Table Of Content

Title  Page   Lobbying  in  the  European  regulatory   arena:  a  study  of  banks  and  the   European  Banking  Authority           John-­‐Paul  Salter     University  College  London  (UCL)         Submitted  for  the  Degree  of  Doctor  of  Philosophy  in   Political  Science Declaration     I,  John-­‐Paul  Salter,  confirm  that  the  work  presented  in  this  thesis  is  my  own.   Where  information  has  been  derived  from  other  sources,  I  can  confirm  that  this   has  been  indicated  in  the  thesis.       John-­‐Paul  Salter           2 Abstract   Extant  studies  of  lobbying  in  the  European  Union  (EU)  by  private  actors  have   focused  on  the  legislative  arena:  how  such  actors  target  the  Commission,  or  the   Parliament.   These   works   have   generally   considered   lobbyists   as  uniform  transnational  capitalist  actors,  seeking  to  extend  the  reach,  or  depth,   of  the  single  market.    Recent  advances  in  supranational  institutional  capacity   have  begun  to  create  a  ‘single  European  regulatory  space’  (Levi-­‐Faur,  2011),   through  which  the  EU  now  seeks  to  achieve  market  delivery.  However,  to  date   there  has  been  little  study  of  how  private  actors  lobby  this  new  institutional   venue.         Using   the   example   of   the   European   Banking   Authority   (EBA)   –   one   of   the   regulatory  institutions  in  this  new  arena  –  this  thesis  examines  the  patterns  in   lobbying  behaviour.  It  takes  the  cases  of  British  and  German  banks,  and  uses  the   notion   of   durable   variations   in   domestic   contexts   to   account   for  differences   in  their  lobbying  activities.  This  approach  draws  on  the  work  of  Hall  and  Soskice   (2001),   and   posits   that   domestic   financial   systems   and   their   associated   regulatory   regimes   shape   lobbying   in   the   European   regulatory   arena.  These   features  of  the  national  landscapes  condition  banks’  holding,  and  deployment,   of  lobbying  resources;  and  shape  their  beliefs  about  European  bank  regulation  -­‐  meaning  that  banks  engage  essentially  as  national  capitalist  actors.     The  thesis  uses  a  variety  of  qualitative  data  to  investigate  these  activities  and   their  roots.  The  findings  show  that  banks’  lobbying  behaviours  can  be  seen  to   remain  grounded  in  their  national  contexts;  and  in  turn  that  the  strength  of  these   domestic   institutional   and   ideational   structures   mean   that   a   great   deal   of   lobbying  remains  distinctly  national,  even  where  directed  at  a  supranational   venue.  Targeting  of  the  EBA  is  fragmented  and  contingent.           3 Title  Page  ..............................................................................................................................  1   Declaration  ..........................................................................................................................  2   Abstract  .................................................................................................................................  3   List  of  Tables  .......................................................................................................................  8   List  of  Figures  ......................................................................................................................  9   List  of  Abbreviations  .....................................................................................................  10   Acknowledgements  ........................................................................................................  12     Chapter  1:  Introduction  ................................................................................................  14   1.1:  Introduction  .......................................................................................................................  14   1.2:  Setting  the  scene  ..............................................................................................................  16   1.2.1:  Identifying  the  research  opportunity  ...............................................................................  16   1.2.2:  Rationales  for  the  study  .........................................................................................................  20   1.3:  Answering  the  research  question  ..............................................................................  23   1.3.1:  The  theoretical  approach  ......................................................................................................  23   1.3.2:  The  variables  and  hypotheses  .............................................................................................  23   1.3.3:  Data  and  methods  .....................................................................................................................  25   1.4:  Empirical  findings  ............................................................................................................  26     Chapter  2:  Theoretical  framework  ...........................................................................  28   2.1:  Introduction  .......................................................................................................................  28   2.2:  Interest  groups  in  the  European  Union  ....................................................................  30   2.2.1:  Thematic  review  of  the  literature  ......................................................................................  30   2.2.2:  Components  ................................................................................................................................  32   2.2.3:  Summary  ......................................................................................................................................  37   2.3:  Developing  the  research  question  .............................................................................  38   2.3.1:  National  origins  .........................................................................................................................  39   2.3.2:  European  regulatory  governance  ......................................................................................  41   2.3.3:  Developing  the  research  question  .....................................................................................  44   2.3.4:  The  organising  theory  .............................................................................................................  45   2.4:  The  origins  of  variety  .....................................................................................................  46   2.4.1:  Varieties  of  financial  system  ................................................................................................  46     4 2.4.2:  Varieties  of  regulatory  paradigm  .......................................................................................  49   2.4.3:  Summary  ......................................................................................................................................  53   2.5:  The  theoretical  model  ....................................................................................................  54   2.5.1:  The  ‘varieties  of  financial  capitalism’  approach  ..........................................................  54   2.5.2:  The  ‘varieties  of  regulatory  paradigm’  approach  .......................................................  58   2.5.3:  The  interaction  effect  ..............................................................................................................  61   2.6:  Conclusion  ..........................................................................................................................  62     Chapter  3:  Research  design  .........................................................................................  63   3.1:  Introduction  .......................................................................................................................  63   3.2:  Methodology  ......................................................................................................................  64   3.3:  Research  design  ................................................................................................................  67   3.3.1:  Casing  .............................................................................................................................................  67   3.3.2:  Choosing  the  cases  ...................................................................................................................  70   3.3.3:  Embedded  case  selection  ......................................................................................................  73   3.4:  Variables  and  hypotheses  .............................................................................................  73   3.4.1:  Dependent  variable  ..................................................................................................................  74   3.4.2:  Independent  variables  ............................................................................................................  75   3.4.3:  Hypotheses  ..................................................................................................................................  78   3.5:  Data  .......................................................................................................................................  79   3.5.1:  Data  sets  and  sources  ..............................................................................................................  80   3.5.2:  Interview  procedure  ................................................................................................................  83   3.5.3:  Analysis  .........................................................................................................................................  85   3.6:  Conclusion  ..........................................................................................................................  89     Chapter  4:  Context  ..........................................................................................................  90   4.1:  Introduction  .......................................................................................................................  90   4.2:  Banking  sectors  and  regulatory  regimes:  Reprising  the  theory  ......................  91   4.2.1:  Financial  systems  and  banking  sectors  ...........................................................................  91   4.2.2:  Regulatory  regimes  ..................................................................................................................  94   4.2.3:  Summary  ......................................................................................................................................  95   4.3:  The  Banking  sectors  ........................................................................................................  96   4.3.1:  The  British  banking  sector  ....................................................................................................  96   4.3.2:  The  German  banking  sector  ..............................................................................................  100   4.3.3:  Summary:  National  models  endure  ...............................................................................  104     5 4.4:  The  Regulatory  regimes  .............................................................................................  105   4.4.1:  Comparing  the  paradigms  ..................................................................................................  105   4.4.2:  The  British  regulatory  regime  ..........................................................................................  109   4.4.3:  The  German  regulatory  regime  .......................................................................................  111   4.4.4:  Summary:  Differences  remain  .........................................................................................  113   4.5:  The  European  context  .................................................................................................  114   4.5.1:  European  financial  regulation:  Legislation  ................................................................  115   4.5.2:  European  financial  regulation:  The  institutional  apparatus  ...............................  123   4.5.3:  Summary:  European  intentions  .......................................................................................  126   4.6:  Conclusion  .......................................................................................................................  128     Chapter  5:  Resources  ...................................................................................................  129   5.1:  Introduction  ....................................................................................................................  129   5.2:  Resources  reprised  ......................................................................................................  130   5.3:  The  large  banks  .............................................................................................................  132   5.3.1:  Resource  holdings  .................................................................................................................  132   5.3.2:  Testing  the  hypotheses:  how  the  resources  were  used  ........................................  136   5.3.3:  Trade  associations  .................................................................................................................  143   5.3.4:  A  review  of  the  large  banks  ...............................................................................................  147   5.4:  The  British  sector  .........................................................................................................  149   5.4.1:  The  domestic  retail  banks  ..................................................................................................  149   5.4.2:  The  building  societies  ..........................................................................................................  157   5.4.3:  A  review  of  the  British  sector  as  a  whole  ....................................................................  163   5.5:  The  German  sector  .......................................................................................................  168   5.5.1:  The  German  sector  and  its  resources  ...........................................................................  168   5.5.2:  The  German  peak  associations  ........................................................................................  170   5.5.3:  Testing  the  hypotheses:  how  the  resources  were  used  ........................................  173   5.5.4:  A  review  of  the  German  sector  as  a  whole  ..................................................................  179   5.6:  Conclusion  .......................................................................................................................  182     Chapter  6:  Preferences  ...............................................................................................  185   6.1:  Introduction  ....................................................................................................................  185   6.2:  Paradigms  reprised:  liberalism,  ordo-­‐liberalism  and  regulatory     liberalism  .................................................................................................................................  187   6.3:  The  British  sector  .........................................................................................................  190     6 6.3.1:  The  British  perspectives  on  bank  regulation  .............................................................  190   6.3.2:  The  large  banks  and  remuneration  ................................................................................  193   6.3.3:  The  building  societies  and  capital  ..................................................................................  202   6.3.4:  A  review  of  the  entire  UK  sector  .....................................................................................  213   6.4:  The  German  sector  .......................................................................................................  216   6.4.1:  The  German  perspectives  on  EU  bank  regulation  ...................................................  216   6.4.2:  The  large  banks  and  the  leverage  ratio  ........................................................................  219   6.4.3:  The  small  banks  and  SME  lending  ..................................................................................  227   6.4.4:  A  review  of  the  entire  German  sector  ...........................................................................  234   6.5:  Conclusion  .......................................................................................................................  236     Chapter  7:  Conclusions  ...............................................................................................  239   7.1:  Introduction  ....................................................................................................................  239   7.2:  Findings  ............................................................................................................................  241   7.2.1:  Contextual  findings  ...............................................................................................................  241   7.2.2:  Research  finding  1:  Resources  matter  ..........................................................................  244   7.2.3:  Research  finding  2:  Preferences  matter  .......................................................................  246   7.2.4:  Research  finding  3:  Interaction  effect  matters  .........................................................  249   7.3:  Broader  implications  ...................................................................................................  251   7.3.1:  European  regulatory  governance  ...................................................................................  251   7.3.2:  European  financial  sector  committees  .........................................................................  252   7.3.3:  Factions  in  European  financial  regulation  ..................................................................  252   7.4:  Limitations,  and  opportunities  for  future  study  ................................................  253   7.5:  Practical  implications  ..................................................................................................  255   7.6:  Concluding  remarks  .....................................................................................................  256     Appendices  .....................................................................................................................  258   Appendix  1:  Interview  script  .............................................................................................  258   Appendix  2:  List  of  Interviews  ..........................................................................................  260   References  ......................................................................................................................  263           7 List  of  Tables     Table  2.1   The  layers  of  the  regulatory  paradigm   52   Table  3.1   Examples  of  information  input   74   Table  3.2   Examples   of   material   coded   as   preferences   over   78   European  regulation   Table  3.3   Examples   of   questions   asked   in   EBA   consultation   80   papers   Table  3.4   Interviews  grouped  by  type   81   Table  3.5   Examples  of  themes  extracted  from  the  data   86   Table  5.1   Responses  to  EBA  consultations  by  large  British  and   139   German  banks,  2011-­‐15   Table  5.2   Responses  to  EBA  consultations  by  British  mid-­‐tier   151   banks,  2011-­‐15   Table  5.3   Responses  to  EBA  consultations  by  the  British   153   Bankers’  Association,  2011-­‐15   Table  5.4   Responses  to  EBA  consultations  by  British  building   160   societies  and  the  BSA,  2011-­‐15   Table  5.5   Summary  of  British  banks’  engagement  across  the   167   arenas   Table  5.6   References  to  a  ‘staged’  approach  to  lobbying   174   Table  5.7   Responses  to  EBA  consultations  by  German  peak   175   associations,  2011-­‐15   Table  5.8   Summary  of  German  banks’  engagement  across  the   181   arenas   Table  6.1   British  interviewees  references  to  ‘retrenchment’   192   Table  6.2   References  to  diversity  and  competition   210   Table  6.3   German  interviewees  references  to  ‘retrenchment’   219                 8 List  of  Figures   Figure  1.1   The  three  layers   20   Figure  2.1   Two  paths  to  access   44   Figure  2.2   Financial  systems  and  lobbying  behaviours   57   Figure  2.3   Regulatory  paradigms  and  lobbying  behaviours   59   Figure  3.1   The  three  layers  of  nested  cases   70   Figure  3.2   Stylised  portrayal  of  four  UK  banks   76   Figure  4.1   Categories  of  bank   93   Figure  4.2   Simplified  view  of  the  UK  sector   100   Figure  4.3   Simplified  view  of  the  German  sector   103   Figure  4.4   Capital  ratios  under  BII  and  BIII   119   Figure  5.1:   A  taxonomy  of  resources   131                 9 List  of  Abbreviations   AFME   Association  for  Financial  Markets  in  Europe   BaFin   Bundesanstalt  für  Finanzdienstleistungsaufsicht:  German  financial   regulator   BAKred   Bundesaufsichtsamt  für  das  Kreditwesen:  forerunner  of  the  BaFin   BBA   British  Bankers’  Association   BdB   Bundesverband  deutscher  Banken  (Federal  Association  of  German   Banks)   BSA   Building  Societies  Association   BVR   Bundesverband  der  Deutschen  Volksbanken  und  Raiffeisenbanken   (National  Association  of  German  Cooperative  Banks)   CEBS   Committee  of  European  Banking  Supervisors;  forerunner  of  the   EBA   CEIOPS   Committee   of   European   Insurance   and   Occupational   Pensions   Supervisors;  forerunner  of  the  EIOPA   CESR   Committee  of  European  Securities  Regulators;  forerunner  of  the   ESMA   CRDIV   Fourth  Capital  Requirements  Directive   CRR   Capital  Requirements  Regulation   DK   Deutsche  Kreditwirtschaft  (German  Banking  Industry  Committee)   DSGV   Deutscher  Sparkassen-­‐  und  Giroverband  (Association  of  German   Savings  Banks)   EACB   European  Association  of  Co-­‐Operative  Banks   EAPB     European  Association  of  Public  Banks   EBA     European  Banking  Authority   ECB     European  Central  Bank   EIOPA     European  Insurance  and  Occupational  Pensions  Authority   ESMA     European  Securities  and  Markets  Authority   FCA   Financial  Conduct  Authority:  UK  agency  responsible  for  regulation   of  conduct   FSA   Financial  Services  Authority;  forerunner  of  PRA  and  FCA   IFRS   International  Financial  Reporting  Standards   LCR   Liquidity  Coverage  Ratio     10

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European Banking Authority. John-‐Paul Salter. University College London (UCL). Submitted for the Degree of Doctor of Philosophy in. Political
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Title  Page   Lobbying  in  the  European  regulatory   arena:  a  study  of  banks  and  the   European  Banking  Authority           John-­‐Paul  Salter     University  College  London  (UCL)         Submitted  for  the  Degree  of  Doctor  of  Philosophy  in   Political  Science Declaration     I,  John-­‐Paul  Salter,  confirm  that  the  work  presented  in  this  thesis  is  my  own.   Where  information  has  been  derived  from  other  sources,  I  can  confirm  that  this   has  been  indicated  in  the  thesis.       John-­‐Paul  Salter           2 Abstract   Extant  studies  of  lobbying  in  the  European  Union  (EU)  by  private  actors  have   focused  on  the  legislative  arena:  how  such  actors  target  the  Commission,  or  the   Parliament.   These   works   have   generally   considered   lobbyists   as  uniform  transnational  capitalist  actors,  seeking  to  extend  the  reach,  or  depth,   of  the  single  market.    Recent  advances  in  supranational  institutional  capacity   have  begun  to  create  a  ‘single  European  regulatory  space’  (Levi-­‐Faur,  2011),   through  which  the  EU  now  seeks  to  achieve  market  delivery.  However,  to  date   there  has  been  little  study  of  how  private  actors  lobby  this  new  institutional   venue.         Using   the   example   of   the   European   Banking   Authority   (EBA)   –   one   of   the   regulatory  institutions  in  this  new  arena  –  this  thesis  examines  the  patterns  in   lobbying  behaviour.  It  takes  the  cases  of  British  and  German  banks,  and  uses  the   notion   of   durable   variations   in   domestic   contexts   to   account   for  differences   in  their  lobbying  activities.  This  approach  draws  on  the  work  of  Hall  and  Soskice   (2001),   and   posits   that   domestic   financial   systems   and   their   associated   regulatory   regimes   shape   lobbying   in   the   European   regulatory   arena.  These   features  of  the  national  landscapes  condition  banks’  holding,  and  deployment,   of  lobbying  resources;  and  shape  their  beliefs  about  European  bank  regulation  -­‐  meaning  that  banks  engage  essentially  as  national  capitalist  actors.     The  thesis  uses  a  variety  of  qualitative  data  to  investigate  these  activities  and   their  roots.  The  findings  show  that  banks’  lobbying  behaviours  can  be  seen  to   remain  grounded  in  their  national  contexts;  and  in  turn  that  the  strength  of  these   domestic   institutional   and   ideational   structures   mean   that   a   great   deal   of   lobbying  remains  distinctly  national,  even  where  directed  at  a  supranational   venue.  Targeting  of  the  EBA  is  fragmented  and  contingent.           3 Title  Page  ..............................................................................................................................  1   Declaration  ..........................................................................................................................  2   Abstract  .................................................................................................................................  3   List  of  Tables  .......................................................................................................................  8   List  of  Figures  ......................................................................................................................  9   List  of  Abbreviations  .....................................................................................................  10   Acknowledgements  ........................................................................................................  12     Chapter  1:  Introduction  ................................................................................................  14   1.1:  Introduction  .......................................................................................................................  14   1.2:  Setting  the  scene  ..............................................................................................................  16   1.2.1:  Identifying  the  research  opportunity  ...............................................................................  16   1.2.2:  Rationales  for  the  study  .........................................................................................................  20   1.3:  Answering  the  research  question  ..............................................................................  23   1.3.1:  The  theoretical  approach  ......................................................................................................  23   1.3.2:  The  variables  and  hypotheses  .............................................................................................  23   1.3.3:  Data  and  methods  .....................................................................................................................  25   1.4:  Empirical  findings  ............................................................................................................  26     Chapter  2:  Theoretical  framework  ...........................................................................  28   2.1:  Introduction  .......................................................................................................................  28   2.2:  Interest  groups  in  the  European  Union  ....................................................................  30   2.2.1:  Thematic  review  of  the  literature  ......................................................................................  30   2.2.2:  Components  ................................................................................................................................  32   2.2.3:  Summary  ......................................................................................................................................  37   2.3:  Developing  the  research  question  .............................................................................  38   2.3.1:  National  origins  .........................................................................................................................  39   2.3.2:  European  regulatory  governance  ......................................................................................  41   2.3.3:  Developing  the  research  question  .....................................................................................  44   2.3.4:  The  organising  theory  .............................................................................................................  45   2.4:  The  origins  of  variety  .....................................................................................................  46   2.4.1:  Varieties  of  financial  system  ................................................................................................  46     4 2.4.2:  Varieties  of  regulatory  paradigm  .......................................................................................  49   2.4.3:  Summary  ......................................................................................................................................  53   2.5:  The  theoretical  model  ....................................................................................................  54   2.5.1:  The  ‘varieties  of  financial  capitalism’  approach  ..........................................................  54   2.5.2:  The  ‘varieties  of  regulatory  paradigm’  approach  .......................................................  58   2.5.3:  The  interaction  effect  ..............................................................................................................  61   2.6:  Conclusion  ..........................................................................................................................  62     Chapter  3:  Research  design  .........................................................................................  63   3.1:  Introduction  .......................................................................................................................  63   3.2:  Methodology  ......................................................................................................................  64   3.3:  Research  design  ................................................................................................................  67   3.3.1:  Casing  .............................................................................................................................................  67   3.3.2:  Choosing  the  cases  ...................................................................................................................  70   3.3.3:  Embedded  case  selection  ......................................................................................................  73   3.4:  Variables  and  hypotheses  .............................................................................................  73   3.4.1:  Dependent  variable  ..................................................................................................................  74   3.4.2:  Independent  variables  ............................................................................................................  75   3.4.3:  Hypotheses  ..................................................................................................................................  78   3.5:  Data  .......................................................................................................................................  79   3.5.1:  Data  sets  and  sources  ..............................................................................................................  80   3.5.2:  Interview  procedure  ................................................................................................................  83   3.5.3:  Analysis  .........................................................................................................................................  85   3.6:  Conclusion  ..........................................................................................................................  89     Chapter  4:  Context  ..........................................................................................................  90   4.1:  Introduction  .......................................................................................................................  90   4.2:  Banking  sectors  and  regulatory  regimes:  Reprising  the  theory  ......................  91   4.2.1:  Financial  systems  and  banking  sectors  ...........................................................................  91   4.2.2:  Regulatory  regimes  ..................................................................................................................  94   4.2.3:  Summary  ......................................................................................................................................  95   4.3:  The  Banking  sectors  ........................................................................................................  96   4.3.1:  The  British  banking  sector  ....................................................................................................  96   4.3.2:  The  German  banking  sector  ..............................................................................................  100   4.3.3:  Summary:  National  models  endure  ...............................................................................  104     5 4.4:  The  Regulatory  regimes  .............................................................................................  105   4.4.1:  Comparing  the  paradigms  ..................................................................................................  105   4.4.2:  The  British  regulatory  regime  ..........................................................................................  109   4.4.3:  The  German  regulatory  regime  .......................................................................................  111   4.4.4:  Summary:  Differences  remain  .........................................................................................  113   4.5:  The  European  context  .................................................................................................  114   4.5.1:  European  financial  regulation:  Legislation  ................................................................  115   4.5.2:  European  financial  regulation:  The  institutional  apparatus  ...............................  123   4.5.3:  Summary:  European  intentions  .......................................................................................  126   4.6:  Conclusion  .......................................................................................................................  128     Chapter  5:  Resources  ...................................................................................................  129   5.1:  Introduction  ....................................................................................................................  129   5.2:  Resources  reprised  ......................................................................................................  130   5.3:  The  large  banks  .............................................................................................................  132   5.3.1:  Resource  holdings  .................................................................................................................  132   5.3.2:  Testing  the  hypotheses:  how  the  resources  were  used  ........................................  136   5.3.3:  Trade  associations  .................................................................................................................  143   5.3.4:  A  review  of  the  large  banks  ...............................................................................................  147   5.4:  The  British  sector  .........................................................................................................  149   5.4.1:  The  domestic  retail  banks  ..................................................................................................  149   5.4.2:  The  building  societies  ..........................................................................................................  157   5.4.3:  A  review  of  the  British  sector  as  a  whole  ....................................................................  163   5.5:  The  German  sector  .......................................................................................................  168   5.5.1:  The  German  sector  and  its  resources  ...........................................................................  168   5.5.2:  The  German  peak  associations  ........................................................................................  170   5.5.3:  Testing  the  hypotheses:  how  the  resources  were  used  ........................................  173   5.5.4:  A  review  of  the  German  sector  as  a  whole  ..................................................................  179   5.6:  Conclusion  .......................................................................................................................  182     Chapter  6:  Preferences  ...............................................................................................  185   6.1:  Introduction  ....................................................................................................................  185   6.2:  Paradigms  reprised:  liberalism,  ordo-­‐liberalism  and  regulatory     liberalism  .................................................................................................................................  187   6.3:  The  British  sector  .........................................................................................................  190     6 6.3.1:  The  British  perspectives  on  bank  regulation  .............................................................  190   6.3.2:  The  large  banks  and  remuneration  ................................................................................  193   6.3.3:  The  building  societies  and  capital  ..................................................................................  202   6.3.4:  A  review  of  the  entire  UK  sector  .....................................................................................  213   6.4:  The  German  sector  .......................................................................................................  216   6.4.1:  The  German  perspectives  on  EU  bank  regulation  ...................................................  216   6.4.2:  The  large  banks  and  the  leverage  ratio  ........................................................................  219   6.4.3:  The  small  banks  and  SME  lending  ..................................................................................  227   6.4.4:  A  review  of  the  entire  German  sector  ...........................................................................  234   6.5:  Conclusion  .......................................................................................................................  236     Chapter  7:  Conclusions  ...............................................................................................  239   7.1:  Introduction  ....................................................................................................................  239   7.2:  Findings  ............................................................................................................................  241   7.2.1:  Contextual  findings  ...............................................................................................................  241   7.2.2:  Research  finding  1:  Resources  matter  ..........................................................................  244   7.2.3:  Research  finding  2:  Preferences  matter  .......................................................................  246   7.2.4:  Research  finding  3:  Interaction  effect  matters  .........................................................  249   7.3:  Broader  implications  ...................................................................................................  251   7.3.1:  European  regulatory  governance  ...................................................................................  251   7.3.2:  European  financial  sector  committees  .........................................................................  252   7.3.3:  Factions  in  European  financial  regulation  ..................................................................  252   7.4:  Limitations,  and  opportunities  for  future  study  ................................................  253   7.5:  Practical  implications  ..................................................................................................  255   7.6:  Concluding  remarks  .....................................................................................................  256     Appendices  .....................................................................................................................  258   Appendix  1:  Interview  script  .............................................................................................  258   Appendix  2:  List  of  Interviews  ..........................................................................................  260   References  ......................................................................................................................  263           7 List  of  Tables     Table  2.1   The  layers  of  the  regulatory  paradigm   52   Table  3.1   Examples  of  information  input   74   Table  3.2   Examples   of   material   coded   as   preferences   over   78   European  regulation   Table  3.3   Examples   of   questions   asked   in   EBA   consultation   80   papers   Table  3.4   Interviews  grouped  by  type   81   Table  3.5   Examples  of  themes  extracted  from  the  data   86   Table  5.1   Responses  to  EBA  consultations  by  large  British  and   139   German  banks,  2011-­‐15   Table  5.2   Responses  to  EBA  consultations  by  British  mid-­‐tier   151   banks,  2011-­‐15   Table  5.3   Responses  to  EBA  consultations  by  the  British   153   Bankers’  Association,  2011-­‐15   Table  5.4   Responses  to  EBA  consultations  by  British  building   160   societies  and  the  BSA,  2011-­‐15   Table  5.5   Summary  of  British  banks’  engagement  across  the   167   arenas   Table  5.6   References  to  a  ‘staged’  approach  to  lobbying   174   Table  5.7   Responses  to  EBA  consultations  by  German  peak   175   associations,  2011-­‐15   Table  5.8   Summary  of  German  banks’  engagement  across  the   181   arenas   Table  6.1   British  interviewees  references  to  ‘retrenchment’   192   Table  6.2   References  to  diversity  and  competition   210   Table  6.3   German  interviewees  references  to  ‘retrenchment’   219                 8 List  of  Figures   Figure  1.1   The  three  layers   20   Figure  2.1   Two  paths  to  access   44   Figure  2.2   Financial  systems  and  lobbying  behaviours   57   Figure  2.3   Regulatory  paradigms  and  lobbying  behaviours   59   Figure  3.1   The  three  layers  of  nested  cases   70   Figure  3.2   Stylised  portrayal  of  four  UK  banks   76   Figure  4.1   Categories  of  bank   93   Figure  4.2   Simplified  view  of  the  UK  sector   100   Figure  4.3   Simplified  view  of  the  German  sector   103   Figure  4.4   Capital  ratios  under  BII  and  BIII   119   Figure  5.1:   A  taxonomy  of  resources   131                 9 List  of  Abbreviations   AFME   Association  for  Financial  Markets  in  Europe   BaFin   Bundesanstalt  für  Finanzdienstleistungsaufsicht:  German  financial   regulator   BAKred   Bundesaufsichtsamt  für  das  Kreditwesen:  forerunner  of  the  BaFin   BBA   British  Bankers’  Association   BdB   Bundesverband  deutscher  Banken  (Federal  Association  of  German   Banks)   BSA   Building  Societies  Association   BVR   Bundesverband  der  Deutschen  Volksbanken  und  Raiffeisenbanken   (National  Association  of  German  Cooperative  Banks)   CEBS   Committee  of  European  Banking  Supervisors;  forerunner  of  the   EBA   CEIOPS   Committee   of   European   Insurance   and   Occupational   Pensions   Supervisors;  forerunner  of  the  EIOPA   CESR   Committee  of  European  Securities  Regulators;  forerunner  of  the   ESMA   CRDIV   Fourth  Capital  Requirements  Directive   CRR   Capital  Requirements  Regulation   DK   Deutsche  Kreditwirtschaft  (German  Banking  Industry  Committee)   DSGV   Deutscher  Sparkassen-­‐  und  Giroverband  (Association  of  German   Savings  Banks)   EACB   European  Association  of  Co-­‐Operative  Banks   EAPB     European  Association  of  Public  Banks   EBA     European  Banking  Authority   ECB     European  Central  Bank   EIOPA     European  Insurance  and  Occupational  Pensions  Authority   ESMA     European  Securities  and  Markets  Authority   FCA   Financial  Conduct  Authority:  UK  agency  responsible  for  regulation   of  conduct   FSA   Financial  Services  Authority;  forerunner  of  PRA  and  FCA   IFRS   International  Financial  Reporting  Standards   LCR   Liquidity  Coverage  Ratio     10

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European Banking Authority. John-‐Paul Salter. University College London (UCL). Submitted for the Degree of Doctor of Philosophy in. Political
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