Eileen Rae
ACCA Financial
Director
BANKING UNION –
ACCA’s STANDING
‘We are shocked and surprised that, even after the ship has
run aground, so many of those who were on the bridge still
seem so keen to congratulate themselves on their collective
navigational skills.’
UK PARLIAMENTARY COMMISSION ON BANKING
STANDARDS 2013
The global body for professional accountants
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• performing
• informing
• Holding to account
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What was the
problem?
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What was the problem?
• Bank – sovereign relation
• Unstable financial integration
• Uneven distribution of
financial activity
• Inconsistent rules
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What does the Banking
Union aim for?
The global body for professional accountants
What does the Banking
Union aim for?
Single Resolution Mechanism
Single Supervision
Single Rulebook
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The Process.
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The Process
• Treaty change OR faster
progress
• Transitional period?
• Deadline for CRD IV
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Is it Working?
The global body for professional accountants
Is it Working?
ECB’s resolution to act in mid
2012 reflected in ACCA’s fiveyear review of the global
economic recovery
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Global Business 30
Confidence Index
(4qtr moving
20
median)
10
0
SMEs
Large
corporates
Large financials
Public sector
-10
-20
-30
-40
-50
Source: ACCA Global Economic Conditions Survey
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Is it Working?
• Large banks focus
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Is it Working?
Figure 1 Small banks in the euro area (Veron, 2014)
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Is it Working?
• Resolution
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ACCA’s Involvement
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