3rd Meeting of the Competitiveness Lab

Saatja: "Axel Mertes" <[email protected]> Saaja: "Kabinet MFIN" <[email protected]>, "Mirna Jurčić" <[email protected]>, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], "Thomas Auväärt - RAM" <[email protected]>, "Keit Pillak-Järv - RAM" <[email protected]>, "Info - RAM" <[email protected]>, "MEFSIN SP" <[email protected]>, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], "FI secretariat-ministre" <[email protected]>, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], "PEIXOTO Lidia" <[email protected]>, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] Teema: 3rd Meeting of the Competitiveness Lab - Luxembourg – Agenda and Documents Kuupäev: 2025-10-03 16:33 Tähelepanu! Tegemist on välisvõrgust saabunud kirjaga. Tundmatu saatja korral palume linke ja faile mitte avada. Dear Ministers, Dear Colleagues, Please find attached the annotated agenda and accompanying documents for the third meeting of the European Competitiveness Lab. Sincerely, LE GOUVERNEMENT DU GRAND-DUCHÉ DE LUXEMBOURG Ministère des Finances Direction « Services Financiers, stabilité financière et cadre réglementaire de la Place financière » 3, rue de la Congrégation L-2931 Luxembourg Tél. (+352) 247-72651 STRE NGTHENING THE SAVINGS AND INVESTMENT UNION THROUGH A EUROPEAN SECURITISATION PLATFORM Mobilising the private capital needed to finance the green and digital transition of the EU economy requires harnessing the full potential of securitisation, with a particular focus on improving access to finance for SMEs across Europe. The securitisation market is globally experiencing growth, but unevenly. Indeed, while other major securitisation markets have rebounded strongly since the Global Financial Crisis, the EU securitisation market does not reap its full potential. The divergent evolution of the securitisation market in the EU compared to other jurisdictions is the result of many factors, but the regulatory approach has been a key determinant. We therefore welcome the objectives of the Commission’s comprehensive legislative proposal to amend the regulatory framework for securitisation. However, it remains broadly silent on one other major obstacle to the development of the EU securitisation market, namely its uneven development and concentration in a limited number of countries. The limited cross-border nature of securitisation in Europe is largely due to legal barriers that hinder the pooling of assets from different Member States. It is particularly challenging for originators from smaller Member States to assemble asset pools of sufficient size to make securitisation economically viable. In this context, a European Securitisation Platform could be a valuable complement to the reform of the regulatory and prudential framework, by incentivising the standardisation of processes across jurisdictions. By promoting greater homogeneity and reducing fragmentation, such a platform could significantly strengthen the European securitisation market. On the demand side, it could help foster investor confidence by supporting more standardised securitisation structures and underlying assets. On the supply side, it would allow originators to benefit from cost-sharing and reduced operational complexity, something particularly beneficial for small and medium-sized institutions that are currently left out of the market. Additionally, it could be explored whether and how a platform could play a role in enabling pan-European securitisations, helping to overcome the legal barriers that hinder the direct pooling of loans originated in different Member States, first and foremost for those smaller Member States whose banks and real economy so far do not profit from the EU securitisation market. One possibility to be discussed in this regard could be a targeted widening of the exemption on re-securitization for positions securitized through the platform, within the concept of legitimate purposes already embedded in Article 8(5) Securitisation Regulation and with the necessary safeguards to avoid negative impacts on financial stability. The discussion on the creation of a European Securitisation Platform could take place within the European Competitiveness Lab amongst willing Member States, independent of the review of the regulatory framework and without prejudice to any ideas linking platform solutions with public guarantees. Given the magnitude of this project, driving it forward may require a public-private collaboration effort, with the industry taking a leading role in the discussions. As potential beneficiaries of the platform, the industry itself should clearly set out the need for it, its potential viability, set-up and use, the regulatory changes required for its establishment, and a cost estimation. It will also be worth exploring the active participation of other actors with experience in the securitisation market, such as the European Investment Bank, or national promotional banks. Questions for discussion • Do you agree that the European Securitisation Platform is an initiative worth exploring? Would you be interested in joining work on this initiative within the European Competitiveness Lab? • How would you envisage the role of Ministries and other potential participants, such as national promotional banks or the banking sector in setting up this European platform? • Do you agree that the project should be advanced through a public-private effort, while also exploring the participation of other actors such as the European Investment Bank or national promotional banks? ANNOTATED AGENDA EUROPEAN COMPETITIVENESS LAB 09 October 2025 Sofitel Luxembourg Europe, 6 rue du Fort Niedergrünewald, L-2226 Luxembourg 1. 11h45 - 12h15 | Arrival of delegations – Welcome by the Minister of Finance of Luxembourg and the Minister for the Economy, Trade and Business of Spain Welcome drink - Family picture 2. 12h15 – 14h00 | Working Lunch A. Opening remarks from the Minister of Finance of Luxembourg B. Address by the Commissioner Maria-Luís Albuquerque C. Follow-up on the Label “Finance Europe” The French delegation will provide an update on the state of play of the Label “Finance Europe”. Ministers and Heads of delegations will be invited to provide insights on the steps undertaken in view of the national implementation of the Label. D. Introduction from the Minister of Economy, Trade and Enterprise of Spain on new initiatives for the European Competitiveness Lab to be followed by discussion among ministers Delegations will be invited to highlight any proposal for new initiatives they may have for the European Competitiveness Lab. The Spanish delegation will present a joint concept note on a proposed European securitisation platform. Additionally, as next steps, it will propose a broader scope for the Competitiveness Lab, bringing forward proposals for Single Market integration beyond capital markets. Document: “Strengthening the Savings and Investment Union through a European Securitisation Platform” 3. 14h00 | End of the meeting EUROPEAN COMPETITIVENESS LAB 09 October 2025 Sofitel Luxembourg Europe Practical instructions for arrivals and departures Thursday, 9th October 2025 11h45-12h15 Arrival of the delegations at the Sofitel Luxembourg Europe The Sofitel is located on the other side of avenue John F. Kennedy, directly opposite the European Convention Center Luxembourg. Access for the delegations’ cars will be via the rear of the hotel, through the one-way street rue Johannes Kepler, L-2226 Luxembourg (please see map below). Delegations will disembark at the rear entrance of the hotel on the ground floor. They will be received individually by protocol officers and accompanied through the staircase to the Salon Vendôme on the first floor. Ministers and heads of delegation will be welcomed by the Minister of Finance of Luxembourg and the Minister for the Economy, Trade and Business of Spain with a photo opportunity. A Welcome drink will take place in the Salon Vendôme. Family photo 12h15-14h00 The Working lunch will take place in the Salon Faubourg Saint Honoré. 14h00 Departure of delegations from the Sofitel Luxembourg Europe Delegations’ cars may organise pick-up of officials using the same access as for arrivals (via rue Johannes Kepler, L-2226 Luxembourg) or through the parking next to the front entrance of the Sofitel. The European Conference Center Luxembourg is at a walking distance.  Useful phone numbers Mr. Daniel FEYPEL, Deputy Chief of Protocol +352 621 569 452 Mr. Jean-Marc REDING, Protocol Agent +352 621 780 561 Ms. Jil REDING, Protocol Agent +352 691 218 082 Ms. Christina PINTO, Counsellor, Ministry of Finance +352 621 493 124 Ms. Loreline FEITE, Hotel Sofitel Luxembourg Europe +352 661 210 285 Access map to Sofitel Please find below the link to a detailed interactive map: https://wherearewe.sofitelluxembourg.lu ECCL ECCL