Past Event

Tackling Europe’s non-performing loans crisis: restructuring debt, reviving growth

How can we connect the different initiatives for NPL resolution and identify an agenda that is shared between EU, national authorities and the private sector.

Date: February 3, 2017, 9:30 am Topic: European Macroeconomics & Governance

Given a number of initiatives within the ECB, at EU and national level, NPL resolution has moved centre stage in the European policy discussions. Bank restructuring in key euro area countries in the context of the new resolution directive will need to rely on market-based solutions to distressed debt to a much greater extent.

The objective of the event was to connect the different initiatives in the banking, legal and restructuring fields, and to identify an agenda that is shared between EU, national authorities and the private sector.

This event was only open to a small number of selected invitees and Bruegel Members.  The event was held under Chatham House rule.

Read the keynote speech by Vítor Constâncio, Vice-President of the ECB

Schedule

Feb 03, 2017

9.00 – 9.30

Registration

9.30 – 11.15

Session 1: Deleveraging amidst low bank profitability: experiences and agendas

Welcome

Guntram B. Wolff, Director

Chair: Maria Demertzis, Deputy Director, Bruegel

Overview of the issues

Alexander Lehmann, Non resident fellow

Opening keynote address:

Thomas Wieser, Chair of Economic and Financial Committee and Eurogroup Working Group

Panel discussion

Marco Buti, Director-General, European Commission, DG ECFIN

Inês Drumond, Deputy Head, Financial Stability Department, Bank of Portugal

Giorgio Gobbi, Head of Financial Stability Directorate, Bank of Italy

Boštjan Jazbec, Governor, Bank of Slovenia

Brendan McDonagh, CEO, Nama

11.15 – 11.30

Coffee break

11.30 – 12.45

Session 2: NPL resolution in the banking union: new momentum?

Opening remarks

Sharon Donnery, Deputy Governor, Central Bank of Ireland and Chair of the SSM NPL Task Force

Panel discussion

Arne Berggren, Chairman of the Board Risk Committee, Bank of Cyprus

Ajay Rawal, Partner, Ernst & Young

Carola Schuler, Managing Director, Bank Analytics, Moody’s

Nicolas Véron, Senior Fellow

12.45 – 13.45

Lunch

13.45 – 14.15

Keynote address: “Resolving Europe’s NPL burden: challenges and benefits”

Vítor Constâncio, Vice President, ECB

14.15 – 15.30

Session 3: Attracting investors into distressed debt and restructuring situations

Opening remarks

Julien Wallen, Managing Director, Blackrock

Panel discussion

Chair: Alexander Lehmann, Non resident fellow

Iker Beraza, Chief Financial Officer, Sareb

John Davison, CEO, KKR/Pillarstone

TJ Lim, Deputy Chief Risk Officer, Unicredit Group

Emanuele Rosetti Zannoni, Managing Director, Cerberus

15.30 – 15.45

Coffee break

15.45 – 17.00

Session 4. Bank restructuring: institutional innovations

Panel discussion

Chair: Dirk Schoenmaker, Senior Fellow

Corso Bavagnoli, Head of Department for Financing of the Economy, French Treasury

John Berrigan, Deputy Director-General, DG for Financial Stability, Financial Services and Capital Markets Union

Piers Haben, Director of Oversight, European Banking Authority

Gert-Jan Koopman, Deputy Director General, European Commission, DG COMP

Reza Moghadam, Vice Chairman for Sovereigns and the Official Institutions, Morgan Stanley

17.00

End

Speakers

Corso Bavagnoli

Head of Department for Financing of the Economy, French Treasury

Iker Beraza

Chief Financial Officer, Sareb

Arne Berggren

Chairman of the Board Risk Committee, Bank of Cyprus

John Berrigan

Deputy Director-General, DG for Financial Stability, Financial Services and Capital Markets Union

Marco Buti

Director-General, European Commission, DG ECFIN

Vítor Constâncio

Vice President, ECB

John Davison

CEO, KKR/Pillarstone

Maria Demertzis

Deputy Director, Bruegel

Sharon Donnery

Deputy Governor, Central Bank of Ireland and Chair of the SSM NPL Task Force

Inês Drumond

Deputy Head, Financial Stability Department, Bank of Portugal

Giorgio Gobbi

Head of Financial Stability Directorate, Bank of Italy

Piers Haben

Director of Oversight, European Banking Authority

Boštjan Jazbec

Governor, Bank of Slovenia

Gert-Jan Koopman

Deputy Director General, European Commission, DG COMP

Alexander Lehmann

Non resident fellow

TJ Lim

Deputy Chief Risk Officer, Unicredit Group

Brendan McDonagh

CEO, Nama

Reza Moghadam

Vice Chairman for Sovereigns and the Official Institutions, Morgan Stanley

Ajay Rawal

Partner, Ernst & Young

Emanuele Rosetti Zannoni

Managing Director, Cerberus

Dirk Schoenmaker

Senior Fellow

Carola Schuler

Managing Director, Bank Analytics, Moody’s

Julien Wallen

Managing Director, Blackrock

Thomas Wieser

Chair of Economic and Financial Committee and Eurogroup Working Group

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

matilda.sevon@bruegel.org

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