Europejski Urząd Nadzoru Bankowego, Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Europejski Urząd Nadzoru Ubezpieczeń i Pracowniczych Programów Emerytalnych (European Insurance and Occupational Pensions Authority - EIOPA), Opinia Wspólnego Komitetu w sprawie przeglądu ram ostrożnościowych dotyczących sekurytyzacji (bankowość)

JC/2022/66

12 December 2022

JOINT COMMITTEE ADVICE ON THE REVIEW OF THE SECURITISATION PRUDENTIAL FRAMEWORK (BANKING)

RESPONSE TO THE COMMISSION’S OCTOBER 2021 CALL FOR ADVICE TO THE JC OF THE ESAS – JC 2022 66

Executive summary

Securitisation has played a limited role in Europe since the aftermath of the global financial crisis of 2008 (GFC). The European securitisation market is smaller but of a higher quality than pre-crisis due to a number of regulatory changes made by co-legislators in response to the GFC. While the pre-crisis levels were unhealthy and unsustainable and do not serve as a benchmark to be targeted, the development of the market following the introduction of the STS framework has been limited compared to the original objectives to generate between EUR 100-150bn in additional funding for the economy. One of the main priorities of the EU capital markets union is hence the revival of the EU securitisation market to improve the financing of the EU economy. Consequently, many...