Gregory Grellet

I led a team of financial analysts to assess the credit worthiness of the 400 most important companies in France, and therefore appraise the eligibility of their debt instruments as collateral for Eurosystem credit operations.

I led teams of experts in advising elected members of Parliament on economic, financial, industrial, international, cultural, educational, social, military, climate-related and legal topics, thus allowing the majority to represent the best interest of the nation and its citizens.

Senior economist in charge of banking and financial market issues for Emerging Market Economies. - Cooperation and joint research endeavors with international organizations and forums: International Monetary Fund, G7, G20, Bank of International Settlements, Organization for Economic Co-operation and Development and World Bank. - Economic watch, intelligence and strategic analysis of the environment. - Speech and briefing notes production on trending topics for the Government of Banque de France. - Economic research papers and articles production.

Following the implementation phase and launch of the SSM (see previous position), I was in charge of - ensuring supervision oversight for France, Luxembourg, Cyprus, Spain and Portugal (as a lead, and on Greece as a back-up), by carrying out quantitative and qualitative assessments of idiosyncratic and systemic risks and vulnerabilities; - leading crisis management efforts in these 6 countries for specific ailing institutions; - conducting thematic reviews of broader non-institutional or sectoral risk developments; - coordinating policy and supervisory efforts of the SSM concerning the International Central Securities Depositories in Europe; - monitoring liquidity risks and stress-testing procedures for European Financial Market Infrastructure; - providing cross-divisional expertise on Covered Bonds (issuers, assets, market), real-estate financing/mortgage market and crisis management; - leading SSM-wide surveys concerning policy standardisation across Europe in collaboration with National Competent Authorities.

Following the creation of the SINGLE SUPERVISORY MECHANISM - BANKING UNION, I had a leading position in the elaboration and implementation of the combined qualitative and quantitative supervisory framework based on the information provided by the national supervisors and by the financial institutions in accordance with the SSM Framework Regulation. The main missions were to : • develop the general oversight framework of national supervisory practices based on reports and risk assessments regularly provided by the national supervisors; • monitor institutions and sectors based on the information provided and horizontal macro-economic studies; • prepare draft proposals of regulations, guidelines and general instructions for national supervisors to the Supervisory Board; • ensure a sound conduct of micro-prudential supervision of supervised banks; • translate institution-specific issues into generic issues for research and policy advice; • prepare notes, memos, external publications (including the ECB’s official publications) and dossiers for the Supervisory Board of the SSM and the ECB’s decision-making bodies; COMPREHENSIVE ASSESSMENT MISSION - July 2014 / October 2014: - leading position during the European banking sector stress-tests phase, Supervisory Dialogue and general Comprehensive Assessment procedures between July and October 2014 (Team for Spain and Portugal - especially focused on banks having a restructuring plan and therefore a dynamic balance sheet for the assessment)

"Financial Stability" course (24 hours - taught in English): The severity of the financial crisis which began in the summer of 2007 continues to surprise not only the general public but also market practitioners, economists and journalists. Faced with this challenge, the course presents an overview of the main theoretical and empirical knowledge available on the causes and consequences of financial instability. Then, we discuss the lessons that can be learned so as to avoid repeating past mistakes. A few topics tackled during the lectures: - Is a sound Public Debt Management enough to avoid/soften a crisis? - Is Too Big To Fail an issue for financial stability? - How to control credit rating agencies? - Is there a cost to financial stability? - International financial linkages and the financial crisis - Do risk management measures in financial market infrastructures just move risk around? If it does, can it still be useful? - Is securitization detrimental to financial stability? - Mark to market: Should we kill the messenger bringing bad news? - Vickers/Volcker/Liikanen: A comparison - Should shadow banking be regulated? How? - Does HFT create risks for financial stability? - OTC derivatives central clearing: a panacea - Liquidity ratios: State of play - Should risks be shared in the euro area? If yes, how? - etc.

Supervision, risk-assessment and compliance control of credit institutions and investment firms within the framework of French and European banking regulations, with a particular focus on real-estate market, mortgage and collateralized credit, secured refinancing, covered bonds, securitization and consumer finance. - Supervisor in charge of the monitoring of the resolution of Credit Immobilier de France. - Was directly managing/evaluating 4 supervisory and audit / control analysts. - Ensured an extensive monitoring on all French covered bonds issuers risk profile and their assets quality through in-depth risk-analysis, regular meetings with the companies’ teams and transversal analysis (such as the potential impact of Credit Rating Agencies actions - "rating triggers"​). - Actively participated to regulatory evolution and adaptation (CRD IV and national legislation) in collaboration with other French authorities concerning covered bonds market and mortgage credit sector, particularly by performing comparative quantitative and qualitative studies and impact analysis (including an important part of the "EBA report on EU covered bond frameworks and capital treatment" - see project below) - Executed direct supervision of several major France-based consumer finance, mortgage and public financing multinational groups, and develop supervisory cooperation with other regulators. - Coordinated implementation of recommendations on the basis of on-site examinations. - Drafted decision papers and prepared arguments for the ACPR College, in coordination with other services.

Credit risk management position and control of “cost of risk” through risk control activities coordination for more than 50 local credit analysts in 17 countries. - Was directly managing/evaluating 5 credit risk support analysts and was in charge of recruiting, managing, training and evaluating interns for the department. - Conducted risk analysis and led provision policy on corporate customers by: o Assessing the creditworthiness of most important corporate clients (over 5M€), o Maintaining and updating the corporate credit best practice and policy, o Consolidating and presenting risk indicators and credit file to the group risk committee. - Developed a “risk-based pricing” model with creation of a “loss given default” indicator implemented within the Basel II internal rating system. - Developed a "risk mapping framework" for the anti money laundering policy of the bank. - Ensured supervision of risk qualification processes and compliance control with the Prudential Supervisory and Resolution Authority (ACPR) audit recommendations. - Integrated new risk types within the credit scoring systems (exchange rate, sector and country risks).

Financial and strategic project management and corporate valuation missions: - Handled financial aspects of business development and optimization mission. o Investment project modeling and profitability calculation, o Company evaluation and valuation for strategic decision: buy, partner up, outsource or create? o Creation of management control tools and measure of financial impact of the mission. - Implemented and conducted large scale organizational improvement project. o Project management with multidisciplinary teams (Finance, IT, Marketing…), o Complete in-depth analysis and amelioration of processes, o Monitoring of technical tools conception and implementation project progress.

Business consolidation and development through strategic analysis and political sensitization actions (position acquired after a 3 months internship): - Created and executed a comprehensive “Analysis & Action” framework on aerospace political issues in Europe and coordinated group actions with European aerospace industry stakeholders: o Responsibility for strategic and institutional benchmarking studies, o Construction of a competitive intelligence mapping and a decision-makers listing, o Development of several strategic relations with numerous space industry actors in Europe which significantly facilitated cooperation and institutional sensitization missions. - Performed regulatory monitoring and legal analysis of the European prescribed corpus.