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SEPA Council meets for the first time, discusses migration end dates and future of SEPA for cards

On 7 June 2010 the recently created SEPA (Single Euro Payments Area) Council met for the first time, taking a major step forward in strengthening the governance of the SEPA project at European level. The meeting brought together top-level representatives from both the demand and supply sides of the European payments market, under the co-chairmanship of the European Commission and the European Central Bank (ECB), the two institutions that have led the creation of this new body. The main issues discussed were the need and conditions to establish (a) migration end-date(s) for SEPA and the future of a SEPA for payment cards.rnrnInternal Market Commissioner Michel Barnier stated: ”Today's launch of the SEPA Council meeting is a crucial step forwards in the realisation of an integrated market for payments in euro. Payments affect the daily life of all European citizens, businesses and retailers. To achieve the... detalii

European Central Bank: Financial Stability Review June 2010

Many euro area large and complex banking groups (LCBGs) returned to modest profitability in 2009, and their financial performances strengthened further in the first quarter of 2010.rnrnThese developments, together with a bolstering of their capital buffers to well above pre-crisis levels, suggest that most of these institutions have made important progress on the road to financial recovery. The broad-based enhancement of shock-absorption capacities during 2009 meant that systemic risks for the financial system dissipated to some extent and risks within the financial sector became more institution-specific in character. Indeed, the dependence of the financial system, especially of large institutions, on government support and the enhanced credit support measures of the Eurosystem tended to wane. That said, the profitability performances of some large financial institutions in receipt of government support remained relatively weak. rnrnOutside the financial system, the progressive intensification of market concerns about sovereign credit... detalii

Repartizarea responsabilitatilor intre membrii Comitetului executiv al BCE

În cadrul răspunderii sale colegiale pentru funcţionarea generală a compartimentelor organizatorice ale Băncii Centrale Europene (BCE), Comitetul executiv al BCE a convenit ieri asupra repartizării responsabilităţilor între membrii săi, cu efect imediat. rnrnAlături de îndatoririle statutare care îi revin în calitate de preşedinte al Comitetului executiv, al Consiliului guvernatorilor şi al Consiliului general, preşedintele, dl Jean-Claude Trichet, va fi responsabil de următoarele compartimente organizatorice: Comunicare; Audit intern şi Secretariat şi servicii lingvistice.rnrnÎn plus faţă de îndatoririle statutare care îi revin în calitate de adjunct al preşedintelui, vicepreşedintele, dl Vítor Constâncio, va fi responsabil de următoarele compartimente organizatorice: Administraţie şi Stabilitate financiară.rnrnDna Gertrude Tumpel-Gugerell va fi responsabilă de următoarele compartimente organizatorice: Resurse umane, buget şi organizare; Sisteme de plăţi şi infrastructura pieţelor şi Target2-Instrumente financiare.rnrnDl José Manuel González-Páramo va fi responsabil de următoarele compartimente organizatorice: Bancnote; Operaţiuni de piaţă şi Studii.rnrnDl. Lorenzo Bini Smaghi va fi... detalii

Do you SEPA? The ECB's point of view

Do you SEPA? The ECB's point of viewrnGertrude Tumpel-Gugerell, Member of the Executive Board of the ECBrnrnKeynote speech at the 3rd International Payments SummitrnMilan, 27 October 2008rnrnIntroductionrnrnWhat does to SEPA mean? Does it mean to follow a fashion or to pay lip service to an idea? To me, it means more than that: it means being fully committed to creating a more integrated retail payments market in Europe, enabling competition and innovation, and in general making retail payments more efficient, safer and easier to use.rnrnPeople may wonder why, at a time of unprecedented financial turmoil, we continue to focus our attention and energy on payment issues. I would argue that the payments business, which generates about one-quarter of all banking revenue [1], is rock-solid. At a time when banks other sources of income are more volatile, they can count on reliable and regular revenues being... detalii