{"id":7790,"date":"2015-06-22T07:45:18","date_gmt":"2015-06-22T06:45:18","guid":{"rendered":"http:\/\/www.solucominsight.fr\/?p=7790"},"modified":"2020-01-02T10:54:24","modified_gmt":"2020-01-02T09:54:24","slug":"le-tlac-sattaque-au-modele-bancaire","status":"publish","type":"post","link":"https:\/\/www.riskinsight-wavestone.com\/en\/2015\/06\/le-tlac-sattaque-au-modele-bancaire\/","title":{"rendered":"Le TLAC s\u2019attaque au mod\u00e8le bancaire"},"content":{"rendered":"

Le 10 novembre dernier, le Conseil de Stabilit\u00e9 Financi\u00e8re (CSF ou FSB) publiait un document consultatif intitul\u00e9 \u00ab Adequacy of loss-absorbing capacity of global systemically important banks in resolution\u00a0\u00bb. Ce dernier fait mention de l\u2019instauration d\u2019un nouveau ratio appel\u00e9 TLAC (Total Loss Absorbing Capacity) visant \u00e0 mesurer la capacit\u00e9 d\u2019absorption des pertes financi\u00e8res. Ce dernier s\u2019inscrit dans le dispositif \u00a0permettant de s\u2019assurer que les banques d\u2019importance syst\u00e9mique peuvent absorber leurs pertes et \u00eatre dissoutes sans avoir recours aux interventions des \u00c9tats comme dans un pass\u00e9 r\u00e9cent.
\n<\/em><\/p>\n

TLAC, un nouveau matelas de s\u00e9curit\u00e9
\n<\/strong><\/h2>\n

Le TLAC \u00ab\u00a0Total Loss-Absorbing Capacity<\/em>\u00a0\u00bb s’appliquera d\u00e8s 2019 aux 30\u00a0banques syst\u00e9miques G-SIB<\/strong> – dont quatre fran\u00e7aises, BNP Paribas, BPCE, Cr\u00e9dit Agricole et Soci\u00e9t\u00e9 G\u00e9n\u00e9rale.<\/p>\n

Elles devront d\u00e9tenir un\u00a0coussin de fonds propres\u00a0et instruments assimil\u00e9s suppl\u00e9mentaires. Ce coussin devra correspondre \u00e0 un pourcentage compris entre 16 et 20\u00a0%<\/strong> de leurs actifs pond\u00e9r\u00e9s<\/strong> en risque (ou RWA<\/em>) et au moins deux fois le niveau du ratio de levier minimum (6% des expositions de levier, le ratio de levier \u00e9tant, \u00e0 ce stade pr\u00e9vu \u00e0 3%).<\/p>\n

Le TLAC s\u2019ajoute aux exigences en capital minimales fix\u00e9es par B\u00e2le III mais22 exclut les coussins sp\u00e9cifiques pr\u00e9vus dans le calcul r\u00e9glementaire (coussin de conservation des fonds propres et coussin contra-cyclique).<\/p>\n

\"\"<\/figure>\n

L\u2019objectif est de constituer un coussin de capital <\/strong>suffisamment large pour absorber les pertes financi\u00e8res en cas de d\u00e9faillance d’une banque syst\u00e9mique.<\/strong><\/p>\n

Les instruments financiers \u00e9ligibles au TLAC ont un p\u00e9rim\u00e8tre plus large que ceux pris en compte dans le calcul du ratio total de fonds propres B\u00e2le III. En plus des instruments B\u00e2le III (CET 1, ADT 1, Tier 2), toutes les dettes subordonn\u00e9es peuvent \u00eatre \u00e9ligibles sous certaines conditions.<\/p>\n

\"\"<\/figure>\n

<\/h2>\n

<\/h2>\n

\nTLAC\u00a0: quels impacts sur le mod\u00e8le bancaire\u00a0?
\n<\/strong><\/h2>\n

La mise en place de cette nouvelle exigence r\u00e9glementaire impacte fortement le mod\u00e8le bancaire sur plusieurs plans\u00a0: juridique, organisationnel, rentabilit\u00e9 des actifs, structure du bilan\u2026 En voici quelques illustrations :<\/p>\n

Fin du Bail-Out<\/em>\u00a0<\/strong><\/p>\n

Dans le cadre du TLAC, le bail-out<\/em> est remplac\u00e9 par le bail-in<\/em>. Le bail-out<\/em><\/strong> consiste en une recapitalisation des banques par l\u2019\u00c9tat en cas d\u2019insolvabilit\u00e9\u00a0; tandis que le bail-in<\/em><\/strong> vise \u00e0 un renflouement des dettes de la banque par ses cr\u00e9anciers. On peut noter finalement un certain alignement entre les titres de type actions et les titres de dettes, ce qui est une novation juridique.<\/p>\n

Ce syst\u00e8me de renflouement interne a d\u00e9j\u00e0 \u00e9t\u00e9 adopt\u00e9 en Allemagne, Irlande, Danemark et partiellement au Royaume-Uni. Il est pr\u00e9vu en France \u00e0 partir de 2016.<\/p>\n

La fin du bail-out<\/em> implique une augmentation du risque de d\u00e9tention des titres pour ses cr\u00e9anciers qui doit \u00eatre r\u00e9mun\u00e9r\u00e9 par un rendement sup\u00e9rieur (prime de risque).\u00a0 Cette prime de risque augmente m\u00e9caniquement le co\u00fbt du capital et baisse la rentabilit\u00e9 des actifs des banques.<\/p>\n

L\u2019introduction de la possibilit\u00e9 d\u2019appeler les cr\u00e9anciers introduit une nouvelle forme d\u2019instruments financiers, appel\u00e9s hybrides ou dettes contingentes, dont la r\u00e9mun\u00e9ration varie en fonction du niveau du capital r\u00e9glementaire.<\/p>\n

Nouvelle structure juridique \u00ab\u00a0Holding de t\u00eate\u00a0\u00bb<\/strong><\/p>\n

Afin de faciliter une \u00e9ventuelle r\u00e9solution (dissolution de l\u2019\u00e9tablissement), les banques syst\u00e9miques en France devront adopter une structure juridique inspir\u00e9e du mod\u00e8le am\u00e9ricain \u00ab\u00a0Holding Company<\/em>\u00a0<\/em><\/strong>\u00bb<\/em> ou Holding de t\u00eate. Cette nouvelle structure d\u00e9di\u00e9e \u00e0 la r\u00e9solution aura un r\u00f4le d\u2019\u00e9mettrice des dettes subordonn\u00e9es.<\/p>\n

Cr\u00e9dit Suisse, UBS ou Barclays s’y sont d\u00e9j\u00e0 pr\u00e9par\u00e9es en cr\u00e9ant de telles holdings. En effet, elles pr\u00e9sentent l\u2019avantage d\u2019\u00eatre simples \u00e0 mettre en r\u00e9solution, puisqu\u2019elles ne portent que du capital et de la dette. Elles peuvent \u00e9galement \u00e9mettre des obligations ordinaires, ce qui leur donne acc\u00e8s \u00e0 un large march\u00e9.<\/p>\n

Enfin, une organisation abandonnant des licences bancaires locales avec une seule entit\u00e9 r\u00e9gionale permet de r\u00e9duire de mani\u00e8re importante les exigences en capital et d\u2019augmenter m\u00e9caniquement la rentabilit\u00e9 des \u00e9tablissements.<\/p>\n

Toutefois, ces holdings engendrent des co\u00fbts de mise en place, de possibles frottements fiscaux et un risque de complication de l\u2019optimisation de la gestion actif-passif \u00e0 l\u2019\u00e9chelle du groupe.<\/p>\n

Un contexte r\u00e9glementaire propice au changement\u00a0!
\n<\/strong><\/h2>\n

Au-del\u00e0 du TLAC, un second ratio \u00ab\u00a0d\u2019exigence minimale de fonds propres et passifs exigibles\u00bb ou MREL<\/em> en anglais sera impos\u00e9 aux banques par la \u00ab\u00a0la Directive BRRD\u00a0\u00bb\u00a0<\/em>traitant des faillites bancaires; ce ratio devra repr\u00e9senter 8% des passifs de l\u2019\u00e9tablissement.<\/p>\n

Les grandes banques europ\u00e9ennes anticipent d\u00e9j\u00e0 sa mise en place et profitent des conditions de march\u00e9s favorables gr\u00e2ce aux op\u00e9rations de rachats de titres mises en place par la Banque Centrale Europ\u00e9enne (BCE). Afin d\u2019atteindre ces objectifs, les banques europ\u00e9ennes ont le choix entre accro\u00eetre leurs fonds propres durs et \u00e9mettre des instruments hybrides tier 1 et tier 2.<\/p>\n

De mani\u00e8re plus globale, il semble que le d\u00e9bat porte davantage sur la qualit\u00e9 des fonds propres que sur le montant de ceux-ci, c\u2019est-\u00e0-dire sur la d\u00e9finition m\u00eame du capital r\u00e9glementaire avec une n\u00e9cessaire homog\u00e9n\u00e9isation entre les pays europ\u00e9ens souhait\u00e9e par la BCE.<\/p>\n

On le voit bien, le d\u00e9bat sur les banques \u00ab\u00a0trop grosses pour \u00eatre g\u00e9r\u00e9es\u00a0\u00bb devrait durer encore longtemps avec pour objectif ultime de ne pas appeler les \u00c9tats (et donc les citoyens) en cas de faillite mais bien leurs cr\u00e9anciers.<\/p>\n

Les banques doivent donc, au-del\u00e0 des calculs et simulations sur l\u2019optimisation de leur capital r\u00e9glementaire, \u00e9tudier les impacts et changements structurels sur leur gouvernance et organisation, leurs relations avec leurs investisseurs, les possibilit\u00e9s offertes par les nouveaux instruments financiers, la compatibilit\u00e9 de leurs activit\u00e9s avec ces nouvelles r\u00e9glementations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Le 10 novembre dernier, le Conseil de Stabilit\u00e9 Financi\u00e8re (CSF ou FSB) publiait un document consultatif intitul\u00e9 \u00ab Adequacy of loss-absorbing capacity of global systemically important banks in resolution\u00a0\u00bb. Ce dernier fait mention de l\u2019instauration d\u2019un nouveau ratio appel\u00e9 TLAC…<\/p>\n","protected":false},"author":971,"featured_media":7801,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"page-templates\/tmpl-one.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1729],"tags":[533,2357,2356],"coauthors":[2363,2364],"class_list":["post-7790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banque","tag-banque","tag-banque-systemique","tag-tlac"],"acf":[],"yoast_head":"\nLe TLAC s\u2019attaque au mod\u00e8le bancaire - RiskInsight<\/title>\n<meta name=\"description\" content=\"Instauration d\u2019un nouveau ratio appel\u00e9 TLAC (Total Loss Absorbing Capacity) visant \u00e0 mesurer la capacit\u00e9 d\u2019absorption des pertes financi\u00e8res.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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