Eileen Rae ACCA Financial Director BANKING UNION – ACCA’s STANDING.

Eileen Rae

ACCA Financial Director

BANKING UNION – ACCA’s STANDING

The global body for professional accountants

‘We are shocked and surprised that, even after the ship has run aground, so many of those who were on the bridge still seem so keen to congratulate themselves on their collective navigational skills.’UK PARLIAMENTARY COMMISSION ON BANKING STANDARDS 2013

The global body for professional accountants

The global body for professional accountants

• performing

• informing

•Holding to account

The global body for professional accountants

What was the problem?

The global body for professional accountants

What was the problem?• Bank – sovereign relation

• Unstable financial integration

• Uneven distribution of financial activity

• Inconsistent rules

The global body for professional accountants

What does the Banking Union aim for?

The global body for professional accountants

Single Supervision

Single Resolution Mechanism

Single Rulebook

What does the Banking Union aim for?

The global body for professional accountants

The Process.

The global body for professional accountants

The Process• Treaty change OR faster

progress

• Transitional period?

• Deadline for CRD IV

The global body for professional accountants

Is it Working?

The global body for professional accountants

Is it Working?

ECB’s resolution to act in mid 2012 reflected in ACCA’s five-year review of the global economic recovery

The global body for professional accountants

The global body for professional accountants

Is it Working?

• Large banks focus

The global body for professional accountants

Is it Working?

Figure 1 Small banks in the euro area (Veron, 2014)

The global body for professional accountants

Is it Working?

• Resolution

The global body for professional accountants

ACCA’s Involvement

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