WELCOME Banking Union

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3 WELCOME The European Commission s proposal for a Banking Union, originally presented on 6 June 2012 and 12 September 2012, represents a profound structural and regulatory change to the European banking sector, and is one of the most widely debated solutions to the current financial crisis. Over the past year, the EU has acted decisively to address the systemic issues in European banking, but more remains to be done. The recent introduction of the Single Supervisory Mechanism (SSM) and the allocation of new powers to the European Central Bank (ECB) will radically change the pre-existing pan- European supervisory regime, and the adoption of the Capital Requirements Directive will usher in a new era of regulation for European banks. However, the question of bank recovery and resolution, as well as the proposed Single Resolution Mechanism, remains the subject of intense debate. Key topics at today s conference, which is being held in association with one of Ireland s premier law firms, McCann FitzGerald, will include: The main pillars of the Banking Union Crisis management in the EU The future shape of banking in Europe The future role of central banks Corporate governance Bank recovery and resolution Relevant legislation and proposals, including the Bank Recovery and Resolution Directive, the Single Resolution Mechanism and Deposit Guarantee Schemes For the financial services industry, the policy-community and taxpayers, the stakes at play in completing the Banking Union could not be higher. The Banking Union will not only determine the future shape of the European banking sector, but the future stability of the Eurozone as a whole. The IIEA is grateful for the support of McCann FitzGerald and KPMG for today s conference.

4 About McCann FitzGerald With over 450 people, including over 300 lawyers and professional staff, McCann FitzGerald is one of Ireland s premier law firms. We provide the highest quality legal advice and representation to Irish and overseas clients. Our clients include international corporations, major domestic businesses and emerging Irish companies. We also have many clients in the State and semi-state sector. The firm is consistently recognised as being the market leader in many practice areas and our preeminence is endorsed by clients and market commentators alike. Our principal office is located in Dublin and we have overseas offices in London and Brussels. Our Banking & Financial Services Group The firm s Banking & Financial Services Group advises on the full range of banking and financial activities undertaken in Ireland. Our lawyers work on many of the most innovative financing transactions in the Irish market and advise on the most complex regulatory issues. Our London office supports clients engaged in international financing especially in the London market. Market Commentary Arguably the best in Ireland, McCann FitzGerald has a large and prominent team that is supported by numerous excellent individuals. The Legal 500, 2013 The banking team at this highly reputed firm is universally acknowledged as one of the strongest in the market. The team takes a full-service approach but is especially well regarded for its experience. The department also houses a successful regulatory practice. A responsive and loyal team, committed to its clients. A first-rate combination of commercial skills and legal knowledge. Chambers, 2013 Heavily admired by competitors, McCann FitzGerald warrants a tier of its own according to some: In my mind McCann FitzGerald are ahead of the rest in terms of the banking space. In terms of quality of the work they do. They ve got an awful lot of good people on a lot of good deals, specialisations across the board, International Financial Law Review, 2012 McCann FitzGerald remains one of the leading players in banking and finance, and is widely praised for its broad practice and exceptional technical expertise. It is universally regarded as a leading aviation finance practice, with clients and peers alike highlighting its strength in the area. We have used other firms but always end up back with McCanns as it has fantastic strength and in-depth industry knowledge. Chambers, 2012 McCann FitzGerald impresses more than any other according to one client. It acts for all of the leading Irish banks and does great work, is excellent value and easy to work to work with. The Legal 500, 2012

5 Our Goal? Many companies, banks and financial institutions in Ireland are looking beyond the current economic difficulties towards new business opportunities. But they often face unprecedented legal, regulatory and commercial challenges. That s where we come in. To help you Our clients engage us to provide the highest quality legal advice and representation in the most significant business transactions, critical disputes and legal and regulatory issues facing them. achieve yours. If we can be of assistance to your business, please contact our Chairman, John Cronin, on or by to john.cronin@mccannfitzgerald.ie. Ireland Law Firm of the Year 2011 and 2012 International Financial Law Review Ireland Law Firm of the Year 2011 and Client Service Law Firm of the Year 2012 Chambers Europe Ireland s Most Innovative Law Firm 2012 Financial Times Dublin - London - Brussels

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7 Market turmoil and sweeping regulatory changes have forced banking institutions to address the heightened focus on corporate governance, added complexity to financial accounting and disclosures, and increased emphasis on compliance and risk management. While these changes have made our financial institutions safer, existing business models are no longer fit-for-purpose. We are in a new world. This new era raises a new set of challenges. How can banks be reconfigured as profitable businesses while also fulfilling their historic role as the lifeblood of the economy? A strong economic revival requires a strong banking sector. There are other challenges: how best to balance retail and investment banking operations; how to operate internationally within increasingly localised jurisdictions and how to counter the growing threat of cyber crime. Nobody wants a repeat of 2008, but in seeking to make banks safer, has the flood of regulation harmed their viability? And will it all even work? The next crisis is unlikely to resemble the last one. At KPMG, we believe that old business models need to be torn up and banks need to innovate. As the world we operate in continues to change, KPMG has the forward-looking insights to provide the help and advice you need.

8 TIMETABLE Registration Introductory Remarks Tom Arnold, Director General of the IIEA Session I: Towards the Banking Union Chair: Brendan Halligan, Chairman of the IIEA Keynote Address by Minister Michael Noonan T.D., Minister for Finance Keynote Address by Mr. Vítor Constâncio, Vice-President of the European Central Bank Coffee Break

9 Session II: IIEA Banking Union Interim Report Chair: John Cronin, Chairman of McCann FitzGerald Panelists: Pat McArdle, Chair of the Economic and Monetary Affairs Committee of the European Banking Federation and Chair of the IIEA Banking Union Group Alan Ahearne, Head of Economics at the National University of Ireland, Galway and Non-Resident Research Fellow at Bruegel Alan Dukes, Former Minister for Finance Paul Gallagher S.C., Former Attorney General of Ireland 12:00-12:45 Session III: Corporate Governance in the Era of CRD IV Chair: Brendan Halligan Keynote Address by Blanaid Clarke, McCann FitzGerald Chair of Corporate Law at Trinity College Dublin 12:45 14:00 Lunch

10 14:00-15:15 Session IV: The Future of European Banking - A Central Bank Perspective (Panel Discussion) Chair: Paul O Connor, Head of Regulatory Advisory Services at KPMG Panelists: Anthony Kruizinga, Head of European Banking Supervision at De Nederlandsche Bank Jens Lundager, Head of Financial Markets at Danmarks Nationalbank Ramón Quintana, Director General for Banking Supervision at Banco de España Philip Reading, Head of Financial Markets at Oesterreichische Nationalbank 15:15-16:15 Session V: Recovery and Resolution - Implications for European Banking Chair: John Bruton, Chairman of the IFSC and Former Taoiseach Keynote Address by Miguel de la Mano, Head of Analysis of Financial Market Issues at DG Internal Market and Services, European Commission Respondent: Robert Priester, Deputy Chief Executive of the European Banking Federation (EBF) 16:15 16:30 Coffee Break

11 16:30-17:15 Session VI: The Future Shape of Banking in Ireland and Europe Chair: Brendan Halligan, Chairman of the IIEA Keynote Address by Patrick Honohan, Governor of the Central Bank of Ireland 17:15-17:30 Closing Remarks Brendan Halligan, Chairman of the IIEA

12 speakers Tom Arnold Director General of the Institute of International and European Affairs (IIEA) Tom Arnold was appointed Director General of the Institute of International and European Affairs in August He is currently the Chairperson of the Convention on the Constitution and was previously the CEO of Concern Worldwide. He has worked in the Department of Agriculture as Chief Economist and as Assistant Secretary. He is also the Chair of the Irish Times Trust and is a member of the Irish Times Board. Michael Noonan T.D. Minister for Finance Michael Noonan T.D. was appointed to the role of Minister for Finance in March First elected to the Dáil in 1981, he has held a number of Ministerial positions, including Minister for Justice ( ), Minister for Industry, Commerce and Trade (1986), Minister for Energy (1987), and Minister for Health ( ). Mr. Noonan was leader of Fine Gael between February 2001 and May Vítor Constâncio Vice-President of the European Central Bank Vítor Constâncio was appointed to the position of Vice-President of the European Central Bank in June 2010 having previously served as the Governor of the Portuguese Central Bank from 1985 to 1986 and again from 2000 to He has held a number of academic posts including Guest Professor of Economics at the Instituto Superior de Economia e Gestão ( ). Mr. Constâncio was a member of Portugal s parliament from and and has held numerous government positions including Secretary of State for Budget and Planning (1976) and Minister for Finance (1978). Alan Ahearne Head of Economics at the Cairnes School of Business and Economics, National University of Ireland, Galway. Alan Ahearne is Head of Economics at the Cairnes School of Business and Economics at the National University of Ireland, Galway. He is a Member of the Commission of the Central Bank of Ireland. He was previously a Senior Economist at the Federal Reserve Board in Washington D.C. and a Special Advisor to the Minister of Finance between 2009 and Mr. Ahearne is a Non-Resident Fellow at Bruegel and a Research Associate at the Institute for International Integration Studies at Trinity College Dublin.

13 Alan Dukes Former Minister for Finance and Former Leader of the Fine Gael party Alan Dukes was elected to Dáil Éireann in 1981 and remained a member until May During this period he held a number of Ministerial posts including Minister for Agriculture ( ), Minister for Finance ( ), Minister for Justice (1986) and Minister for Transport, Energy and Communications ( ). He was leader of the Fine Gael party between 1987 and He served as the Director General of the IIEA between 2003 and He also served as the Public Interest Chair of IBRC (Irish Bank Resolution Corporation). Paul Gallagher, S.C. Barrister and Former Attorney General of Ireland Paul Gallagher was the Attorney General of Ireland from June 2007 until March He is a Senior Counsel and has practised at the Irish Bar for 34 years. He is a Bencher of the King s Inns in Dublin and was formerly Vice Chairman of the Irish Bar Council. He was a nominee of Ireland to the Arbitration and Conciliation Panels of the International Centre for Settlement of Investment Disputes. He is an Adjunct Professor of Law at University College Dublin, a Fellow of the International Academy of Trial Lawyers and a Fellow of the International Society of Barristers. He has degrees in Law, History and Economics. Pat McArdle Chairman of the Economic and Monetary Affairs Committee of the EBF, and Chair of the IIEA Banking Union Group Pat McArdle currently chairs the Banking Union and Economists groups at the Institute of International and European Affairs. He is the former Chief Economist with Ulster Bank having stepped down in He is the Chair of the Economic and Monetary Affairs Committee of the European Banking Federation and is a regular contributor to public debate on economic and financial matters. He previously worked at the Department of Finance, the European Commission and NCB Stockbrokers. He holds an MA in Econometrics and is a Qualified Financial Advisor. Blanaid Clarke McCann FitzGerald Chair of Corporate Law at Trinity College Dublin Prof. Blanaid Clarke holds the McCann FitzGerald Chair in Corporate Law at Trinity College Dublin. Her research interests include company law, corporate governance and takeover law and she has published extensively in these areas. She was recently a member of the European Commission s Reflection Group on the Future of EU Company Law and is a member of the OECD Corporate Governance Committee, the EU s European Securities and Markets Authority Takeover Bids Network and the European Corporate Governance Institute. In October 2010, she was appointed to the board of the Irish Central Bank Commission.

14 Anthony Kruizinga Head of European Banking Supervision at De Nederlandsche Bank (Dutch Central Bank) Anthony Kruizinga is Head of Department at De Nederlandsche Bank (Dutch Central Bank) since 2009, where he is responsible for financial risk management. Mr Kruizinga manages DNB s preparations for the Single Supervisory Mechanism (SSM), and chairs the SSM work stream on Balance Sheet Assessments. Mr Kruizinga co-ordinates DNB s involvement in the development of supervisory policy and regulation by the European Banking Authority (EBA), and chairs the EBA s standing committee on consumer protection and financial innovation. He is DNB s alternate member of EBA s Board of Supervisors and Management Board. Jens Lundager Assistant Governor and Head of Financial Markets at Danmarks Nationalbank (Danish Central Bank) Jens Lundager has held the position of Assistant Governor at Danmarks Nationalbank since June Prior to this appointment, he was the Chief Financial Officer at Denmark s Ministry of Economic and Business Affairs ( ). He has previously held a number of other senior roles within the National Bank of Denmark including Head of the Financial Stability Division ( ) and Head of Foreign Area and Development ( ). Mr. Lundager holds a Degree in Economics from the University of Aarhus. Ramón Quintana Director General for Banking Supervision at Banco de España (Spanish Central Bank) Ramon Quintana has held the post of Director General of Banking Supervision at Banco De España since Mr. Quintana has nearly two decades experience in bank auditing and supervision, having begun his career as a bank examiner at Banco de España in Mr. Quintana studied economics and business at Deusta University, Bilbao. Philip Reading Head of Financial Stability and Bank Inspections at Oesterreichische Nationalbank (Austrian Central Bank) Philip Reading has held the post of Head of Financial Stability and Bank Inspections at the Oesterreichische Nationalbank since In this capacity, he is responsible for both macro and microprudential supervision of the Austrian banking system. Mr. Reading has a long career in investment banking and asset management, having previously worked with Creditanstalt, Chase Manhattan, Meinl Bank and P.S.K. He also serves on the Financial Stability Committee of the European Central Bank, and the Standing Committee on Oversight and Practices of the European Banking Authority.

15 Patrick Honohan Governor of the Central Bank of Ireland Patrick Honohan was appointed as the tenth Governor of the Central Bank of Ireland on 26 September His career includes two terms at the World Bank ( and ), Economic Advisor to Taoiseach Garret FitzGerald ( and ) and several years as an economist at the Central Bank of Ireland ( and ). He is a graduate of University College Dublin and received a Ph.D. in Economics from the London School of Economics. He has held teaching posts at the LSE, Trinity College Dublin, University College Dublin and the University of California-San Diego. Miguel de la Mano Head of Analysis of Financial Market Issues at DG Internal Market and Services, European Commission Miguel de la Mano has been Head of Analysis of Financial Market Issues at the European Commission s Directorate General for Internal Market and Services since Prior to that, he was Acting Chief Economist of the UK Competition Commission. From 2001 to 2011 he served as Deputy Chief Competition Economist at the European Commission, where he was closely involved in the drafting of policy guidelines both in the area of mergers and antitrust. He conducted his Ph.D. research at Oxford University. Robert Priester Deputy CEO of the European Banking Federation Robert Priester is Deputy CEO of the European Banking Federation (EBF). He is a Dutch national with a Law Degree from Leiden University. Mr. Priester joined the EBF in 2004 as Head of the Legal and Consumer Affairs Department. Before joining the EBF, Robert was Senior Legal Adviser with the European Fund and Asset Management Association (EFAMA, formerly FEFSI) based in Brussels, where he dealt with issues ranging from UCITS, MiFID and FSAP, as well as corporate governance questions and taxation matters.

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17 Chairs John Bruton Chairman of the International Financial Services Centre Ireland (IFSC) John Bruton is a former Taoiseach (Irish Prime Minister), who helped transform the Irish economy into the Celtic Tiger, one of the fastest-growing economies in the world between 1995 and During his time as Taoiseach ( ), the Irish economy grew at an annual average rate of 8.7%, peaking at 11.1% in In 1996, Mr. Bruton presided, as President of the European Council, over a successful Irish EU Presidency and helped finalise the Stability and Growth Pact. From 2004 to 2009, Mr Bruton served as EU Ambassador to the United States. He was appointed to his current role of Chairman of the IFSC on 1 September John Cronin Chairman of McCann FitzGerald John Cronin is Chairman of McCann FitzGerald, a position he has held since May 2008, and to which he was re-elected in Mr. Cronin has a distinguished career in banking, structured finance and capital markets matters, including leasing, asset and project financings, securitisations and new product areas. He has acted for lenders, arrangers, equity investors, loss assessors, State Agencies and many corporate and financial borrowers. Brendan Halligan Chairman of the Institute of International and European Affairs (IIEA) Brendan Halligan is the Chairman and Founder of the Institute of International and European Affairs. He was appointed Chair of the Sustainable Energy Authority of Ireland (SEAI) in 2007, is CEO of Consultants in Public Affairs (CIPA) and is on the Board of Mainstream Renewable Power. He was formerly Chairman of Bord na Móna, a Member of the Seanad and Dáil Éireann, a Member of the European Parliament and Secretary General of the Labour Party. Paul O Connor Head of Regulatory Advisory Services at KPMG Paul O Connor leads the Regulatory Advisory Services practice at KPMG Ireland which advises the financial services industry on all aspects of regulation. He is Chairman of the European Covered Bond Council, which is the body tasked with leading the 2.8tn EU covered bond marketplace. He has worked extensively with the European institutions over the past eight years in developing banking policy and participated in several EU groups tasked with the reform of regulation for the Capital Markets.

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