On 12th April 2018, CFA Institute and CFA Society Belgium hosted an evening discussion at the National Bank of Belgium with Vítor Constâncio, former Vice President of the European Central Bank, and Sir Paul Tucker, Chair of the Systemic Risk Council and former Deputy Governor of the Bank of England. The theme for the evening was the evolving state of systemic risk regulation ten years after the global financial crisis. This article reviews the discussion and evaluates the balance of regulation with regard to its ability to mitigate future shocks to the financial system.
Over the last years credit risks issues have become more and more important in the priorities of CEO's. The risk of company failure due to buyer's payment default is one of the highest. Businesses go bankrupt more often due to a lack of cash than due to a lack of equity. Therefore, managing properly the main (only) money flow of any trading company - the trade receivables - is a key-success factor for long term profitable growth. Based on concrete examples and fruitful experience in credit and cash management this paper will elaborate on the best way to deal with credit risk. The digital future will also be explored through its main visible demonstration: the Fintechs.
Interview Karel Van Eetvelt, CEO van Febelfin. Interview by Frank Lierman, chairman of the Editorial Board of Bank- en Financiewezen-Revue bancaire et financière.
Report of the speech given by Mr. Karel De Gucht, Belgian Minister of State and former European Commissioner for Trade, at the Belgian Financial Forum in Brussels, December 21, 2017, written by Frank Lierman, chairman of the Editorial Board of Bank- en Financiewezen-Revue bancaire et financière.
Op 9 mei 2018 overleed Jean-Paul Abraham, die gedurende vele jaren de onbaatzuchtige bezieler was van het Studiecentrum voor het Financiewezen, dat in 1992 werd omgevormd tot Belgisch Financieel Forum. Herdruk van een laudatio gepubliceerd in een Liber Amicorum dat in Bank- en Financiewezen nr. 8/1995 verscheen.
The objective of this contribution is to describe the regulatory and economic environment in which banks now operate, especially the new Basel III rules and the exceptional monetary conditions, to identify which lessons banks learned (and which not) after the financial crisis, and what banks will have to do in order to restore sustainable profitability.
Report based on the panel debate “Rebuilding trust in Banks: the role of Leadership”, Belgian Financial Forum, Brussels, 18 January 2018.
This article is composed of excerpts from the 2017 annual report of the National Bank of Belgium (“Report 2017 - Economic and financial developments, NBB, March 2018), the FSAP results and recommendations published by the IMF on 8 March 2018 (“Belgium : Financial System Stability Assessment”, IMF, March 2018) and the press release issued by the NBB at the time (IMF stress tests confirm that Belgian banks and insurance companies are able to withstand severe shocks, NBB, 8 March 2018).
Report of the speech given by Jeroen Dijsselbloem, former Chairman of the Eurogroup, at the Belgian Financial Forum on the 29th of January 2018 in Brussels.
In recent years, there was a broad-based recovery in Europe’s housing markets. Since the second half of 2016, a majority of EU countries are again recording annual house price increases of above 5%. The price rally has prompted public debate as to whether EU property markets are overvalued. In general, fundamental factors, such as disposable income, interest rates and demographics, can explain much of the recent rally seen in the EU28. The upturn can, in particular, be linked to the prevailing low interest-rate environment and to the economic recovery that started early 2013. Looking forward, the sustained positive growth environment will likely provide sufficient counterweight to rising interest rates. Therefore, further house price increases, albeit at a notably more modest pace than of late, are the most likely scenario for the coming years. The main risks facing Europe’s housing markets are to emerge in circumstances where there is: (1) a severe growth slowdown combined with rising unemployment, (2) an unexpectedly strong and sudden increase in interest rates, and (3) a decline in popularity of real estate as an investment. Based on our assessment of valuation metrics and household indebtedness indicators, vulnerabilities to such shocks seem the largest in Sweden, Luxembourg and Austria.