business bankruptcies are automatically granted a discharge immediately after liquidation is finished. In some, bankrupted companies have to apply for a discharge; and in others, bankrupted companies [...] failing businesses. From 2009-2011, an average of 200 000 firms went bankrupt per year in the EU. About one-quarter of these bankruptcies have a cross- border element. About 50 % of all new businesses do [...] activity, firm survival rate). This means that efficient bankruptcy procedures are not determined by the type or focus of legal system, but by specific provisions like out-of-court settlements, fast-track
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the EU created the "Banking Union" for the eurozone. Until now, the Banking Union has been composed of two pillars, - the common banking supervision by the European Central Bank (ECB) [Single Supervisory [...] n between banks, is doubtful: only 3% of EU citizens have opened a bank account outside the EU. Banks from Member States with a high credit rating therefore hardly ever compete with banks from Member [...] geographical location, - ensure that banks are not penalised because their head office is located in a specific Member State, and - push ahead with reducing bank/sovereign links in order to maintain financial
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within the banking group for the largest and most complex banks. (4) The on-going banking regulatory reform agenda will significantly increase the resilience of both individual banks and the banking sector [...] overhaul of bank regulation and supervision. In the area of banking, the EU has initiated a number of reforms to increase the resilience of banks and to reduce the impact of potential bank failures, [...] as the proposed Bank Recovery and Resolution Directive (the "BRRD"). However, the EU banking sector and individual banks remain large in absolute and relative terms. The largest banks are also more active
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variety of institutions such as sovereigns, banks, or companies. Active trading by MMFs is vital for liquid markets for commercial paper, short- term bank debt and sovereign debt. Increased liquidity [...] of the highest standards in the asset management industry. Recent international work on shadow banking, coordinated by the Financial Stability Board (FSB), has identified certain areas in the area of [...] launched a consultation on guidelines on repo and reverse repo agreements.4 Other issues, more specific to the aim of keeping the UCITS framework topical and in line with the evolution of investment
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4.2. "Specific objective(s)…" 222 EN Sub-total for specific objective N°1 SPECIFIC OBJECTIVE No 2… - Output Sub-total for specific objective [...] REQUIREMENTS PARTICULAR TO SPECIFIC RISK MODELLING Article 359 Requirements for modelling specific risk An internal model used for calculating own funds requirements for specific risk and an internal model [...] the European Union, the European Investment Bank (EIB) and multilateral development banks; 6. multilateral development banks referred to in Article 112. Part 2 - Risk-adjusted assets and off-balance-sheet
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European Supervisory Authority (Euro- pean Banking Authority) as regards its interaction with the Regulation conferring specific tasks on the European Central Bank concerning policies relating to the prudential [...] Commission now intends to restructure the supervision of European banks. In the future, the Euro- pean Central Bank (ECB) is to supervise banks within the euro states [COM (2012) 511, see CEP Policy Brief] [...] The tasks of the European Banking Authority (EBA) need to be modified in light of the supervisory responsibility for euro area banks being conferred to the European Central Bank (ECB). Parties affected:
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timely policy advice to the Council. The Council could invite the ESRB and ESAs to look at some specific issues as deemed appropriate. On the establishment of a European Systemic Risk Board: [...] and prepare the decisions of the ESRB. 3 E The General Board shall comprise 27 Central Bank Governors, the ECB President (and vice- President as appropriate - see Annex to Annex), 3 Chairs [...] e and logistical support to the ESRB, also drawing on technical advice from national Central banks and supervisors. The ESRB could also seek the views of private sector stakeholders, including consumers
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like banks, central banks, financial market supervisory authorities, deposit and investor protection schemes in raising financial literacy, including for those who remain outside the banking and financial [...] need to be aware of the fees they pay for basic banking services and be able to switch easily between banks if competition is to be ensured in retail banking. As a result, the Commission will prepare a [...] financial mainstream (known as the ‘unbanked’ and ‘underbanked’). Awareness-raising campaigns will be organised with Member States and stakeholders on key consumer issues. It is also essential that national
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companies out of the market. Bankruptcy/insolvency law is one crucial element in allowing easier exits, in particular by reducing the time and costs incurred. Bankruptcies account for some 15% of all company [...] important element is to clearly distinguish between fraudulent and non-fraudulent bankruptcy. In the EU, only 4-6% of bankruptcies are fraudulent51. However, this policy area is essentially in the remit of [...] amounts for business purposes is also difficult as the overhead costs are high for banks and there are not enough non-bank microfinance institutions. This makes self employment and the development of micro
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Europäische Zentral- bank Kurzdarstellung ► Hintergrund und Ziele – Die Verordnung ist Teil der auf EU-Ebene geplanten „Bankenunion“ (vgl. Mitteilung Fahrplan für eine Bankenunion COM(2012) 510). [...] – Die Verordnung weist der Europäischen Zentralbank (EZB) Aufgaben der Bankenaufsicht zu. Die beste- henden Aufgaben der Europäischen Bankenaufsichtsbehörde (EBA) werden mit einem gleichzeitig vorge- [...] europäischen Bankenaufsicht. Contra: (1) Die Übertragung sämtlicher Kernkompetenzen der Bankenaufsicht an die EZB ist mit eu- ropäischem Recht nicht vereinbar. (2) Die Bankenaufsicht sollte nicht bei
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