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Displaying results 1 to 20 of 20.

  1. In-depth review 2024
    The Netherlands
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of the Netherland's vulnerabilities related to high private debt levels and a large current account surplus, which has crossborder relevance, and possibly newly emerging risks. This year's IDR, which... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of the Netherland's vulnerabilities related to high private debt levels and a large current account surplus, which has crossborder relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the Dutch economy and its interlinkages with the other EU Member States, these vulnerabilities have a cross-border relevance.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137758
    Other identifier:
    Series: Array ; 274 (March 2024)
    Subjects: economic forecasting; macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; EU Member State; Netherlands; report
    Scope: 1 Online-Ressource (circa 32 Seiten)
  2. In-depth review 2024
    Romania
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Romania's vulnerabilities related to large government and external deficits, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)published in... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Romania's vulnerabilities related to large government and external deficits, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137765
    Other identifier:
    Series: Array ; 275 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; wage cost; tax system; economic forecasting; Romania; report
    Scope: 1 Online-Ressource (circa 32 Seiten)
  3. In-depth review 2024
    Sweden
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Sweden's vulnerabilities related to the real estate market and high private debt and - possibly - newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Sweden's vulnerabilities related to the real estate market and high private debt and - possibly - newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Sweden's economy contracted in 2023 due to rising interest rates and high inflation and is set to broadly stabilise in 2024. High inflation and the subsequent monetary policy tightening, combined with the prevalence of variable interest rates and high household debt, pushed down household consumption and housing construction. Housing construction in the rental sector also suffered from the stricter financial conditions for commercial real estate (CRE) companies. Overall investment is estimated to have decreased by 1.2% in 2023, driven by a decline in housing construction.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137789
    Other identifier:
    Series: Array ; 277 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; energy policy; economic forecasting; Sweden; report
    Scope: 1 Online-Ressource (circa 26 Seiten)
  4. In-depth review 2024
    Cyprus
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review analyses the evolution of Cyprus's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review analyses the evolution of Cyprus's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified in previous years, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268042489
    Other identifier:
    Series: Array ; 273 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; monetary policy; debt; banking; economic forecasting; Cyprus; report
    Scope: 1 Online-Ressource (circa 34 Seiten)
  5. In-depth review 2024
    Spain
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Spain's vulnerabilities related to high private, government and external debt, which have cross-border relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Spain's vulnerabilities related to high private, government and external debt, which have cross-border relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the Spanish economy and its interlinkages with the other EU Member States, these vulnerabilities have a cross-border relevance. The Spanish economy is estimated to have expanded by 2.5% in 2023 and is projected to continue to grow in 2024, albeit at a slower pace than last year. The strong growth outturn posted in 2023 was underpinned by the very positive labour market developments and the pick-up of wages sustaining private consumption, as well as the positive contribution from net exports and public consumption. Real GDP growth is forecast to moderate in 2024 to 1.7%, according to the Commission's Winter 2024 Interim Forecast, due to the weaker economic situation in Spain's main trading partners and to the lagged impact of recent years' interest rate hikes on aggregate demand. Consumption and investment, driven respectively by further real purchasing power gains for households, and the continued implementation of Spain's Recovery and Resilience Plan (RRP), are set to be the main drivers of r economic expansion. GDP growth is expected to accelerate again in 2025, to 2.0%. Headline inflation decelerated to 3.4% in 2023, largely thanks to the continued drop in energy prices throughout the year. Underlying price pressures eased gradually in 2023, to 5.8% on average, as the pass-through of high energy prices to other items, especially food and services, showed signs of fading only from the last quarter of 2023 onwards. Harmonised Index of Consumer Prices (HICP) inflation is set to decline further this year, to 3.2% on average (with underlying inflation projected to be 3.3%), despite the upward pressure of the expected phasing out of most government measures implemented to mitigate the impact of high energy prices.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268042472
    Other identifier:
    Series: Array ; 272 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; inflation; labour market; economic growth; economic forecasting; Spain; report
    Scope: 1 Online-Ressource (circa 28 Seiten)
  6. In-depth review 2024
    Slovakia
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the extent of Slovakia's vulnerabilities related to cost competitiveness, external accounts, house prices and household debt. Last year, an in-depth review was undertaken for Slovakia, and the Commission concluded... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the extent of Slovakia's vulnerabilities related to cost competitiveness, external accounts, house prices and household debt. Last year, an in-depth review was undertaken for Slovakia, and the Commission concluded that Slovakia was not experiencing imbalances, as its vulnerabilities seemed overall contained in the near future and were expected to ease as economic conditions normalised. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR)published in November 2023, again examines these, and any newly emerging vulnerabilities, and their implications.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137772
    Other identifier:
    Series: Array ; 276 (March 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; competitiveness; economic independence; economic forecasting; Slovakia; report
    Scope: 1 Online-Ressource (circa 34 Seiten)
  7. In-depth review 2024
    Greece
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Greece's vulnerabilities related to high government and external debt, a high ratio of non-performing loans in the context of low potential growth and a high unemployment rate, and possibly newly... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Greece's vulnerabilities related to high government and external debt, a high ratio of non-performing loans in the context of low potential growth and a high unemployment rate, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137826
    Other identifier:
    Series: Array ; 281 (April 2024)
    Subjects: macroeconomics; euro area; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; loan; Greece
    Scope: 1 Online-Ressource (circa 38 Seiten)
  8. In-depth review 2024
    Hungary
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Hungary's vulnerabilities related to very strong price pressures, significant external and government financing needs exacerbated by policy inconsistencies, and possibly newly emerging risks. This... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Hungary's vulnerabilities related to very strong price pressures, significant external and government financing needs exacerbated by policy inconsistencies, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137895
    Other identifier:
    Series: Array ; 284 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; wage cost; Hungary
    Scope: 1 Online-Ressource (circa 42 Seiten)
  9. In-depth review 2024
    Portugal
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Portugal's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Portugal's vulnerabilities related to high private, government and external debt, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137901
    Other identifier:
    Series: Array ; 285 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; interest; Portugal
    Scope: 1 Online-Ressource (circa 26 Seiten)
  10. In-depth review 2024
    France
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of France's vulnerabilities related to high government debt and competitiveness, in a context of low productivity growth, which carry cross-border relevance, and possibly newly emerging risks. This... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of France's vulnerabilities related to high government debt and competitiveness, in a context of low productivity growth, which carry cross-border relevance, and possibly newly emerging risks. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the French economy and its interlinkages with the other Member States, these vulnerabilities have a cross-border relevance.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137833
    Other identifier:
    Series: Array ; 282 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; competitiveness; economic growth; labour market; economic recovery; France
    Scope: 1 Online-Ressource (circa 32 Seiten)
  11. In-depth review 2024
    Italy
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    This in-depth review (IDR) analyses the evolution of Italy's vulnerabilities related to high government debt and weak productivity growth, in a context of labour market fragilities and some weaknesses in financial markets, and possibly newly emerging... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 338
    Inter-library loan:
    No inter-library loan

     

    This in-depth review (IDR) analyses the evolution of Italy's vulnerabilities related to high government debt and weak productivity growth, in a context of labour market fragilities and some weaknesses in financial markets, and possibly newly emerging risks. Italy was identified with excessive imbalances in 2023, over the last annual cycle of surveillance under the Macroeconomic Imbalance Procedure. This year's IDR, which follows the 2024 Alert Mechanism Report (AMR) published in November 2023, assesses the persistence or unwinding of the vulnerabilities identified last year, potential emerging risks, and relevant policy progress and policy options that could be considered for the future. Given the size of the Italian economy and its interlinkages with the other EU Member States, these vulnerabilities have a cross-border relevance.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268137840
    Other identifier:
    Series: Array ; 283 (April 2024)
    Subjects: macroeconomics; euro area; loan; financial stability; financial supervision; household consumption; gross domestic product; inflation; labour market; price of energy; food expenditure; Italy
    Scope: 1 Online-Ressource (circa 32 Seiten)
  12. Greece's loan facility
    facilitating corporate investment through NextGenerationEU
    Author: Antal, Judit; Sfakianakis, Manos; Pfeiffer, Philipp; Llobell, Eduardo
    Published: 2024
    Publisher:  Publications Office of the European Union, Luxembourg

    The Greek economy has experienced low levels of corporate investment for many years. The Loan Facility is a component of Greece's Recovery and Resilience Plan (RRP), in the context of the EU-wide NextGenerationEU initiative. Worth about EUR 18... more

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    Verlag (kostenfrei)
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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 289
    Inter-library loan:
    No inter-library loan

     

    The Greek economy has experienced low levels of corporate investment for many years. The Loan Facility is a component of Greece's Recovery and Resilience Plan (RRP), in the context of the EU-wide NextGenerationEU initiative. Worth about EUR 18 billion, it is the largest measure funded by the EU across all RRPs in terms of percentage of national GDP. The instrument was designed to tackle this critical issue of low investment by facilitating lending to the corporate sector. This paper presents the main features of the Loan Facility from its launch in mid-2022 to the first quarter of 2024. During this period, the loans issued in this context accounted for more than one fifth of new corporate lending in Greece. We find that the terms of the Loan Facility are more favourable than market terms, which has contributed to mitigate the impact of rising interest rates and to support corporate credit demand. We estimate the price (interest rate) advantage at an average of 4.1 percentage points, which is higher for small and medium-sized enterprises (SMEs). The paper also gives a first assessment of the instrument's economic impact based on data available and simulations, by using the European Commission's QUEST model. Simulations suggest a sizable positive impact in Greece: private investment may increase significantly and the cumulative impact on GDP between 2022 and 2030 is estimated to reach 5.3% compared to a no-Loan-Facility scenario. The overall impact remains dependent on the pursuit of favourable framework conditions, such as sustained demand. Further structural improvements in investment conditions would be important to prolong the legacy of the Loan Facility beyond its lifetime.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789268018255
    Other identifier:
    Series: Array ; 207 (July 2024)
    Subjects: Recovery and Resilience Facility; access to financing; macroeconomic impact; QUEST III model; investment; loan; corporate finance; economic coercion; economic support; economic recovery; community resilience; religious discrimination; Greece
    Scope: 1 Online-Ressource (circa 28 Seiten)
  13. Green-supporting factors, brown-penalising factors and the prudential framework a theoretical approach
    Author: Castrén, Olli; Russo, Riccardo
    Published: [2024]
    Publisher:  European Banking Authority, Paris, France

    Proposals to include adjustments such as brown penalising and green supporting factors in the prudential regulation are meant to direct bank lending towards environmentally friendly projects. However, such adjustments can blur the lines between... more

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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 659
    Inter-library loan:
    No inter-library loan

     

    Proposals to include adjustments such as brown penalising and green supporting factors in the prudential regulation are meant to direct bank lending towards environmentally friendly projects. However, such adjustments can blur the lines between prudential credit risk assessment and environmental objectives. Favouring green projects, although clearly socially responsible in the long term, may channel bank lending towards excessively risky assets in the short term and provide a distorted picture of the true financial health of the bank. We adopt a principal-agent approach to formalise this trade-off and highlight its impact on bank lending. We also show that - in the presence of investor pressures or uncertainty of green asset returns - banks could decide to redirect lending towards green projects without direct regulatory intervention as formulated in the pillar I framework.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789292459765
    Other identifier:
    hdl: 10419/306581
    Series: EBA staff paper series ; n. 19 (08/2024)
    Subjects: Prudential policy; climate risks; green finance; Walsh contract; climate change; green economy; monetary policy; financial risk; sustainable development; loan
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  14. IFRS 9 overlays and model improvements for novel risks
    identifying best practices for capturing novel risks in loan loss provisions
    Published: July 2024
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    In recent years, banks have constantly faced new risks that need to be assessed. The COVID-19 pandemic itself revealed that health risks and related restrictions can threaten the solvency of borrowers. After this threat was managed with the help of... more

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan

     

    In recent years, banks have constantly faced new risks that need to be assessed. The COVID-19 pandemic itself revealed that health risks and related restrictions can threaten the solvency of borrowers. After this threat was managed with the help of public support, a stream of other novel risks emerged, like energy supply, geopolitical stability, high interest rates, inflation, and climate change. And since the list of such novel risks is unlikely to be exhaustive, it is only reasonable to expect further surprises. This new risk environment poses a significant challenge to banking supervisors, who draw on a traditional supervisory framework largely reliant on historical data series. But such data series lack scope for dealing with risks looming large on the horizon. For this reason, ECB Banking Supervision places a particular focus on supervisory tools and regulations offering a forward-looking perspective. If properly applied, they allow banks to prepare for and cushion against those risks. One of the areas the ECB is looking into is expected loan loss provisioning under IFRS 9. The accounting requirements are principle-based and require comprehensive consideration of forward-looking information. The resulting provisions impact prudential capital ratios, so adequate accounting provisions for novel risks also act as a prudential safeguard should these risks materialise. While the ECB is not an accounting supervisor, it has been granted a prudential mandate to challenge and influence banks' provisioning practices when there is a particular prudential concern about adequate risk coverage. The topic of IFRS 9 provisioning was also mentioned in the ECB's supervisory priorities for 2022-2024.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289968225
    Other identifier:
    Subjects: financial risk; risk management; loan; banking supervision; financial solvency; financial aid; public authorities; energy supply; inflation; geopolitics; interest; climate change; financial supervision; European Central Bank
    Scope: 1 Online-Ressource (circa 22 Seiten)
  15. Greening the economy
    how public-guaranteed loans influence firm-level resource allocation
    Author: Buchetti, Bruno; Miquel-Flores, Ixart; Perdichizzi, Salvatore; Reghezza, Alessio
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This study investigates the underlying reasons for banks' continued support of fossil fuel-based firms and examines the role of public guaranteed loans (PGLs) in redirecting resources towards greener economic activities, thereby facilitating the... more

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    Resolving-System (kostenfrei)

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
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    This study investigates the underlying reasons for banks' continued support of fossil fuel-based firms and examines the role of public guaranteed loans (PGLs) in redirecting resources towards greener economic activities, thereby facilitating the climate transition process. Using a unique pan-European credit register dataset, we combine supervisory bank data with firm-level greenhouse gas emission data and financial information. Our analysis yields three main findings. Firstly, European banks perceive lending to green companies as riskier compared to their brown counterparts, a phenomenon we term as the "green-transition risk." Secondly, we provide evidence that during the COVID-19 pandemic, European banks have strategically leveraged PGLs to channel resources towards environmentally sustainable activities, thereby augmenting the proportion of green loans in their portfolios and partially shifting the inherent "green-transition risk" to European governments and citizens. Lastly, our investigation reveals a banking preference for awarding PGLs to financially robust green firms over less profitable, highly indebted green firms, which could pose significant challenges for green businesses requiring financial support during the COVID-19 crisis.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289963961
    Other identifier:
    hdl: 10419/297356
    Series: Working paper series / European Central Bank ; no 2916
    Subjects: Climate Change; Green Lending; Public Guaranteed Loans; Credit Risk; green economy; climate change policy; loan; credit guarantee; aid to undertakings; branch of activity; financial supervision
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  16. Determinants of currency choice in cross-border bank loans
    Author: Emter, Lorenz; McQuade, Peter; Pradhan, Swapan-Kumar; Schmitz, Martin
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper provides insights into the determinants of currency choice in cross-border bank lending, such as bilateral distance, financial and trade linkages to issuer countries of major currencies, and invoicing currency patterns. Cross-border bank... more

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    This paper provides insights into the determinants of currency choice in cross-border bank lending, such as bilateral distance, financial and trade linkages to issuer countries of major currencies, and invoicing currency patterns. Cross-border bank lending in US dollars, and particularly in euro, is highly concentrated in a small number of countries. The UK is central in the international network of loans denominated in euro, although there are tentative signs that this role has diminished for lending to non-banks since Brexit. Offshore financial centres are pivotal for US dollars loans, reflecting, in particular, lending to non-bank financial intermediaries in the Cayman Islands, possibly as a result of regulatory and tax optimisation strategies. The empirical analysis suggests that euro-denominated loans face the "tyranny of distance", in line with predictions of gravity models of trade, in contrast to US dollar loans. Complementarities between trade invoicing and bank lending are found for both the euro and the US dollar.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289963985
    Other identifier:
    hdl: 10419/297358
    Series: Working paper series / European Central Bank ; no 2918
    Subjects: dominant currency paradigm; currency denomination; cross-border banking; gravity; cross-border dimension; foreign currency; monetary policy; banking; loan
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  17. Business as usual
    bank climate commitments, lending, and engagement
    Author: Sastry, Parinitha; Verner, Emil; Marqués Ibáñez, David
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper studies the impact of voluntary climate commitments by banks on their lending activity. We use administrative data on the universe of bank lending from 19 European countries. There is strong selection into commitments, with increased... more

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    This paper studies the impact of voluntary climate commitments by banks on their lending activity. We use administrative data on the universe of bank lending from 19 European countries. There is strong selection into commitments, with increased participation by the largest banks and banks with the most pre-existing exposure to high-polluting industries. Setting a commitment leads to a boost in a lender's ESG rating. Lenders reduce credit in sectors they have targeted as high priority for decarbonization. However, climate-aligned banks do not change their lending or loan pricing differentially compared to banks without climate commitments, suggesting they are not actively divesting. We can reject that climate-aligned lenders divest from firms in targeted sectors by more than 2.6%. Firm borrowers are no more likely to set climate targets after their lender sets a climate target, which casts doubt on active engagement by lenders. These results call into question the efficacy of voluntary commitments.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9789289964012
    Other identifier:
    hdl: 10419/297361
    Series: Working paper series / European Central Bank ; no 2921
    Subjects: Banks; Green Lending; Voluntary targets; green economy; environmental economics; economic instrument for the environment; loan; commitment of expenditure; financing
    Scope: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  18. As interest rates surge
    flighty deposits and lending
    Author: Cappelletti, Giuseppe; Marqués Ibáñez, David; Reghezza, Alessio; Salleo, Carmelo
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    How a historic drop in bank deposits shapes banks' loan supply? We exploit the effects of a large, and unexpected, increase in monetary policy rates to estimate the deposit channel of monetary policy using an extensive credit register that includes... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    How a historic drop in bank deposits shapes banks' loan supply? We exploit the effects of a large, and unexpected, increase in monetary policy rates to estimate the deposit channel of monetary policy using an extensive credit register that includes all bank-firm lending relationships in all euro area countries. We find that banks experiencing large deposit outflows reduce credit, but not the interest rate they charge, to the same borrower relative to other lenders. This credit restriction is stronger for fixed rate and longer maturity loans, but not for riskier borrowers. The effect is mostly driven by banks coming into the hiking period with a larger unhedged duration gap that renders borrowers of those banks more vulnerable to credit restrictions due to the deposit outflows as interest rates surge. We resort to the deposit beta as an instrument variable and a matched estimator that bear out the thrust of our results.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289964036
    Other identifier:
    hdl: 10419/297363
    Series: Working paper series / European Central Bank ; no 2923
    Subjects: Banks; Bank deposits; Monetary policy; bank deposit; loan; interest; bank
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  19. What drives banks' credit standards?
    an analysis based on a large bank-firm panel
    Author: Faccia, Donata; Hünnekes, Franziska; Köhler-Ulbrich, Petra
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    In this paper we build a unique dataset to study how banks decide which firms to lend to and how this decision depends on their own situation and the characteristics of their borrowers. We find that weaker capitalised banks adjust their credit... more

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    In this paper we build a unique dataset to study how banks decide which firms to lend to and how this decision depends on their own situation and the characteristics of their borrowers. We find that weaker capitalised banks adjust their credit standards more than healthier banks, especially for firms with a higher default risk. We also show how credit standards change in reaction to two specific macroeconomic developments, namely an increase in bank funding costs and a sudden deterioration in banks' corporate loan portfolios. Here we find that weaker banks respond more forcefully by tightening their credit standards more than better capitalised banks. This development is particularly pronounced when banks are linked to riskier firms. Insofar, we provide evidence of heterogeneity in the bank lending channel, depending on the situation of the lenders and the borrowers.

     
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    Source: Union catalogues
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    ISBN: 9789289963824
    Other identifier:
    hdl: 10419/297342
    Series: Working paper series / European Central Bank ; no 2902
    Subjects: credit supply; bank lending channel; credit risk; monetary policy transmission; bank; loan; monetary policy; credit; financial risk
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  20. Macro and micro of external finance premium and monetary policy transmission
    Author: Altavilla, Carlo; Gürkaynak, Refet S.; Quaedvlieg, Rogier
    Published: [2024]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We establish basic facts about the external finance premium. Tens of millions of individual loan contracts extended to euro area firms allow studying the determinants of the external finance premium at the country, bank, firm, and contract levels of... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    We establish basic facts about the external finance premium. Tens of millions of individual loan contracts extended to euro area firms allow studying the determinants of the external finance premium at the country, bank, firm, and contract levels of disaggregation. At the country level, the variance in the premium is closely linked to sovereign spreads, which are important in understanding financial amplification mechanisms. However, country level differences only explain half of the total variance. The rest is predominantly attributed to variances at the bank and firm levels, which are influenced by the respective balance sheet characteristics. Studying the response of the external finance premium to monetary policy, we find that balance sheet vulnerabilities of banks and firms strengthen the transmission of policy measures to financing conditions. Moreover, our findings reveal an asymmetrical effect contingent upon the sign and type of the policies. Specifically, policy rate hikes and quantitative easing measures exert a more pronounced impact on lending spreads, further magnified through their repercussions on the external finance premium.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
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    ISBN: 9789289966825
    Other identifier:
    hdl: 10419/297374
    Series: Working paper series / European Central Bank ; no 2934
    Subjects: External finance premium; financial accelerator; loan pricing; euro area; macroeconomics; loan; financing; prices; monetary policy
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen