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☆ Europe's banking situation is now 'much more resilient and stable,' ESM chief says
  + stars: | 2024-04-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope's banking situation is now 'much more resilient and stable,' ESM chief saysPierre Gramegna, managing director of the European Stability Mechanism, discusses the eurozone and the European banking sector.
Persons: Pierre Gramegna
☆ EU sees urgency in bolstering bank resilience after turmoil
  + stars: | 2023-04-28 | by ( Jan Strupczewski Balazs Koranyi | Jan Strupczewski | Balazs Koranyi | ) www.reuters.com   time to read: +3 min
In March, depositors fled Silicon Valley Bank (SIVB.O), withdrawing $42 billion in 24 hours, some via their mobile phones. Information about the bank's difficulties spread fast online, creating a social media-driven bank run. Officials said the bank turbulence added urgency to discussions of a European Commission proposal to broaden the EU's bank resolution framework, now applied to just over 100 of the biggest European banks, to smaller and medium-sized lenders. The proposal, called Crisis Management and Deposit Insurance (CMDI) was requested by EU finance ministers in mid-2022. It would ensure that the resolution of smaller banks could be paid for from the EU's resolution fund, financed by banks, rather than by taxpayers.
☆ We have learned the lessons of past banking crises, European Stability Mechanism MD says
  + stars: | 2023-04-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe have learned the lessons of past banking crises, European Stability Mechanism MD saysPierre Gramegna, managing director of the European Stability Mechanism, weighs in on the near-collapse of Credit Suisse and outlines the downside risks that may lie ahead.
☆ Italy's Meloni renews criticism of euro zone bailout fund
  + stars: | 2023-01-12 | by ( ) www.reuters.com   time to read: +2 min
ROME, Jan 12 (Reuters) - Italy's Prime Minister Giorgia Meloni on Thursday renewed her criticism of the euro zone bailout fund, a 500-billion-euro ($541.55 billion) facility held back by Rome's reluctance to ratify its recently-adopted reform. The ESM was created in 2012, replacing a temporary fund established in 2010, at the height of the euro zone's sovereign debt crisis. The ESM can offer a lifeline to euro zone governments cut off from markets, or lend to recapitalise banks and provide precautionary credit. The fund was reformed with a 2021 treaty that needs to be ratified by all members of the euro zone before it can enter into force, and Italy is the only country that is dragging its feet over the issue. New ESM tasks under the reformed treaty include providing a backstop to the Single Resolution Fund, which is responsible for dealing with failing banks in the context of the Banking Union.
☆ Euro zone bailout fund to get new head from Luxembourg
  + stars: | 2022-11-25 | by ( ) www.reuters.com   time to read: +1 min
BERLIN/BRUSSELS, Nov 25 (Reuters) - Luxembourg's former finance minister Pierre Gramegna is likely to take over the euro zone's bailout fund, the European Stability Mechanism (ESM), succeeding Germany's Klaus Regling who retired last month, a senior euro zone official said. The ESM was created in 2012, during the euro zone's sovereign debt crisis, to lend to euro zone governments cut off from markets. It has a 500 billion euro ($520 billion) war chest and can also lend to recapitalise banks and provide precautionary credit. Italy and France, who earlier either opposed or did not support the Luxembourger, had changed their views, the official said. ($1 = 0.9616 euros)Reporting by Christian Kraemer and Jan Strupczewski; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.
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