The consultation paper seeks the views of interested parties on the proposed draft RTS covering the governance of administrators, methodology of benchmarks, reporting of infringements, mandatory administration of critical benchmarks and the compliance statement. The consultation period will end on 8 June 2020.

This open hearing will primarily be of interest to administrators of benchmarks, contributors to benchmarks and users of benchmarks, but responses are also sought from any other market participant, including trade associations and industry bodies, institutional and retail investors, consultants and academics.

The indicative agenda for the hearing will follow the structure of the Consultation Paper and discuss the proposed draft RTSs according to the following headings:

1. Governance arrangements;
2. Methodology;
3. Reporting of infringements;
4. Mandatory administration for critical benchmarks; and
5. Compliance statement.

Due to COVID-19 outbreak, European Insurance and Occupational Pensions Authority is carrying out weekly extraordinary  calculations on a weekly basis to monitor the evolution of the relevant risk-free interest rate term structures (RFR) and the symmetric adjustment to equity risk (EDA). EIOPA is publishing this information in order to support insurance and reinsurance undertakings in the monitoring of their solvency and financial position. 

The information will be published on specific area of the website created for this purpose both for RFR and EDA named “Extraordinary weekly updates”.

Download the technical information with reference to 12 May 2020 for:

RFR information has been calculated applying the content of the Technical Documentation published on 1 October 2019 and based on RFR coding released on 8 October 2019.

All the documents are available on on RFR and EDA specific areas on EIOPA’s website. In particular, the updated version of the source code can be accessed under Related links in the RFR area.

The loans, which will be given on highly favourable terms and disbursed over a year, will help the following ten countries whose economies have been pushed into recession by the pandemic: the Republic of Albania (€180 million), Bosnia and Herzegovina (€250 million), Georgia (€150 million), the Hashemite Kingdom of Jordan (€200 million), Kosovo (€100 million), the Republic of Moldova (€100 million), Montenegro (€60 million), the Republic of North Macedonia (€160 million), the Republic of Tunisia (€600 million) and Ukraine (€1.2 billion).

The goal of the funding is to allow these countries to mitigate the negative social and economic effects of the crisis while preserving the state’s financial stability.

To speed up the disbursement of the assistance, Parliament voted on its approval in urgent procedure (defined under Rule 163). Council greenlighted the package on 5 May.

The decision was adopted by 547 votes in favour, 93 against and 47 abstentions.

Next steps

The assistance can start being disbursed once the countries sign their respective Memorandum of Understanding, which will list the conditions of the loans. The European Commission expects the first tranche to be disbursed in the autumn of 2020, and the second and final tranche in early 2021.

Background

The EU regularly disburses macrofinancial assistance (MFA) to partner countries to help them with their balance of payments under stress. The current proposal is shorter in term than regular MFAs (one year instead of 2.5 years) and has to be repaid in 15 years. Providing the massive loan package is a way for the EU to show solidarity with the EU neighbourhood and Eastern Partnership countries hit by the pandemic.

The recipient countries must have an ongoing programme with the International Monetary Fund (IMF); the EU support comes on top of the IMF help to fight the recession caused by, among others, a plunge in tourism revenues, remittances, foreign direct investment, and an outflow of portfolio capital.

Just two months ago, on 17 March, the European Union set up a Consular Coordination Task Force to coordinate the repatriation of its citizens worldwide.

“Today, I want to congratulate the Task Force and its members for an extremely efficient and professional undertaking. Your clear vision of the mission to be accomplished, meticulous planning and tireless round-the-clock efforts under exceptional working circumstances enabled more than 580.000 EU citizens to safely return to their homes in Europe”, declares the President of the European Council.

“The challenge faced by the Task Force was an unprecedented one: to reach out to more than 625.000 EU citizens stranded around the world, and to bring them back home – under very difficult circumstances due to worldwide travel restrictions and the scarcity of air and land transport in the midst of the global public health crisis caused by COVID-19.

Let me express my gratitude to all involved in this unprecedented consular cooperation, accomplished thanks to the excellent interinstitutional work conducted by the EEAS, Commission services, the Presidency of the Council and all Member States, including embassies and consulates and the 143 EU Delegations worldwide.”

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