Section E.
Additional comments
1.
If, in addition to the previously addressed points, there are any additional issues you feel should be
considered during this study, please provide comment below.
OPEN RESPONSE
Annex
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Stakeholder consultations
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A9.1.2
Pension funds
Background
This rapid growth of non-bank financial intermediaries (i.e., so-called other financial intermediaries and the
financial sector activities of insurance undertakings and pension funds) raises many policy questions,
challenges and issues.
However, at the present time, there is a lack of comprehensive, evidence-based analysis and understanding
of the role and impact of non-bank financial intermediaries on financial stability and the economy more
generally.
The current study is intended to be an important building block for the Commission's further work within the
context of the operation of the European Systemic Risk Board (ESRB). In this regard, it should provide a
significant contribution to the Commission's knowledge building and information gathering capacity. The
ESRB has been established with the purpose of identifying, monitoring and assessing potential risks to
financial stability in the EU that arise from macroeconomic and financial developments. The ESRB conducts
macro-prudential oversight of the EU financial system so as to contribute to the prevention or mitigation of
systemic risks to financial stability. To achieve its mission, the ESRB collects and analyses information,
monitors macro-financial developments and can issue recommendations to policy-makers and supervisors.
Taking into account the aforementioned background, the aims of the study are to:
Undertake an analysis of the role of non-bank financial intermediaries (as a whole industry and per
relevant segment) in the building up of imbalances and the asset bubble(s) during the period 2001-
2007
Undertake an assessment of the behaviour of non-bank financial intermediaries during the crisis
(again as a whole industry and by relevant segment). In particular, the study seeks to examine
whether non-bank financial intermediaries amplified the systemic risk and/or suffered
asymmetrically from the financial crisis (i.e. over the period 2007-2009)
Develop recommendations for a better supervision and regulation of risk among the relevant non-
bank financial intermediary segments. This would be at the macro level to reveal economic
imbalances rather than detailed micro-prudential rules – thus assisting the ESRB rather than the
new ESAs
Annex
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