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        <rdf:li rdf:resource="https://hdl.handle.net/10419/311134" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/274122" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/274114" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/274099" />
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    <dc:date>2026-04-30T02:13:05Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/311134">
    <title>Addressing banks' vulnerability to deposit runs: Revisiting the facts, arguments and policy options</title>
    <link>https://hdl.handle.net/10419/311134</link>
    <description>Title: Addressing banks' vulnerability to deposit runs: Revisiting the facts, arguments and policy options
Authors: Beck, Thorsten; Ioannidou, Vasso; Perotti, Enrico; Sánchez Serrano, Antonio; Suárez, Javier; Vives, Xavier
Abstract: The recent banking turmoil was a stark reminder of the fragility associated with banks' funding structures, especially when they rely on an insufficiently diverse uninsured deposit base. Concerns about unrealised losses, triggered by the rapid shift in monetary policy, played a clear role in the run on Silicon Valley Bank. The forced merger of Credit Suisse with UBS showed what happens if a large bank's legacy and viability problems are left unresolved for a lengthy period. This may also crystalise in the need for sudden intervention by the authorities when investors' confidence breaks down, deposits are withdrawn on a massive scale and access to market funding is lost. The episodes of bank distress in the United States in March 2023 did not result in losses for uninsured deposits, signalling that these may effectively enjoy the same level of protection as explicitly insured deposits.This report of the Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) reviews an extensive list of existing and potential policy tools that could be considered for addressing banks' vulnerability to runs and the underlying causes of this vulnerability.1 This report should not be misinterpreted as calling into question the benefits of the regulatory reform after the global financial crisis (i.e. Basel III). In the discussion, we pay specific attention to (i) how each option affects the allocation of potential losses across agents, (ii) the implications of each option for risk-taking, (iii) the effectiveness of each option in reducing bank funding fragility, and (iv) the likely impact of each option on the cost of intermediation. We are aware that even the options considered to have the greatest merit would need further careful technical assessment and refinement before being adopted. We order the policy options into two lists of categories. The first includes options that could be further considered without major structural changes to the current regulatory and supervisory framework, and which might be implemented in the form of adjustments within the margins of discretion of Basel III.</description>
    <dc:date>2024-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/274122">
    <title>Corporate credit and leverage in the EU: Recent evolution, main drivers and financial stability implications</title>
    <link>https://hdl.handle.net/10419/274122</link>
    <description>Title: Corporate credit and leverage in the EU: Recent evolution, main drivers and financial stability implications
Authors: Beck, Thorsten; Peltonen, Tuomo; Perotti, Enrico C.; Sánchez Serrano, Antonio; Suárez, Javier
Abstract: This report presents a long-term view of the evolution of financing of EU non-financial corporations (NFCs) in recent decades. It finds a decline in NFC leverage since at least 2008, and across countries, size categories and industries. It also documents a growing role of non-bank financial intermediaries in the provision of credit to NFCs. After exploring supply and demand drivers of the observed evolution, the report considers potential general equilibrium outcomes in terms of a reallocation of credit to other sectors or assets. This could generate greater systemic risk through unsustainable valuations or exposures to more highly correlated negative shocks. The report also stresses the urgency of developing a comprehensive macroprudential framework for non-bank financial intermediaries and calls macroprudential authorities to closely monitor the NFC sector.</description>
    <dc:date>2023-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/274114">
    <title>Stabilising financial markets: Lending and market making as a last resort</title>
    <link>https://hdl.handle.net/10419/274114</link>
    <description>Title: Stabilising financial markets: Lending and market making as a last resort
Authors: Buiter, Willem H.; Cecchetti, Stephen G.; Dominguez, Kathryn M.; Sánchez Serrano, Antonio
Abstract: This report looks backwards to the worldwide use of (enhanced) lender of last resort (LOLR) and market maker of last resort (MMLR) facilities during the global financial and the pandemic crises. It discusses how LOLR and MMLR facilities have worked; looking ahead, it considers what benefits and costs they could generate if authorities felt compelled to use them. Based on this analysis, the report presents a set of desirable attributes for an effective enhanced LOLR and MMLR and identifies two avenues for future macroprudential work. First, there is a strong need for an agreed taxonomy for determining which markets are systemic. And second, there is a need for a better understanding of how to structure facilities to mitigate moral hazard.</description>
    <dc:date>2023-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/274099">
    <title>Will video kill the radio star? Digitalisation and the future of banking</title>
    <link>https://hdl.handle.net/10419/274099</link>
    <description>Title: Will video kill the radio star? Digitalisation and the future of banking
Authors: Beck, Thorsten; Cecchetti, Stephen G.; Grothe, Magdalena; Kemp, Malcolm H. D.; Pelizzon, Loriana; Sánchez Serrano, Antonio
Abstract: The contribution of financial and non-financial risks to the overall level of risk in the system depends on the current state of the EU banking system (which, in the aggregate and compared with banking sectors in other major advanced economies, cannot be characterised as strong) and how incumbent banks interact with fintechs and big techs in the future, an area still dominated by uncertainty. Consequently, this report uses three alternative scenarios for the EU financial system in 2030 as a basis for discussing the appropriate macroprudential policy responses.</description>
    <dc:date>2022-01-01T00:00:00Z</dc:date>
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