The Missing Pieces of SME Lending CEPS-Brussels December 4th 2013 - PowerPoint PPT Presentation

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The Missing Pieces of SME Lending CEPS-Brussels December 4th 2013 Intervention of Francesco Papadia in short 1. The focus of policy making in the area: Crisis and demand Supply and long term growth VS management -area economy growth

The Missing Pieces of SME Lending CEPS-Brussels December 4th 2013 Intervention of Francesco Papadia
…in short 1. The focus of policy making in the € area: Crisis and demand Supply and long term growth VS management € -area economy growth 2. Banks and capital markets 3. ABS market revitalisation Necessary but not sufficient condition 3a. High Quality Securitisation 3b. Operationalize the concept of a HQS 3c. Regulation of ABS market 2
The focus of policy making in the € area “saving the €” Crisis management Japanification risk A single Rule Book A single supervision: Banking union A single resolution mechanism … A common deposit guarantee scheme Long term growth prospects 3
Banks and capital markets Banks set to suffer for a while longer from crisis effects Bank based financial system Particular negative impact on SMEs and households Danger vs. opportunity: 危机 4
ABS market revitalisation (I) Bank based Capital ABS financial markets system SMEs and households 5
ABS market revitalisation (II) a. High Quality Securitisation Vs. ABS nostalgia No skin in the game Leverage (re-securitization) b. PCS Label against: Embedded maturity transformation Lack of transparency Consistent across regulation sources c. Regulation of ABS market: (Commission role) Consistent with HQS 6
• My Blog: http://moneymatters- monetarypolicy.blogspot.com • My Tweet: @FrancescoPapad1 7

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