Dear colleague May I draw your attention to a SUERF BAFFI Bocconi Panel Discussion on “The recent market turmoil: Lessons for market exits of systemically important banks”<https://www.suerf.org/BankResolution> which will take place on Wednesday, 17 May from 14:00 to 15:30 CET. In case you are not able to attend or want further colleagues to also listen in, please feel free to forward this e-mail invitation. For registration, please use this link<https://www.suerf.org/registration/10947/bankresolution>. Kind regards Prof Dr Ernest Gnan Secretary General, SUERF – The European Money and Finance Forum Honorary Economic Advisor to the OeNB Governor ernest.gnan@oenb.at<mailto:ernest.gnan@oenb.at> +43 664 4333384 • @dr_gnan<https://twitter.com/dr_gnan> • LinkedIn<https://www.linkedin.com/in/ernest-gnan-8a6957ab/> www.suerf.org<http://www.suerf.org/> [cid:image002.jpg@01D9769F.2B8A1E90] Invitation www.suerf.org<http://www.suerf.org/> Dear colleague, The recent banking turmoil in the US and in CH has raised doubts on the functionality of the current framework of market exits for systemically important banks. On the one hand, the authorities managed recent market exits quickly with minimal repercussions on financial stability or the real economy. On the other hand, public funds were necessary to resolve the crises: central banks provided liquidity assistance loans beyond emergency liquidity assistance and the public provided, inter alia, default guarantees for these loans; deposit insurance was extended beyond the statutory limits. In this SUERF BAFFI Bocconi Panel Discussion entitled “The recent market turmoil: Lessons for market exits of systemically important banks” <https://www.suerf.org/BankResolution> we aim to distill the lessons learnt for the framework of market exits of systemically important banks: * Why did authorities deem market exits without public funds – as originally intended – inadequate or too risky? Is this time inconsistency unavoidable or can the framework be fixed? * There are alternatives to resolution, such as regular bank taxes as price for (inevitable?) public bail-outs, a permanent “National Investment Authority” (© S. T. Omarova) that manages public stakes in bailed-out banks or their assets, or the break-up of banks that are too large to be resolved. What are their advantages and disadvantages? * Macroprudential supervision addresses the too big to fail-problem ex-ante. How should it interact with the market exit framework? How much equity and bail-inable debt would large banks have to hold to be resolvable? How can we ensure ex-ante that the write-down of equity and the bail-in of debt do not constitute a source of systemic risk propagation themselves? Wednesday, 17 May 2023 14:00 Welcome by Ernest Gnan, SUERF Panel Discussion and Q&A with the audience Moderated by Markus Schwaiger, Director, Department for Financial Stability, OeNB * Giles Edward, Sector Lead, European Financial Institutions, S&P Global Ratings * Marie Donnay, Head of Unit – Fisma D3 Resolution and Deposit Insurance, European Commission * Rosa M Lastra, Sir John Lubbock Chair in Banking Law, Queen Mary University of London * Saule T. Omarova, Director, Law and Regulation of Financial Institutions and Markets, Cornell University * Stefan W. Schmitz, Head of Macroprudential Supervision, OeNB 15:30 End We look forward to you joining us on Wednesday, 17 May 2023, online via Webex. Feel free to share this invitation with colleagues who might be interested to attend! Please register here<https://www.suerf.org/registration/10947/bankresolution> Upcoming Events * 60th SUERF Anniversary & 50th OeNB Annual Economics Conference: Monetary policy in uncertain times: Towards robustness and resilience<https://www.suerf.org/monpolrobust> Monday, 22-23 May 2023. Venue: Museumsquartier (Vienna) or online via Webex. Register here<https://www.oenb-events.at/en/50th-oenb-economics-conference-and-60th-suerf-anniversary-conference/registration/#io-content-registration>. Kind regards, SUERF Secretariat SUERF - The European Money and Finance Forum c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna<https://maps.google.com/?q=Otto-Wagner-Platz+3,+A-1090+Vienna&entry=gmail&source=g> Tel: +43 1 40420 7216<tel:+431404207216> - E-mail: suerf@oenb.at<mailto:suerf@oenb.at>. Privacy Policy<https://www.suerf.org/privacy-policy> I Terms and Conditions<https://www.suerf.org/terms-and-conditions>. 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