Crédit Agricole S.A.

CA S.A.

Crédit Agricole S.A. is a major European bank and insurer serving over 54 million customers globally.

Lobbying Activity

Meeting with Stéphane Séjourné (Executive Vice-President) and

18 Dec 2025 · Competitiveness of the banking sector

Meeting with Almoro Rubin De Cervin (Head of Unit Financial Stability, Financial Services and Capital Markets Union) and AMUNDI AM

17 Dec 2025 · Banking issues

Meeting with Almoro Rubin De Cervin (Head of Unit Financial Stability, Financial Services and Capital Markets Union) and Fédération bancaire française and

27 Nov 2025 · Securitisation issues

Meeting with Isabelle Perignon (Director Justice and Consumers)

13 Nov 2025 · Exchange of views on the Consumer Credit Directive and Distance marketing of financial services

Meeting with Eero Heinäluoma (Member of the European Parliament, Shadow rapporteur) and Securities Industry and Financial Markets Association

10 Nov 2025 · Securitisation

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur)

28 Oct 2025 · Retail investment strategy

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur) and BNP PARIBAS and Société Générale

22 Oct 2025 · Securitisation

Meeting with Almoro Rubin De Cervin (Head of Unit Financial Stability, Financial Services and Capital Markets Union) and BNP PARIBAS and

2 Oct 2025 · Operational Risk

Meeting with Valdis Dombrovskis (Commissioner)

18 Sept 2025 · Digital euro and simplification

Meeting with Maria Luís Albuquerque (Commissioner) and

11 Sept 2025 · Exchange of views with EU financial institutions in Japan

Crédit Agricole urges lower capital charges for securitisation investments

5 Sept 2025
Message — The group requests lower capital requirements for insurers to encourage securitisation market growth. They propose aligning risk treatment for specific financial tranches with corporate and covered bonds. Better conditions for middle-tier tranches are needed to ensure investment operations remain profitable.123
Why — Reduced regulatory charges would unlock capital and improve the profitability of their investment operations.45
Impact — Retail investment funds lose expanded flexibility as the bank opposes changing existing directive limits.6

Crédit Agricole Group urges broader liquidity status for securitisations

15 Jul 2025
Message — The bank requests reclassifying high-quality securitisations into the most liquid asset categories. They also propose including non-STS conduits and reducing haircut rates for senior tranches. These changes aim to remove regulatory constraints and stimulate market activity.123
Why — This would reduce balance sheet constraints and increase the group's financing capacity.4

Crédit Agricole supports EU investment accounts with tax incentives

8 Jul 2025
Message — The group suggests a wrapper model for countries lacking options, emphasizing that tax relief is essential. They propose excluding crypto-assets while requiring the account to include a constraint to investment in the EU.1234
Why — Promoting French-style tax incentives helps the bank export its established investment product models.56
Impact — Global financial hubs lose as tax benefits are restricted to investments within the European Union.7

Crédit Agricole Urges Simplified EU Sustainable Finance Categories

28 May 2025
Message — The organization calls for simplifying pre-contractual documents to three pages and replacing current classifications with three new categories. They also recommend including structured products within the official disclosure framework to ensure regulatory consistency. Finally, they suggest clarifying technical definitions to prevent products from being downgraded.123
Why — Standardized rules would reduce the current legal and regulatory risks faced by manufacturers and distributors.4
Impact — Non-ESG financial products would be strictly prohibited from marketing any sustainability or transition characteristics.5

Meeting with Damian Boeselager (Member of the European Parliament) and BNP PARIBAS and

15 Apr 2025 · French Economy

Meeting with Markus Ferber (Member of the European Parliament)

11 Apr 2025 · Banking sector's priorities

Crédit Agricole Group seeks risk-sensitive and proportionate securitisation rules

26 Mar 2025
Message — Adjust capital and liquidity requirements to better reflect actual asset risks. Lower risk weight floors and permanently decrease the p-factor for calculations. Streamline reporting requirements for public and private transactions.123
Why — Reduced capital charges and regulatory burdens would unlock significant lending capacity.4

Meeting with Martin Merlin (Director Financial Stability, Financial Services and Capital Markets Union)

19 Mar 2025 · Discussion on SIU, RIS and competitiveness

Crédit Agricole supports permanent lower capital requirements for repos

7 Mar 2025
Message — The bank supports keeping lower funding requirements for short-term lending transactions permanently. They urge a legislative proposal before June 2025 to prevent market instability.12
Why — This avoids increased costs and prevents EU banks from facing an unfair international disadvantage.34
Impact — Government debt markets would suffer from reduced liquidity and higher prices for underlying securities.56

Response to Savings and Investments Union

7 Mar 2025

Crédit Agricole Group warmly welcomes the SIU initiative which shows a strong awareness from policy makers on the major issues at stake that the EU will have to handle, namely 1) the development of concrete and viable economic projects to transit towards a more sustainable, connected and safer society, and 2) the improvement of the necessary financing tools in support of those projects. As very well explained by Enrico Letta and Mario Draghi in their reports, it is now time to better bridge savings and investments. To do so, Crédit Agricole suggests the following: Unleashing the investment capacity of institutional investors in making the prudential framework more risk sensitive and proportionate to the rules of our non-EU competitors. We also believe that a true banking union, without obstacle to the free circulation of financial institutions, would help in making economies of scale and emerging European champions in capacity to compete with their non-EU peers. Responding to the diversity of retail investors needs is the best way to attract new investors and incentivise current ones to be more committed in markets. To do so, it is paramount to preserve the diversity of banking models in Europe as this would ensure the diversity of products and services needed by investors. The current retail investment strategy is completely missing its target. In its current form, it should be terminated in favour of a more practical approach, firmly directed towards investment in European projects. Facilitating convergences in market infrastructures for matters of economies of scales, access to market data, innovation and liquidity. T2S is a very good example of solutions against the fragmentation of the European markets and therefore must be reinforced. Reforming ESAs mandate and governance and ensuring more convergence. CA believes that the competitiveness aspect must be better entrenched into ESAs workstreams. ESMA should also be more agile to better align with the time to market. From a more general perspective, better supervisory convergence at least for European groups is an absolute necessity. Simplifying transparency and reporting obligations when possible and proportionate. If there would have been any proposal on an EU label for products/financial instruments, Crédit Agricole suggests to start from existing national initiatives and introduce aspects of EU harmonisation based on the following principles: Such label should facilitate long-term investments on a vast universe of products or instruments (not only simple and low-cost vehicles); Tax relief is essential to incentivise investors to commit; The label must serve the European financing needs by at least directing investments predominantly towards European economic assets; The by-default management option should be guided-management. For more details about those proposals, please refer to the document attached.
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Meeting with Nadine Morano (Member of the European Parliament)

6 Mar 2025 · Lutte contre le blanchiment d'argent

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

19 Feb 2025 · CMDI

Meeting with Nicolo Brignoli (Cabinet of Commissioner Valdis Dombrovskis)

14 Feb 2025 · Simplification, Omnibus

Meeting with Vincent Hurkens (Cabinet of Executive Vice-President Stéphane Séjourné)

4 Feb 2025 · Simplification, competitiveness

Meeting with Luděk Niedermayer (Member of the European Parliament, Rapporteur)

26 Nov 2024 · CMDI package

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament)

17 Oct 2024 · Capital Market Union

Meeting with Christophe Gomart (Member of the European Parliament)

14 Oct 2024 · Prise de contact

Meeting with Mairead McGuinness (Commissioner) and

10 Sept 2024 · High-level executive roundtable: preventing the circumvention of EU sanctions on sensitive goods.

Meeting with Valdis Dombrovskis (Executive Vice-President) and BUSINESSEUROPE and

10 Sept 2024 · Preventing the circumvention of EU sanctions on sensitive goods

Meeting with Stephanie Riso (Director-General Budget)

24 May 2024 · Investors’ interest and frequently asked questions regarding EU bond issuances, diversifying EU bonds’ investor base. Future investor events organised by Crédit Agricole

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur)

13 Mar 2024 · retail investment strategy

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur) and Association Française de la Gestion financière and Association Française des Marchés Financiers

21 Feb 2024 · Retail investment Strategy

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur)

12 Feb 2024 · Retail investment Strategy

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

9 Feb 2024 · Digital euro

Meeting with Laurence Sailliet (Member of the European Parliament)

9 Feb 2024 · RIS

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

19 Dec 2023 · CMDI

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur)

16 Nov 2023 · Retail investment Strategy

Meeting with Gilles Boyer (Member of the European Parliament)

13 Oct 2023 · ESG ratings

Meeting with Pascal Canfin (Member of the European Parliament)

27 Sept 2023 · Green Deal

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur) and European Federation of Building Societies

21 Sept 2023 · CMDI

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament, Rapporteur)

15 Sept 2023 · Retail investment strategy

Meeting with Florian Denis (Cabinet of Commissioner Mairead Mcguinness)

14 Sept 2023 · Retail Investment Strategy (RIS), Digital Euro

Response to Establishing the digital euro

8 Sept 2023

The digital euro will put pressure on bank funding and have a significant impact on lending capacity and the cost of credit for households and businesses. As the legislative process gets underway, the debate should focus on the need for a digital euro and its long-term implications. The digital euro would entail major investments for the ECB and, consequently, public debt. We believe that these costs should be assessed before a decision is taken to launch the digital euro. At the same time, all intermediaries (PSPs, merchants, etc.) will incur significant costs to support the build and the run of new infrastructures. These costs will be added to ongoing and unavoidable expenditure. This will be to the detriment of issues that are considered priorities, such as the technological innovation needed to catch up with other players (GAFAM). The Crédit Agricole Group takes note of the European Commission's intention to: - authorise the holding of one or more "wallets" per citizen in several establishments - not allow the digital euro to bear interest (Article 16.8). The ban on interest must be universal and firmly anchored for the future. The digital euro must be economically attractive for all stakeholders. The Eurosystem could create a competitive cost advantage over other payment methods by replacing European payment solutions and facilitating the market entry of non-European platforms through the provision of infrastructure. Such an approach would jeopardise the objective of European sovereignty in payments. For our detailed view on the proposal, please see the attached document.
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Response to Banking Union: Review of the bank crisis management and deposit insurance framework (DGSD review)

31 Aug 2023

On April 18th, the European Commission presented four new legislative proposals with an aim to reinforce the European Unions crisis management and deposit insurance (CMDI) framework. Over the last decade, significant improvements have been achieved as banks have built up Minimum Requirements for Own funds and Eligible Liabilities (MREL) and Total Loss Absorption Capacity (TLAC) buffers. The Single Resolution Fund (SRF), a sector-wide safety net has reached its final milestone by finalising its build-up. The CMDI package includes further steps in the good direction, most notably through the extension of PIA assessments and their harmonisation, as well as the harmonisation of the least cost test (LCT). However, we have several concerns regarding the direction chosen by the European Commission. MREL should remain the first line of defence. All institutions earmarked for resolution need to have sufficient levels of loss-absorption MREL buffers. The package should not build disincentives to comply with this norm, as we believe it is the case with the so-called DGS bridge. The proposals may be strengthened concerning early intervention by authorities. Earlier intervention mitigates the risk of deterioration of the net asset value of the distressed bank up to the point where third-party funds are needed to finance the resolution. The modifications to the creditor hierarchy (depositor preference and single tier for all deposits) are unwarranted in our view and in light of the consequences it would bring, from increased pressure on DGSs to impact in terms of ratings for senior unsecured debt. The attached document contains our detailed comments.
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Crédit Agricole warns retail investment reforms threaten affordable advice

28 Aug 2023
Message — The bank opposes the ban on third-party payments for portfolio management and non-advised sales, and the review clause that would extend the ban to advised services. They argue best interest obligations would make recommendations purely price-oriented rather than including qualitative services. They call for measures that preserve the diversity of investment models in Europe.123
Why — This would allow them to continue receiving third-party payments and maintain their current advice model.45
Impact — Mainstream customers lose access to personalized advice as banks reduce branches and advisors.67

Meeting with Pedro Marques (Member of the European Parliament, Rapporteur)

19 Jul 2023 · CMDI

Meeting with Mairead McGuinness (Commissioner) and

18 Jul 2023 · Distribution of Retail financial products

Meeting with Jérémy Decerle (Member of the European Parliament)

4 Jul 2023 · Carbon farming

Meeting with Pascal Canfin (Member of the European Parliament)

4 Jul 2023 · Green Deal

Meeting with Cristina Rueda Catry (Cabinet of Executive Vice-President Valdis Dombrovskis)

22 Jun 2023 · State of play of the FTA negotiations

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

16 May 2023 · EUGB

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur) and Banking Payments Federation Ireland

27 Apr 2023 · CRR3

Meeting with Pascal Canfin (Member of the European Parliament)

5 Apr 2023 · Green finance

Meeting with Mairead McGuinness (Commissioner) and

28 Mar 2023 · Round-Table on Digital Euro (with EVP Dombrovskis and DG FISMA)

Meeting with Aurore Lalucq (Member of the European Parliament, Shadow rapporteur) and APCO Worldwide

10 Mar 2023 · EMIR 3.0

Meeting with Florian Denis (Cabinet of Commissioner Mairead Mcguinness)

3 Mar 2023 · digital euro, Capital Markets Union, retail services

Meeting with Esther De Lange (Member of the European Parliament)

22 Feb 2023 · CMDI review - APA

Meeting with Aliénor Margerit (Cabinet of Commissioner Paolo Gentiloni)

16 Feb 2023 · Retail Investment Strategy

Meeting with Valeria Miceli (Cabinet of President Ursula von der Leyen)

15 Feb 2023 · CA shared their concerns in relation to the following topics: 1) RIS and in particular the ban on inducements 2) CMDI proposal

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur) and Deutsche Bank AG

12 Jan 2023 · CRR3

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

10 Jan 2023 · CRR3 (staff)

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

9 Dec 2022 · EUGB (staff)

Meeting with Pedro Marques (Member of the European Parliament, Shadow rapporteur)

24 Nov 2022 · AMLA

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

21 Nov 2022 · CRR3 (staff)

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

17 Oct 2022 · CRR3 (staff)

Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis), Michael Hager (Cabinet of Executive Vice-President Valdis Dombrovskis)

12 Oct 2022 · Banking Union

Meeting with Valeria Miceli (Cabinet of President Ursula von der Leyen)

12 Oct 2022 · 1) Bank Crisis management Deposit Insurance proposal 2) negotiations on the Basel proposal 3) Sustainable finance agenda 4) Digital euro set up

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur) and Société Générale

8 Sept 2022 · CRR3 (staff)

Meeting with Mairead McGuinness (Commissioner) and

8 Sept 2022 · Basel III

Meeting with Alfred Sant (Member of the European Parliament)

5 Jul 2022 · Staff-level meeting on Banking package

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

22 Jun 2022 · CRR

Meeting with Stéphanie Yon-Courtin (Member of the European Parliament)

1 Jun 2022 · MiFiD MiFiR

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

4 Apr 2022 · EUGB (staff)

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur) and Fédération bancaire française

11 Mar 2022 · EUGB (staff)

Meeting with Gilles Boyer (Member of the European Parliament, Shadow rapporteur)

16 Feb 2022 · EUGB (staff)

Meeting with Thierry Breton (Commissioner) and

24 Jan 2022 · Les particularités européennes des modes de financement de l’économie

Meeting with Jonás Fernández (Member of the European Parliament, Rapporteur)

5 Jan 2022 · EU Banking Package 2021

Meeting with Pascal Canfin (Member of the European Parliament)

16 Dec 2021 · Green finance

Meeting with Gert Jan Koopman (Director-General Budget)

2 Dec 2021 · NGEU

Meeting with Pascal Canfin (Member of the European Parliament)

25 Nov 2021 · Green finance

Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis), Michael Hager (Cabinet of Executive Vice-President Valdis Dombrovskis) and

19 Oct 2021 · Basel III implementation

Meeting with Gert Jan Koopman (Director-General Budget)

14 Oct 2021 · Next Generation EU

Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis)

13 Oct 2021 · Basel III

Meeting with Valdis Dombrovskis (Executive Vice-President) and Deutsche Bank AG and

23 Sept 2021 · Economic recovery; Situation of the EU financial sector; sustainable finance

Meeting with Tommy De Temmerman (Cabinet of Commissioner Mairead Mcguinness)

29 Jun 2021 · Basel III

Response to Commission Delegated Regulation on taxonomy-alignment of undertakings reporting non-financial information

2 Jun 2021

We welcome the flexibility proposed by the Commission for the 1st disclosure in 2022 while disclosure of the full ratios would apply in 2023. However, financial institutions will not have the data of their counterparties to feed their own ratios for the 2023 disclosure. A one-year delay between the disclosure of non-financial companies and that of financial institutions is needed whereby financial institutions would start disclosing their Article 8 ratios in 2024. Symmetrical numerator and denominator is essential to ensure methodological consistency in the calculation and comparability of the Art. 8 ratios. However the Commission has proposed different numerator and denominator for the GAR. This will create ratios which are hardly comparable across financial institutions and which can never reach 100%. The GAR should be defined as Taxonomy-aligned financing / Taxonomy-eligible assets and the assets which the Commission proposes to exclude from the numerator should also be excluded from the denominator: derivatives; trading book; interbank on-demand loans; and non-NFRD companies. For consistency purposes the same approach should apply for asset managers and insurers (cf responses of the French Insurance Federation and EFAMA). It should be clarified that the 1st of the 5 reporting periods referred to in art. 9(3) is 2022. A retroactive application would not be feasible as the taxonomy is not applicable before 1 January 2022. Financial institutions can only start constituting a stock of taxonomy-aligned exposures using the flows from 1 January 2022. This does not prevent financial institutions to disclose their phased-in ratios and their fully loaded ratios. The green asset/investment ratios of financial institutions should not be restated to reflect the progressive evolution of the TSC. This is important for contractual reasons and legal certainty; operationally it would not be possible to reassess all our portfolios whenever the TSC are revised; it may disincentivise companies to quickly start investing to comply with the taxonomy if their investment may become unsustainable along the way. For assets which may not be Taxonomy-aligned at the inception of the financing operation, credit institutions should be allowed to reassess their GAR based on the assets changing their Taxonomy-alignment status overtime. This is about one-time situations and not about reassessing the entire stock, and the information would come from the client. The asset would be requalified and accounted in the GAR from the year it becomes taxonomy-aligned. We support the Commission proposal to limit the scope of entities to NFRD-companies. This is the only way to ensure information is available, regulated, audited and therefore comparable and reliable. But the inclusion of SMEs that provide data on a voluntary basis as of 2024 is not aligned with the Commission proposal on the CSRD neither in scope nor in time (in the proposed CSRD listed SMEs would fall under the CSRD and other SMEs would report on a voluntary basis but based on a common standard and not before 2027 at the earliest). We ask for SMEs to be excluded from the GAR until the review foreseen in art. 10 of the draft DA is done and consistency with the CSRD can be ensured. This should not prevent banks from disclosing their SME KPI next to their GAR. When a sustainability-linked loan/bond is based on a company’s transition path that is compatible with the Taxonomy the DA should explicitly provide for that SLL/SLB to partially count towards the GAR. To promote that tool which incentivises companies to meet their taxonomy-aligned KPIs SLL/SLB exposures banks could count eg 1.5 times the company’s taxonomy-aligned turnover. The implementation of the Trading Book and Fees & Commissions KPIs is premature. Their added-value to clients/investors is unclear. These metrics would increase the complexity of the Taxonomy disclosures and lead to inconsistent understandings among market participants.
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Meeting with Andrea Beltramello (Cabinet of Executive Vice-President Valdis Dombrovskis), Michael Hager (Cabinet of Executive Vice-President Valdis Dombrovskis) and

1 Jun 2021 · Current issues in finance services policy

Meeting with Filip Alexandru Negreanu Arboreanu (Cabinet of Commissioner Adina Vălean)

4 May 2021 · Implementing the December 2017 Basel agreement into EU law

Meeting with Gert Jan Koopman (Director-General Budget)

23 Apr 2021 · Next Generation EU

Meeting with Gert Jan Koopman (Director-General Budget)

24 Feb 2021 · Next Generation EU

Meeting with Tommy De Temmerman (Cabinet of Commissioner Mairead Mcguinness)

20 Jan 2021 · Basel III

Meeting with Gert Jan Koopman (Director-General Budget)

17 Nov 2020 · Green Bonds

Meeting with John Berrigan (Director-General Financial Stability, Financial Services and Capital Markets Union)

27 Oct 2020 · The cumulative impact of Basel IV and the covid-19 crisis

Meeting with Gert Jan Koopman (Director-General Budget)

16 Oct 2020 · forthcoming IMF meetings

Meeting with Olivier Guersent (Director-General Competition)

3 Sept 2020 · Discussion on recovery fund

Meeting with Jérome Deslandes (Cabinet of Executive Vice-President Valdis Dombrovskis), Michael Hager (Cabinet of Executive Vice-President Valdis Dombrovskis) and

21 Jan 2020 · Implementation of Basel III; Banking Union; Deposit Guarantee Scheme

Meeting with Paulina Dejmek Hack (Cabinet of President Jean-Claude Juncker)

16 May 2019 · Future challenges in EU banking legislation

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

4 Apr 2019 · Finalisation of Basel and FRTB, IFRS 9 and 17.

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

11 Sept 2018 · sustainable finance, common thematic budget, 3. European safe assets

Meeting with Andrea Beltramello (Cabinet of Vice-President Valdis Dombrovskis)

22 Mar 2018 · Solvency II - IFRS 17

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

14 Sept 2017 · Dividendes majorés et intérêts minoritaires, proportionnalité, révision d'EMIR, révision des ESAs

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

6 Apr 2017 · Exchange of views

Meeting with Michel Barnier (Head of Task Force Task Force for Relations with the United Kingdom)

22 Feb 2017 · Meeting with the Task Force for the Preparation and Conduct of the Negotiations with the United Kingdom under Article 50 TEU

Meeting with Tatyana Panova (Cabinet of Vice-President Valdis Dombrovskis)

1 Feb 2017 · CMU, EMIR

Meeting with Jan Ceyssens (Cabinet of Vice-President Valdis Dombrovskis) and Deutsche Bank AG and

10 Oct 2016 · CRR; CMU; TLAC

Meeting with Olivier Guersent (Director-General Financial Stability, Financial Services and Capital Markets Union)

23 Jun 2016 · Les travaux en cours au niveau du Comité de Bâle

Meeting with Paulina Dejmek Hack (Cabinet of President Jean-Claude Juncker)

15 Jun 2016 · EDIS