The Contents and Timing of a European Banking Union: Reflections on the differing views. CEPS Essay (No. 2), 30 November 2012

Although views differ on the precise contents and timing of a genuine banking union, there is wide political agreement in principle on the need for three basic and vital elements: European bank supervision, a European deposit guarantee scheme (DGS) and a European bank resolution mechanism. In this CEPS Essay, H. Onno Ruding offers his personal views on the progress achieved to date, the outstanding issues that will prove the most difficult to resolve and recommendations on the way forward.

Banking Union: are the EMU design mistakes being repeated? European Policy Brief No. 12, October 2012

This Policy Brief pleads for an unambiguous commitment by eurozone leaders to establishing a Banking Union that is based on all three of its pillars: common supervision, a single bank resolution authority and a joint deposit insurance. There is a clear risk that the EU will agree on common supervision, but subsequently fails to put in place the remaining elements of its Banking Union. By doing so, the EU would make the same mistake as when it designed EMU, namely, creating a system with built-in flaws that risks leading to huge costs and a questioning of the European project as such.

Completing the Banking Union: Deposit Insurance. CEPS Policy Brief No. 335, 3 December 2015

It is generally agreed that a Banking Union should have common or ‘single’ institutions responsible for carrying out three basic functions: supervision, resolution and deposit insurance. So far, however, agreement has been reached in the EU on only the first two of these functions. The Commission has now presented its proposal on how to complete the Banking Union with a European Deposit Insurance Scheme (EDIS). It is an innovative and courageous proposal. It is courageous because it will clearly be very controversial in a number of member states (especially Germany) and it is innovative because it proposes a three-stage process, starting with re-insurance, then switching to co-insurance and finally to full direct insurance of deposits via a ‘single’ Deposit Insurance Fund (DIF). This final stage should be reached in 2024, which is also the date at which the Single Resolution Fund (SRF) will become the only source of financing for bank resolution. The Commission’s proposal calls for integrating the decision-making for EDIS into the decision-making entity for the SRF, namely the existing Single Resolution Board (SRB). This makes sense if one views resolution and deposit insurance as two highly interlinked dimensions of dealing with banks in trouble. In this view the two dimensions should be bundled into one institution – and one suspects that over time the two funds (the SRF and the DIF) could be merged into one. This Policy Brief argues that re-insurance should not be considered as a transitory phase, but could also provide a solution for the long run. ‘Experience rating’ could be used to ensure a proper pricing of risk and to protect the interests of the depositors in countries with safer banking systems. Moreover, EDIS should have a decision-making structure separate from and independent of the SRM, since it has mainly a macroeconomic function.

Integration of submersible transect data and high-resolution multibeam sonar imagery for a habitat-based groundfish assessment of Heceta Bank, Oregon

In the face of dramatic declines in groundfish populations and a lack of sufficient stock assessment information, a need has arisen for new methods of assessing groundfish populations. We describe the integration of seafloor transect data gathered by a manned submersible with high-resolution sonar imagery to produce a habitat-based stock assessment system for groundfish. The data sets used in this study were collected from Heceta Bank, Oregon, and were derived from 42 submersible dives (1988–90) and a multibeam sonar survey (1998). The submersible habitat survey investigated seafloor topography and groundfish abundance along 30-minute transects over six predetermined stations and found a statistical relationship between habitat variability and groundfish distribution and abundance. These transects were analyzed in a geographic information system (GIS) by using dynamic segmentation to display changes in habitat along the transects. We used the submersible data to extrapolate fish abundance within uniform habitat patches over broad areas of the bank by means of a habitat classification based on the sonar imagery. After applying a navigation correction to the submersible-based habitat segments, a good correlation with major boundaries on the backscatter and topographic boundaries on the imagery were apparent. Extrapolation of the extent of uniform habitats was made in the vicinity of the dive stations and a preliminary stock assessment of several species of demersal fish was calculated. Such a habitat-based approach will allow researchers to characterize marine communities over large areas of the seafloor.

Resolución 429(XIX): Presentación del Programa de Acción Regional al Banco Interamericano de Desarrollo (BID) = Resolution 429(XIX): Presentation of the Regional Programme of Action to the Inter-American Development Bank (BID) = Résolution 429(XIX): Soumission du Programme d'action régional à la BID

Publicado separadamete en cada idioma

Resolución 5: Préstamos del Banco Internacional = Resolution 5: Loans by the International Bank for Reconstruction and Development = Résolution 5: Prêts de la Banque Internationale pour la Reconstruction et le Développement

El símbolo E/840/Rev.1 corresponde a la edición bilingüe inglés/francés publicada en 1953

Multicentennial resolution proxy records from splicings of MD96-2080 and MD02-2594, Agulhas Bank Splice (ABS)

[1] Planktonic d18O and Mg/Ca-derived sea surface temperature (SST) records from the Agulhas Corridor off South Africa display a progressive increase of SST during glacial periods of the last three climatic cycles. The SST increases of up to 4°C coincide with increased abundance of subtropical planktonic foraminiferal marker species which indicates a progressive warming due to an increased influence of subtropical waters at the core sites. Mg/Ca-derived SST maximizes during glacial maxima and glacial Terminations to values about 2.5°C above full-interglacial SST. The paired planktonic d18O and Mg/Ca-derived SST records yield glacial seawater d18O anomalies of up to 0.8 per mill, indicating measurably higher surface salinities during these periods. The SST pattern along our record is markedly different from a UK'37-derived SST record at a nearby core location in the Agulhas Corridor that displays SST maxima only during glacial Terminations. Possible explanations are lateral alkenone advection by the vigorous regional ocean currents or the development of SST contrasts during glacials in association with seasonal changes of Agulhas water transports and lateral shifts of the Agulhas retroflection. The different SST reconstructions derived from UK'37 and Mg/Ca pose a significant challenge to the interpretation of the proxy records and demonstrate that the reconstruction of the Agulhas Current and interocean salt leakage is not as straightforward as previously suggested.

Estimating the Bridge Financing Needs of the Single Resolution Fund: How expensive is it to resolve a bank? CEPS Special Report No. 122, 25 November 2015

The Single Resolution Board (SRB) will be responsible for the resolution of banks in the euro area from 1 January 2016. However, the resources of the Single Resolution Fund (SRF) at the disposal of the SRB will only gradually be built up until 2023. This paper provides estimates of the potential financing needs of the SRF, based on the euro area bank resolutions that actually occurred between 2007 and 2014. We find that the SRF would have been asked to put a total amount of about €72 billion into these failing banks, which is more than the target for the SRF (€55 billion) but less than the amount the SRF could draw on, if the ex-post levies are also taken into account. As this sum would have been required over eight years, the broad conclusion is that bridge financing, in addition to the existing alternative funding, would only have been needed in the early years of the transition.

Speech of the Hon. N. P. Tallmadge, delivered in the Senate of the state of New-York, February, 1832, on the resolution against renewing the charter of the Bank of the United States.

At head of title: Albany Argus, extra.

The speeches of General Erastus Root on the resolution of Mr. Clayton of Georgia proposing a committee of visitation to the Bank of the U.S. : delivered on the 7th, 8th and 14th days of March, 1832 in the House of Representatives.

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