SAFE Policy Web Seminar: Restraining Dividends (and Other Pay-outs)

24 Jun 2020 12:30 PM
24 Jun 2020 13:30 PM

The Leibniz Institute for Financial Research SAFE, the Florence School of Banking and Finance and the Centre for Economic Policy Research (CEPR) organize and cordially invite you to attend the online debate on
Restraining Dividends (and Other Pay-outs)

Watch video on our Youtube channel
Chair: Elena Carletti (Bocconi University, Florence School of Banking & Finance and CEPR)

Moderator: Jan Pieter Krahnen (Leibniz Institute for Financial Research SAFE, Goethe University and CEPR)

Francesco Mazzaferro (European Systemic Risk Board - ESRB)

Viral V. Acharya (New York University, Stern School of Business)

Sylvie Mathérat (EU commission High Level Forum on Capital Market Union)

This online seminar will introduce and discuss the rationale, merit and scope of the ESRB Recommendation on the restriction of pay-outs during the COVID-19 pandemic. 

Francesco Mazzaferro will present the report and the ESRB Recommendation to achieve a uniform approach to restraints on pay-outs across the European Union and across different segments of the financial sector. This ESRB recommendation comes in support of previous initiatives from the European Central Bank, the European Banking Authority, the European Insurance and Occupational Pensions Authority and national authorities to insist on the need for banks, insurance companies to refrain from paying dividends and variable compensation and buying back shares until at least 1 January 2021 – and possibly longer in case of necessity.

The debate will explore the merits in terms of macro-prudential arguments and impact of a wide-ranging restrictions on pay-outs across the different segments of the financial system.