European Bank Resolution: Making it work! Interim report of the CEPS Task Force on Implementing Financial Sector Resolution. CEPS Task Force Report, January 2016

From the start of 2016, new rules for bank resolution are in place – as spelled out in the Bank Recovery and Resolution Directive (BRRD) – across the EU, and a new authority (the Single Resolution Board, or SRB) is fully operational for resolving all banks in the eurozone. The implementation issues of the new regime are enormous. Banks need to develop recovery plans, and authorities need to create resolution plans as well as set the minimum required amount of own funds and eligible liabilities (MREL) for each bank. But given the diversity in bank structures and instruments at EU and global level, this will be a formidable challenge, above all with respect to internationally active banks. In order to explore ways in which the authorities and banks can meet this challenge, CEPS formed a Task Force composed of senior experts on banking sector reform and chaired by Thomas Huertas, Partner and Chair, EY Global Regulatory Network. This report contains its policy recommendations.

Distribution of grain size and clay minerals in surface sediments of the Kara Sea (Fig 4, 5)

In this paper, we summarize data on terrigenous sediment supply in the Kara Sea and its accumulation and spatial and temporal variability during Holocene times. Sedimentological, organic-geochemical, and micropaleontological proxies determined in surface sediments allow to characterize the modern (riverine) terrigenous sediment input. AMS-14C dated sediment cores from the Ob and Yenisei estuaries and the adjacent inner Kara Sea were investigated to determine the terrigenous sediment fluxes and their relationship to paleoenvironmental changes. The variability of sediment fluxes during Holocene times is related to the post-glacial sea-level rise and changes in river discharge and coastal erosion input. Whereas during the late/middle Holocene most of the terrigenous sediments were deposited in the estuaries and the areas directly off the estuaries, huge amounts of sediments accumulated on the Kara Sea shelf farther north during the early Holocene before about 9 cal kyr BP. The maximum accumulation at that time is related to the lowered sea level, increased coastal erosion, and increased river discharge. Based on sediment thickness charts, echograph profiles and sediment core data, we estimate an average Holocene (0-11 cal kyr BP) annual accumulation of 194,106 t/yr of total sediment for the whole Kara Sea. Based on late Holocene (modern) sediment accumulation in the estuaries, probably 12,106 t/yr of riverine suspended matter (i.e. about 30% of the input) may escape the marginal filter on a geological time scale and is transported onto the open Kara Sea shelf. The high-resolution magnetic susceptibility record of a Yenisei core suggests a short-term variability in Siberian climate and river discharge on a frequency of 300-700 yr. This variability may reflect natural cyclic climate variations to be seen in context with the interannual and interdecadal environmental changes recorded in the High Northern Latitudes over the last decades, such as the NAO/AO pattern. A major decrease in MS values starting near 2.5 cal kyr BP, being more pronounced during the last about 2 cal kyr BP, correlates with a cooling trend over Greenland as indicated in the GISP-2 Ice Core, extended sea-ice cover in the North Atlantic, and advances of glaciers in western Norway. Our still preliminary interpretation of the MS variability has to be proven by further MS records from additional cores as well as other high-resolution multi-proxy Arctic climate records.

Sediment temperatures of the Håkon Mosby mud volcano measured continuously with a short temperature lance (LOOME)

The short sediment temperature probe were deployed and recovered with the LOOME observatory in 2009 and 2010, respectively. In addition to temperature, the loggers also recorded bottom water pressure at a sampling interval of 20 minutes. Even though the data obtained from the short temperature probe was strongly disturbed by leakage through a corroded connector, the data shows clearly that the probe was pulled out of the sediment on October 26, 2009, presumably by advancing mud flows.

Rates of organic matter transformation within the production-destruction cycle of the White Sea

Rates of organic matter (OM) transformation within the production-destruction cycle of the White Sea were estimated on the basis of measured activity values of redox enzymes of the electron transport system and of hydrolytic enzymes (phosphatase and protease). It was found that OM oxidation processes were the most intensive in the Kandalaksha Bay, while minimum oxidation rates were characteristic of central parts of the Dvina and Onega bays. It was revealed that the highest rates of phosphate mineralization were characteristic of the central part of the sea and near-mouth areas of the Onega and Kandalaksha bays, with the lowest rates in the Dvina Bay. During the period of intense primary production when resources of inorganic phosphorus were practically depleted, high rates of phosphate regeneration were observed. It was shown that populations of micro- and zooplankton in the White Sea were characterized by low activation energies of the principal metabolism reactions (3-6 kcal/mol), which allowed these populations to provide exchange intensity comparable to that of inhabitants of warm waters during all the seasons.

Sr- and Nd-isotopic composition of bulk lithogenic sediments from the Eastern Mediterranean Sea (Table 1)

In order to characterize the provenance of lithogenic surface sediments from the Eastern Mediterranean Sea (EMS), residual (leached) fraction of 34 surface samples have been analysed for their 143Nd/144Nd and 87Sr/86Sr isotope ratios. The sample locations bracket all important entrances of riverine suspended matter into the EMS as well as all sub-basins of the EMS. The combined analyses of these two isotope ratios provide a precise characterization of the lithogenic fraction of surface sediments and record their dilution towards the central sub-basins. We reconstruct provenance and possible pathways of riverine dispersal and current redistribution, assuming more or less homogenous isotopic signatures and flux rates of the eolian fraction over the EMS. Lithogenic sediments entering the Ionian Sea from the Calabrian Arc and the Adriatic Sea are characterized by high 87Sr/86Sr isotope ratios and low epsilon-Nd(0) values (average 87Sr/86Sr=0.718005 and epsilon-Nd(0)=-11.06, n=5). Aegean Sea terrigenous sediments show an average ratio of 87Sr/86Sr=0.713089 (n=5) and values of epsilon-Nd(0)=-7.89 (n=5). The Aegean isotopic signature is traceable up to the southwest, south, and southeast of Crete. The sediment loads entering the EMS via the Aegean Sea are low and spread out mainly through the Strait of Casos (east of Crete). Surface sediments from the eastern Levantine Basin are marked by the highest epsilon-Nd(0) values (-3.3, n=6) and lowest 87Sr/86Sr isotope ratios (average 0.709541, n=6), reflecting the predominant input of the Nile sediment. The influence of the Nile sediment is traceable up to the NE-trending, eastern flank of the Mediterranean Ridge. The characterization of the modern riverine dispersal and eolian flux, based on isotope data, may serve as a tool to reconstruct climate-coupled variations of lithogenic sediment input into the EMS.