Joint CEPR/FBF/SAFE Webinar on Restraining Dividends (And Other Pay-Outs)


Meeting Code: 

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.

The debate will be chaired by Elena Carletti (Bocconi University, Florence School of Banking and Finance and CEPR), moderated by Jan-Pieter Krahnen (Goethe University, Leibniz Institute for Financial Research SAFE and CEPR) and will feature as commentators Viral V. Acharya (New York University, Stern School of Business and CEPR) and Sylvie Mathérat (DB USA Corp. and DWS Group GmbH & Co. KGaA; formerly at Deutsche Bank AG).

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Discussion Meeting
Meeting Date: 
Wednesday, June 24, 2020

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