2016-03-17
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The action Improving the Banking Resolution System in the Central Bank of Brazil (BCB) from the European Experience, sponsored by the European Union-Brazil Sector Dialogues Support Project, carried out a mission to Europe in January. The objective was to learn about processes related to Early Intervention, Recovery, Resolution and Resolution Analysis Plans. The Brazilian delegation included three civil servants from the Departamento de Liquidações Extrajudiciais (Deliq) [Department for Extrajudicial Liquidations] of the Central Bank of Brazil, to wit: Carlos Eduardo de Almeida, Division Head; Célia Barbosa Storti, Coordinator; and Danilo Queiroz Palermo, Adjunct Department Head.
The first visit was made to De Nederlandsche Bank (DNB), the Central Bank of Holland, in Amsterdam. In that institution, BCB civil servants were able to see, first-hand, a practical example of the SNS Reaal resolution, the third largest Dutch bank, which went through a serious crisis in 2013 and required the intervention of the central bank. The delegates then headed to Brussels, Belgium, where they visited the Single Resolution Board (SRB), an entity which is directly responsible for the resolution of the entities and groups directly supervised by the European Central Bank, such as banks in the European Union, and the Directorate-General for Financial Stability, Financial Services and Capital Markets Union of the European Commission, which is the department responsible for implementing policies in the bank and financial areas.
The BCB representatives also went to Frankfurt, Germany, to visit the European Central Bank (BCE), responsible for the Single Supervisory Mechanism (SSM). “This experience enabled us to understand the supervisor’s views and learn about the benefits of analyzing the recovery plans for the supervision process”, explained Célia Barbosa. The last visit was to the Bank of Portugal, in Lisbon. At that time they received information on the resolution experiences of Banco Espírito Santo (BES) and Banif.
The mission was considered extremely positive. “There was significant gain in terms of learning about the reality experienced by countries that have already implemented new resolution instruments. Until then, BCB studies were based on international theoretical guidelines; however, after the mission, it was possible to realize how the process works and the complexities that we could not perceive beforehand”, said Carlos Eduardo de Almeida. “The knowledge acquired will be fundamental for the enactment of a bill being drafted by BCB and also for issuing new regulations for the National Financial System (SFN, acronym in Portuguese)”, said the Head of Deliq.
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