What effects of the new EU resolution regime can be expected on host countries in Emerging Europe?

Operationalizing bail-in: MREL/TLAC and structural reform.

Too big to fail – does the BRRD ensure banks resolvability?

FINSAC BANK RESOLUTION CONFERENCE

DECEMBER 12, 2016VIENNA, AUSTRIA

VENUE: MINISTRY OF FINANCEJohannesgasse 5, 1010 Vienna, AustriaRoom: Purpursaal (top floor)

08:30 – 09:00

09:00 – 09:15

09:15 – 09:30

09:30 – 10:00

10:00 – 11:00

11:00 – 11:15

11:15 – 12:15

12:15 – 13:15

RegistRation

opening: Harald Waigleindirector general / austrian Ministry of Finance

intRoduction: ellen gOldSTeinCountry director / The World Bank

pResentation of the finsac guidebook to the bRRd: undeRstanding bank RecoveRy and Resolution in the eu

KaTia d’HulSTer and PaMela linTnerFinSaC, The World Bank

addRessing too big to fail thRough Resolution planning: an ongoing pRocess oR an impossible task?

reporter: SaMy Harraz Single resolution Board: state of play on banks resolvability assessment in the eu.

discussant: dirK SCHOenMaKer Bruegel: are banks resolvable after all? does the eu institutional set up facilitate resolution planning and resolution action?

coffee bReak

fRom supeRvision to Resolution: Who decides What?

reporter: Melanie Muller european Central Bank: cooperation between supervisors and resolution authorities during resolution planning, eim and when taking resolution action from an ecb perspective. discussant: KrzySzTOF BrOda Bank guarantee Fund, Poland: cooperation and input into RR(p) from a host country perspective.

Resolution financing: still the old question, Who should pay foR a bank failuRe? bail-in veRsus bail-out?

reporter: PaOlO FuCileeu Commission, resolution and Crisis Management unit: public support and the use of the resolution fund under the bRRd.

discussant: CHriSTian STieFMuellerFinance Watch: banks bail-in and bailout from a civil society and public interest perspective (“the fair-share”).

agenda

13:15 – 14:15

14:15 – 15:15

15:15 – 15:30

15:30 – 16:30

16:30 – 17:00

lunch bReak

Round table: bail in – pRactical expeRiences fRom past cases and futuRe challenges

Chair: alFOnSO garCia MOraFinance & Markets, The World Bank

discussants:

• niKOleTTa KleFTOuri / european Banking authority, resolution unit

• JenS Verner anderSen / Finansiel Stabilitet, denmark

• CarlOS San BaSiliO / FrOB (Fund for Orderly Bank restructuring), Spain

• JereMy JenningS-MareS / MOrriSOn & FOerSTer, uK

• Maria MaVridOu / Bank of greece

• GIANLUCA ALOIA / Banca d’Italia

coffee bReak

Round table: effects of the eu Resolution fRameWoRk on finsac client countRies (ceese)

Chair: aurOra Ferrari Finance & Markets, The World Bank

discussants:

• SaMy Harraz / Single resolution Board

• KrzySzTOF BrOda / Bank guarantee Fund, Poland

• naTaSHa aHMeTaJ / Bank of albania

• dalVinder SingH / School of law, university of Warwick

• MOniKa MarS / MM risk advisory Services

concluding RemaRks and outlook

alFOnSO garCia MOradirector / Finance & Markets, The World Bank

speakeRs

haRald Waiglein director general, economic Policy and Financial Markets, Federal Ministry of Finance of the republic of austria Harald was born in January 1967, in Vienna, austria. after his graduation from uni-versity he acted as professional interpreter in the fi elds of law and economics for international organizations and enterprises. Thereafter, for many years, he worked as editor at the austrian Broadcasting Corporation, where he specialized in tax-ation, public budget, fi nancial markets and energy. after holding the position of deputy chief editor and head of economic department at the austrian newspaper Wiener zeitung for two years, in 2007 Harald relocated to the Ministry of Finance. There he was promoted to director general of the dg economic Policy and Financial Markets in July 2012. in this position he represents austria as director in the eu-ropean Stability Mechanism (eSM) and in the european Financial Stability Facility (eFSF) and as member of the economic and Financial Committee of the eu (eFC).

ellen goldstein regional director for Southeast europe, The World Bank ellen is currently the World Bank’s regional director for Southeast europe. in this position, she is responsible for leading the dialogue on economic reform with the six countries of the Western Balkans, developing the World Bank’s country strategies, managing the World Bank portfolio, coordinating with partners, and engaging in outreach on economic growth and poverty reduction in the Western Balkans. Prior to this position, ellen was the World Bank’s director for Bangladesh and nepal. She has spent over 30 years as a development practitioner, specializing in collective leadership and results-based management and monitoring for the World Bank, african development Bank and uSaid.

katia d’hulsteR lead Financial Sector Specialist / Coordinator of the Financial Sector advisory Centre (FinSaC), The World Bank Katia is a lead Financial Sector Specialist at the World Bank. Her role consists of providing technical assistance in the area of prudential regulation and supervision to supervisory agencies and central banks in the eastern and Central european region. Before joining the World Bank in 2009, Katia was a Senior Manager with the australian Prudential regulation authority (aPra) in charge of the prudential supervision of one of the four major conglomerate groups in australia. during that period, she was seconded to the Bank for international Settlements (BiS) in Basel to develop a risk management strategy and policy for the BiS Board.

Katia graduated from the Free university of Brussels with a doctorate in applied economics, Business engineering. She passed the professional exams of certifi ed external auditor in Belgium and holds the global association of risk Professionals (garP) Financial risk Manager (FrM) and Professional risk Managers’ interna-tional association (PrMia) risk management qualifi cations.

pamela lintneR Senior Financial Sector Specialist, Financial Sector advisory Center (FinSaC), The World Bank Pamela is a legal expert specialized in european financial services regulatory policy. She provides consulting on the establishment and enhancement of bank recovery and resolution frameworks in FinSaC’s client countries in line with international best practice and with a focus on Brrd alignment and home/host issues.

in her previous roles for the austrian central bank (OenB) Pamela headed the on-site inspections for the licensing process for the austrian Central Counterparty (CCP.a) in 2014, and represented the OenB in several technical fora at the eCB and the european Commission. Before that she applied her expert knowledge, includ-ing on Crd iV, crisis management, deposit guarantee schemes, and MiFid, from a different angle at the austrian Bankers association where she also participated in respective eBF working groups. in her prior work at the austrian Ministry of Finance she led the national delegation of the Council Working group on the Pay-ment Services directive and supported the austrian Presidency of the european Council in 2006.

Pamela studied law at the universities of linz, Vienna and Madrid and received a research scholarship at the european institute of Public administration (eiPa)/Maastricht in 2004. She holds a Phd from university of linz.

samy haRRaz Head of Policy Coordination and international relations, Single resolution Board of the eu Samy was appointed Head of Policy Coordination and international relations at the Single resolution Board in September 2015. He manages the setting of policy surrounding the new resolution regime and coordinates his agency’s liaison with relevant stakeholders in europe and beyond.

Prior to joining the SrB Samy worked at FMSa (the german resolution authority) and before that as an investment banker, corporate strategist and chief country officer in london, geneva, Frankfurt and athens.

He read archaeology of the ancient near east at the Freie universität Berlin and was awarded a master’s degree in Management from glasgow university.

diRk schoenmakeR academic dirk is a Professor of Banking and Finance at the rotterdam School of Manage-ment, erasmus university, and a Senior Fellow at the Brussels-based think tank Bruegel. He is also a research Fellow at the CePr and a member of the advisory Sci-entific Committee of the european Systemic risk Board at the eCB. dirk is author of ‘governance of international Banking: The Financial Trilemma’ (OuP) and co-author of the textbook ‘Financial Markets and institutions: a european perspective’ (CuP).

melanie mulleR Principal Supervisor, european Central Bank, dg Micro-Prudential Supervision iV/Crisis Management division Melanie provides legal and technical advice on the implementation and enhancement of the recovery and resolution framework in europe. She participates on behalf of the eCB in european cooperation fora and international expert groups related to recov-ery and resolution, and functions as horizontal coordinator for cooperation with the Single resolution Board at technical level. in her previous position as a lawyer for the german Central Bank (unit for Banking Supervision law and international Banking Supervision), Melanie was closely involved in international and european regulatory policy, including crisis management, recovery and resolution. in the context of dis-cussions on the european framework for recovery and resolution, she participated in several working groups and contributed to the development of regulations, guidance and technical standards. She also gained bank-specific experience through partici-pating in Crisis Management groups and Colleges.

kRzysztof bRoda deputy President of the Management Board of the Polish Bank guarantee Fund Krzysztof has worked in banking since 1992. initially, he was Head of the Credit department in the Katowice branch of Wielkopolski Bank Kredytowy. in the years 1996-2000 he was a board member and subsequently board vice president in gli-wicki Bank; where he was responsible for credit risk management, iT, products and the network of branches. in 2001 Krzysztof joined ing Bank Slaski as deputy Head of the Credit and Financial risk Management department and Head of the retail Credit risk Management department. He was a member of a number of credit committees, the Credit Policy Committee, and the Operational risk Management Committee. He was responsible for such issues as the restructuring of the risk management system and iT tools supporting the credit process. From 2008 until 2012, Krzysztof served as deputy director of Banking Supervision in the Polish Fi-nancial Supervision authority (PFSa). He was advisor to the Chairman of the Polish Financial Supervision authority; and a representative of the PFSa in the Technical advisory Committee of the european Systemic risk Board. He served as Chair of the Steering Committee for the iT Migration Project and as Project Manager of an assessment System for Supervised entities.

a graduate from the Foreign Trade Faculty of the academy of economics in Kato-wice, Krzysztof holds a Phd in Management.

chRistian m. stiefmuelleR Managing director, CePa – Centre for economics and Public administration ltd as Managing director of the london-based Centre for economics and Public ad-ministration ltd (CePa), Christian provides advice to public-sector clients and civil-society organizations, and he authors reports, policy statements and com-mentaries, on financial regulation in the european union. His principal research focus at present is on measures addressing systemic risk in the banking sector, particularly in the areas of resolution, capital adequacy, and structural reform.

Previously a senior investment banker, Christian has more than twenty years’ first-hand experience in the financial industry and worked for major global banks advising corporate clients and financial investors on mergers, acquisitions and capital markets transactions. He also managed two london-based Corporate Fi-nance advisory firms serving clients in the technology and telecom sectors.

He holds graduate degrees in law and applied languages from the university of innsbruck and an M.B.a. degree from the university of California (Berkeley).

nikoletta kleftouRi Banking expert, european Banking authority nikoletta is working as a Bank expert in the european Banking authority. She was previously a legal Counsel of the uK Prudential regulation authority and a mem-ber of the Policy division of the resolution directorate in the Bank of england.

nikoletta holds a doctorate in Banking law and an llM in Commercial law, and has published a number of articles in leading financial law journals. in July 2015, she published a book with Oxford university Press, which is the first to provide a comparative approach covering deposit protection and bank resolution regimes in the uK, eu and uS. She is also a Visiting lecturer at university College london and the institute of advanced legal Studies, and has previously worked as a research assistant to the Chair for law and Finance at the university of zurich. She speaks greek, english, german and French.

paolo fucile legal Officer, dg Financial Stability, Financial Services and Capital Markets union (FiSMa), european Commission Paolo is a legal Officer in the unit on bank resolution and crisis management at the european Commission (dg Financial Stability, Financial Services and Capital Markets union – FiSMa).

in his current capacity, Paolo is responsible for issues related to the application, implementation and legal interpretation of the Bank recovery and resolution directive (Brrd) as well as related legislation, particularly the Single resolution Mechanism regulation (SrMr) and the deposit guarantee Scheme directives (dgSd).

Before working on bank resolution matters, he worked on various topics related to financial services in the european Commission (dg MarKT and FiSMa), including the regulation of credit rating agencies and retail financial services. Prior to that, Paolo worked as a lawyer in private practice in international law firms in rome and Brussels, specializing in financial services law and competition law. He holds a law degree summa cum laude from the university of rome (“roma Tre”) as well as an llM in law and economics from utrecht university (the netherlands).

Jens veRneR andeRsen deputy CeO, CFO, danish Financial Stability Company Jens is responsible for finance and accounting issues related to the Financial Sta-bility Company’s (FSC’s) main objective: resolution of weak financial institutions. Since joining FSC in 2009 he has been involved in the take-over and divestment of more than 10 financial institutions. The main tasks are related to both conceptual and practical issues such as configuration of resolution plans for danish finan-cial institutions, set-up of the resolution Fund, management of the deposit and guarantee Fund and divestment of previously acquired real estate and securities that are currently offered for sale. Jens additionally holds the group CFO respon-sibility and is thus responsible for safeguarding FSC’s financial resources, group financial statements, asset and financial management of the guarantee Fund and the resolution Fund. Moreover, he is CeO of the FSC’s main subsidiaries including andelskassen JaK Slagelse under control.

Jens previously worked for eight years for the danish Central Bank, holding vari-ous positions. in his last job, as Head of government debt Management, he worked mainly with risk management and funding strategies for the danish Treasury. Jens worked as Financial advisor at the OeCd in Paris as from 2001-2003.

Jens holds a master degree in economics from the university of aarhus.

alfonso gaRcia moRa director, Finance and Markets global Practice, The World Bank alfonso is director of the World Bank Finance and Markets global Practice since april 2016. He joined the World Bank in 2013 as a lead Financial Sector Specialist in the Finance and Private Sector development Vice Presidency. in 2015, he became the Practice Manager for latin america and the Caribbean of the Finance and Mar-kets global Practice. alfonso has led various projects in latin america, east asia Pacific, Middle east and eastern europe, advising governments, supervisors and regulators in projects related to financial sector development, access to finance, banking crisis, and financial regulation. He has also participated in a number of Financial Sector assessment Programs (FSaP) as mission chief and specialist.

Prior to joining the World Bank, alfonso had a successful 12-year career in the pri-vate sector at the analistas Financieros internacionales Consulting group, and held the position of Partner Managing director from 2007 - 2012.

alfonso earned his Master’s degree in Finance at the Catholic university of leuven and holds a Phd in economics from universidad autonoma de Madrid. He has also served as a visiting Phd student at Boston university.

JeRemy Jennings-maRes Partner, Morrison & Foerster (uK) llP Jeremy is a partner in the Capital Markets group of the law firm Morrison & Fo-erster. He advises a wide range of banks, financial institutions, fund managers, borrowers, and issuers on debt and structured securities, derivatives, and financial regulation.

during his 25 year career, Jeremy has practised law in the uK, as well as Singa-pore, Thailand and Japan. He frequently authors articles and client publications, is a contributor to the “Covered Bonds Handbook” and “Structured Products”, and co-authored “The approaches to Bank resolution”, a chapter in “Bank resolution: The european regime”, 2016.

maRia mavRidou director, resolution department, Bank of greece Maria is director of the Bank of greece’s resolution department, established in March 2012. From March 2012 to end december 2015, her role involved the over-sight and management of the preparation and due application of resolutions tools to 12 domestic credit institutions. With the transposition of Brrd and entry into force of the SrM, her department is focusing on implementing the new framework, and particularly the drafting of resolution plans. Since early 2015, Maria is a mem-ber of the Plenary Session of the SrB.

Maria joined the Bank of greece in 1984. Previous roles include in the Financial Sta-bility department, focusing on the development of tools to efficiently monitor and assess financial stability issues, and in the Financial Operations department, as deputy Head of the risk Management Office, analyst and trader. during the greek Presidency of the Council of european union, she served as President of the ad hoc Working Party on the Single resolution Mechanism (SrM) and was heavily involved in the negotiations on the SrM regulation among the european Council, the euro-pean Parliament and the european Commission.

Maria studied economics at the aristotle university of Thessaloniki, and received an MSc in Project analysis, Finance and investment from university of york, and an MSc in Statistics from athens university of economics and Business.

caRlos san basilio Head of resolution and Strategy, Fondo de reestructuración ordenada bancaria (FrOB) as Head of resolution and Strategy at the executive resolution authority in Spain (FrOB), Carlos is in charge of resolution matters and coordination with other resolution authorities, particularly Banco de españa, as preventive resolution au-thority, and the Single resolution board, in charge of the most significant credit institutions. Before joining FrOB, Carlos was Financial Counsellor of Spain in the european un-ion, in charge of eCOFin issues, including Banking union regulation. Carlos has ex-tensive experience dealing with financial issues both in the public sector (Spanish Treasury) and in the private sector (Banco Santander, london Stock exchange). He holds a degree in economics from the universidad autonoma de Madrid, a Master in Public administration from Harvard university and a Pdg from ieSe.

auRoRa feRRaRi Practice Manager, Finance & Markets global Practice, The World Bank aurora is the Practice Manager for Financial Stability, Bank regulation and Su-pervision in the World Bank Finance & Markets global Practice. She is responsible for the FSaP program, the relationship with FSB and Basel, and global financial stability issues.

aurora was previously Practice Manager for europe and Central asia and Middle east and north africa countries where she focused on bank resolution, nPls, and technical assistance on the implementation of eu Bank recovery and resolution directive. Her past experience encompasses working on financial inclusion issues in South asia and bank investments at the eBrd.

aurora holds a degree in law (university of Parma) and an Ma in international economics and relations (Johns Hopkins university).

natasha ahmetaJ Second deputy governor, Bank of albania natasha is Second deputy governor of the Bank of albania since May 2015, and member of the Supervisory Council since december 2014.

in the 1990s, she was a professor/lecturer of Macro economy, Micro economy, Monetary economy, and held the position of Head of Business department and later of the dean of Trade Faculty, at the Public university “ismail Qemali”, in Vlora. From 2001 to 2007 she was Head of the Marketing department at the Head Of-fice of Banka Kombëtare Tregtare (BKT), and was then administrator of BKT until 2014.

natasha earned her Phd in economy from the Faculty of economics of the univer-sity of Tirana in 2004, she graduated from the same Faculty as an economist for the industry sector in 1987. She is the author of many scientific research articles and publications focusing on various economic and financial issues.

gianluca aloia Manager, resolution and Crisis Management unit, Bank of italy Since 2008, gianluca has been involved in the crisis management of banks and other financial institutions. He has a background in economics and after early experience in the supervision of the structured bond market, he has developed an extensive knowledge in banking and financial supervision. gianluca has been a member of the Bank of italy’s task forces in charge of:

– supporting the italian Ministry of economy and Finance in the negotiation for the new european crisis management framework and in its transposition in the italian regulation;– the establishment of the italian resolution Fund (as responsible).Currently, he is involved in the negotiation, within the eu Council, for the establishment of an european deposit insurance Scheme (ediS).

gianluca is a Member of the eBa Sub group on Crisis Management (SgCM) and a Member of the SrB Fund Committee.

monika maRs Managing director, MM risk advisory Services gmbH Monika is a financial risk management professional with over 25 years’ experi-ence in banking and financial services consulting roles across several european countries, the uS, Middle east, asia and australia. Her main areas of focus are risk & capital management, the Basel capital adequacy and liquidity frameworks for financial institutions, as well as recovery and resolution planning. She has been involved in drafting recovery and resolution plans for g-SiBs and non-g-SiBs in a number of european countries, including several Cee jurisdictions. as part of this work, Monika has analyzed and responded to numerous consultations by the eBa, the european Commission and the Single resolution Board related to the imple-mentation of the Brrd and the SrMr.

Monika established her own consulting firm dedicated to risk and regulatory advice to the financial services industry in 2014. Previously, she worked as a consultant specialising in banking risk management and regulation for banks and supervisory authorities worldwide at McKinsey, PwC and Oliver Wyman over a period of almost 20 years. Monika holds a diploma in economics from the university of Munich. She is a member of the iiF Working group on Cross-border resolution (CBrWg) and a frequent speaker on recovery and resolution topics at industry conferences.

dalvindeR singh Professor of law, university of Warwick dalvinder is Professor of law at the university of Warwick’s School of law. His re-search interests focus on banking regulation where he has presented and published widely. He is the editor of Journal of Banking regulation (Springer) and Financial regulation international (informa law).

dalvinder is on the research and guidance Committee of the international asso-ciation of deposit insurers, Bank for international Settlement, Basel, Switzerland. He was a Fernand Braudel Senior Fellow, department of law, european university institute, between May-July 2016.

FINANCIAL SECTOR ADVISORY CENTER (FINSAC)

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