ELA (verstrekt door de nationalebanken) – watnationalestaatsschuldenfinaalverhoogt – erbestaatechtergeenduidelijkcijfermateriaal over de omloopaan ELA (grafiek in achtergrondliteratuur) als we ditdoortrekkennaarGriekenland: ELA gebruiktvoorGrieksebankenommogelijktemakendatmensendeposito’skunnenafhalen ELA financiert de bankrun. All the above go against harmonisation and spirit of EUBasic belief: the functioning of banksisbased on trust & today no trust and more importantly no LT plan to rebuild trust!
Transformatie bancaire balans in België volop aan de gangBelgië is een goede leerling op het vlak van deleveragingEn tegelijkertijd zijn de Belgische banken kredieten blijven verstrekken Ongeveer 90 mia EUR extra kredieten aan overheden, particulieren & ondernemingen op een termijn van 4 jaar zijnde 2008 tm 2011.Zie nog recent over ondernemingskredieten: meest recente cijfers van NBB betreffen april 2012 en opnieuw recordhoogte bijna 118 mia EUR.Zie ook Financial Stability Review 2012 hierover – executive summary pg.4:“….De voorbije jaren hebben ze immers de omvang van hun balansen aanzienlijk teruggeschroefd. Die aanpassing is wellicht nog niet ten einde, ook al is de neerwaartse tendens sinds kort aan het afvlakken. Dit schuldafbouwproces verloopt grotendeels via de ontmanteling van buitenlandse activiteiten of de inkrimping van effectenportefeuilles. Als zodanig hebben deze herschikkingen hoofdzakelijk de vorm aangenomen van overdrachten van activa naar andere instellingen en dus niet geleid tot een onmiddellijke inkrimping van kredietverlening ….De Belgische financiële instellingen zijn nog altijd zeer actief in hun kernmarkten. De afgelopen tijd hebben ze met name hun portefeuille aan Belgische overheidseffecten uitgebreid en hun kredietverlening aan de nationale economie opgevoerd.”
Uiteraardheeft crisis impact op groei. Op deze slide eenevolutie van groei van‘probleemlanden’België, Duitstland, FrankrijkGemiddelde EurozoneGemiddeldevoorwereldRecent heeft NBB prognoses bekendgemaaktvoorgroei in België die beterzijndan was vooropgesteld:-Oorspronkelijkvooropgesteldegroei: 0,0 % in 2012; 1,2 % in 2013- Nieuwevoorspelling NBB: 0,6% in 2012; 1,4% in 2013
Europa staatvandaag op eenkruispunt:I.Banks have been crucial in periods of economicgrowthPlayedtheirrole of financing the economy in periods of economicgrowth (..-2007)Playedtheirroleduring the crisis – no creditcrunch as demonstrated (2008 – Q1 2012)Conclusion: banks have a crucial role to play in all circumstancesalsogoingforwardII.With Basel III – CRD IV banks are in the middle of important changementsIII. Ad hoc solutions - Is EU helping or learning to solve the issues? NoSpanishbankingproblemisleft in SpainDebtholders have becomeovernight junior debtholders (to bechecked!)Spanish budget deficit has furtherincreased – debt rating reduction and increase of spreadsIV. Long term solutions to solve the government and financialcrisiswith positive effects on the economy:Banking UnionEurobondsFiscal Union Hier zullenwe nu op inzoemen
ContextNewly launched idea for a banking union (Barroso in FT)Wiestapt in? 1/All EU-27 large banks 2/ mogelijk EU 26 zonder GB of 3/enkel EU 17Eurozone. (Ditkaneenrisicoinhouden op bankbeschermingaan twee snelheden)Bankenuniebehelstdriepijlers:I.One single cross-border supervisory: While the current role of the European supervisory authorities is mainly to oversee the functioning and convergence of national supervisory systems, the Commission is intended to assess how this system is working in order to consider whether it would be appropriate for them to directly supervise financial institutions with a pan-European reach.( voorstelnaveuropese top: ECB voorsifi’s en EBAvooralleEuropesebanken)II. One EU-wide Deposit Guarantee Scheme:In the context of the DGS reform in 2010 Commission suggested that it would submit a report on the need for existing deposit guarantee schemes to be replaced by a single scheme for the whole Union.(Ter info: ontwerp EU DGS is nietnieuw – heeft reeds op tafelgelegenbij de vorming van de eurozone – niemandwoudit op dat moment want niemandwildegarantiesgevenvoorbankensectoren die zezelfnietcontroleerden & ook EU supervisory was nietbespreekbaar >< FDIC in US)One resolution fund:-The Commission proposal on bank recovery and resolution, published on 6 June, may be considered as a first step in this direction. In this proposal, the Commission proposes the setting up of funds at national level which would interact and lend to one another when necessary, notably in the case of cross-border groups, to constitute a European system of resolution funds. Funding of this resolution fund: 1 % of total covered deposits/contribution on basis of liabilities & risk profile.-Furthermore, the closer integration of supervisory and resolution arrangements for cross-border institutions will be explored further in the context of this mapping out exercise.
General policy considerationsNo possibility for national discretion on capital requirementsNot on minimaNor on definitionDirect recapitalization required to avoid additional sovereign debtA strong and deep political and fiscal union is required to mitigate the moral hazard riskAs a common insurance & resolution fund could bring moral hazard through shifting the burden from national to eurozone taxpayers in an institutionalized manner Objective of the banking union: break the vicious spiral between sovereigns & banks (vandaarherhaling van de driehoek)
Sector considerationsA banking union could be instrumental to avoid regulatory competition and inconsistenciesIt could provide an answer for effective crisis management of cross-border SIFIsBUT:It should, however, strike the right balance between EU-wide financial stability measures and proportionality, to allow for a true European Level Playing FieldA common DGS should take into account previous and current national DGS contributions avoid additional weight on profitability, important for strengthening solvencyVandaardatgrafiektoegevoegd is omteillustrerendat de Belgische DGS al aanzienlijk is opgetrokkende laatstejaren.Zieookstudie van IMF (Belgium Country Report 2012) die aangeeftdatrentabiliteit van Belgischebanksectorserieus is afgenomen.Financial Stability Review NBB (publicatievrijdag 22 juni 2012): ‘In 2011 behaalden de Belgischebankeneenrendement op het eigenvermogen van slechts 0,7% tegen 10,5% in 2010, en kendendaarmeeopnieuweenslechtjaar op het vlak van winstgevendheid’’ (executive summary pg 12)Eventueelbijkomend het volgendeaankaarten: Watzullengevolgen van EU DGS zijn op Belgischebegroting(aangezienverschillendeheffingen de staatskasspijzen)?In Belgiëkennen we nietalleen DGS, maar ook FSC (financial stability contribution)datvoor 2012 geraamdwordt op 251 mio EUR.(FSC ten belope van 3,5 bptwordtgeheven op balanstotaal – eigenvermogen – depositio’sonder DGS)
23 november 2011 heeftEuropeseCommissieeen green paper uitgegeven over eurobonds. EC onderscheidtdriemogelijkheden(optie 1 volledig & optie 2 en 3 gedeeltijkvoordeelboven 60% GDP):The full substitution by Stability Bond issuance of national issuance, with joint and several guarantees (meestambitieuzeoptie): this approach would seem the most ambitious option of all, as it would replace the entire national issuance by Stability Bonds and as each Member State would be fully liable for the entire issuance. This option would accordingly have strong potential positive effects on stability and integration. But at the same time, it would, by abolishing all market or interest rate pressure on Member States, pose a relatively high risk of moral hazard and it might need significant Treaty changes. ( vandaar het belang van eenpolitieke & fiscaleunieom moral hazard in tedijken)The partial substitution by Stability Bond issuance of national issuance, with joint and several guarantees: this approach would essentially be the same as the option mentioned above, but Stability Bonds under this option would only cover parts of national financing needs (allesschuldenboven 60% GDP). The partial substitution by Stability Bond issuance of national issuance, with several but not joint guarantees: this approach is the most limited one of the three options, as it would only partially cover Member States' financing needs (nl. deelboven 60% van GDP) and as it would only be covered by several guarantees.
De vraagnaareenfiscaleunieneemt toe in het kader van de bankenunie. Namelijk de creatie van eenbankenuniehoudteenrisico in op moral hazard. Vandaar de tekening: hoe groter de fiscaleunie hoe kleiner het risico op moral hazard bankenunie.Cfr. Merkel: pas bankenuniealsereenfiscaleunie is.
Eventueel – Er zijn nog een aantal topics die niet op de slides staan maar die ook zullen besproken worden tijdens de Europese top en die hierbij aansluiten. Dit kan hier eventueel vermeld worden.Naast de net besproken topics zoals bankenunie, eurobonds & fiscale unie zullen de Europese regeringsleiders ook bekijken hoe ze de Europese groei kunnen stimuleren. Spanje, Italië, Frankrijk & Duitsland bereikten daarover een principe-akkoord vrijdag 22 juni. The plan for closer banking and fiscal integration will come on top of a €130 billion short-term stimulus package to revive growth, agreed by the leaders of Germany, France, Spain and Italy on Friday. Ook heeft Van Rompuy aangekondigd te willen spreken over de pensioenhervormingen op Europese schaal tijdens de komende Europese top.
Aantal voorbeelden van initiatieven die hierover in het buitenland lopen, Volcker (US) & Vickers (GB)In België studie NBB over splitsing zakenbanken, retailbanken
Context:A clear definition remains difficult to find (even after 2y of discussions) ‘credit intermediation through entities or activities outside the regular banking system’It is still largely unknown in terms of size, reach, utility etc.European Commission just ended the consultation period on its Green Paper on shadow bankingOn 19 March, the European Commission published a green paper setting out how existing and proposed EU measures already address shadow banking activities. The aim of the Commission's current work is to examine existing measures carefully and to propose an appropriate approach to ensure comprehensive supervision of the shadow banking system, coupled with an adequate regulatory framework. The deadline for consultation by the European Commission was 1 June. Any regulatory follow-up will take into account the results of the work of the high-level expert group on structural banking reforms recently appointed by the Commission (Liikanen Group). After the publication of the Liikanen report, the Commission will assess the need for additional, targeted consultations on selected issues, if necessary.The financial Stability Board is currently investigating the shadow banking sector and will come up with regulatory proposals to the G20 before end 2012
KERN: vertrouwenherstellen. Ditheefttemaken met de financiëleinstellingen (cfr. Structuur, regelgeving, ….), MAAR ook met de producten die zijaanbieden.Hierzie je eigenlijkeenaantal EU maatregelen & intiatieven op Belgischvlakwaar de sector getuigt van haarconstructievehoudingvb. Vrijwilligeintekening op – in vgl met andereEuropeselanden - verregaand moratoriumVb. Meewerkenaanvergroten van de transparantieivmspaarboekje.Aantal Europese dossiers:PaymentsSEPA: Belgium a model student on the road to a unified European payments area Use of European money transfer higher in Belgium than Eurozone averageFebelfin also promotor of electronicpaymentsEuropean mortgagedirective:Commission proposal to create an efficient and effective single market for residential mortgage, with a high level of consumer protectionFebelfin supports the objective of the European Commission to establish an efficient and competitive integrated market for mortgage credit, with a high level of protection. MiFID II:Febelfin is in favour of a balanced European reglementation on consumer protection which leaves room for maximum harmonisation & a Level Playing Field.