期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：This study examines the European Commission’s 2011 call for advice to the European Insuranceand Occupational Pensions Authority (EIOPA) on the improvement of the Institutions forOccupational Retirement Provision (IORP) Directive (the “IORP Directive”). Specifically, it usesboth the EIOPA final advice to the Commission and its quantitative impact study as a basis foranswering the following questions: first, what would be the likely impact of the changes proposedto the IORP Directive, in particular minimum solvency requirements, the introduction of risk-basedsolvency capital requirements, on IORP investment strategies in the short and long term? Second,what would be the impact, if any, of these proposals on financial stability, in particular as regardspossible pro-cyclical IORP investment behaviour?The main findings of the study are that the proposed solvency capital requirement framework couldlead to IORPs shifting their investment allocations towards a greater proportion of “low-risk” assetclasses. However, the impact is likely to vary extensively across EU countries, in line with nationalpension legislation, demographic profiles, the macro-financial situation and cultural preferences.Nevertheless, the study finds some empirical support to suggest that even the announcement ofthe proposed revisions, which have in the meantime been deferred, may already have led to somede-risking of some IORPs. Furthermore, some pro-cyclicality of IORPs’ investment strategiescould be expected should these proposals be adopted, although the exact outcomes will depend ontheir precise calibration, especially regarding counter-cyclical adjustments.
关键词：Financial regulation; financial stability; Institutions for Occupational Retirement;Provision
