eileen rae acca financial director banking union – acca’s standing
TRANSCRIPT
Eileen Rae
ACCA Financial Director
BANKING UNION – ACCA’s STANDING
The global body for professional accountants
‘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
The global body for professional accountants
• performing
• informing
•Holding to account
The global body for professional accountants
What was the problem?
The global body for professional accountants
What was the problem?• Bank – sovereign relation
• Unstable financial integration
• Uneven distribution of financial activity
• Inconsistent rules
The global body for professional accountants
What does the Banking Union aim for?
The global body for professional accountants
Single Supervision
Single Resolution Mechanism
Single Rulebook
What does the Banking Union aim for?
The global body for professional accountants
The Process.
The global body for professional accountants
The Process• Treaty change OR faster
progress
• Transitional period?
• Deadline for CRD IV
The global body for professional accountants
Is it Working?
The global body for professional accountants
Is it Working?
ECB’s resolution to act in mid 2012 reflected in ACCA’s five-year review of the global economic recovery
The global body for professional accountants
The global body for professional accountants
Is it Working?
• Large banks focus
The global body for professional accountants
Is it Working?
Figure 1 Small banks in the euro area (Veron, 2014)
The global body for professional accountants
Is it Working?
• Resolution
The global body for professional accountants
ACCA’s Involvement
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