For the last conference-lunch of the AMAF in 2014, its Chairman, Mr Etienne FRANZI, invited Mr Edouard FERNANDEZ-BOLLO, Secretary General of the Prudential Control and Resolution Authority (ACPR) to intervene - to an audience of over a hundred members of the AMAF, chartered accountants and insurers - on the theme of "The impact of European and international developments of supervision in Monaco".
The event was graced by the presence of HE the Minister of State and the Government Counsellor for Finance and the Economy as well as the Presidents of the Economic and Social Council, of the Order of Chartered Accountants and of Monaco Chamber of Insurers.
In his speech, Mr Edouard FERNANDEZ-BOLLO has first detailed the regulatory provisions allocating European banks supervision missions – gathered in the Single Supervision Mechanism (MSU) - between the European Central Bank (ECB) and the national supervisory authorities (ACPR for France and Monaco).
In this regard, he indicated that this MSU would not impact directly the Monegasque institutions which will remain subject to the direct supervision of its Services.
Then he described the Unique Resolution Mechanism (MRU) which must be put in place on 1 January 2015 and whose main objective is to avoid that in the future - such as during the 2008 banking crisis - States be forced to bail out the banking groups in difficulty.
In conclusion, our speaker detailed the potential impact points of these new regulatory provisions for the Monegasque institutions regarding solvency and liquidity as well as governance and internal control.
