EBF MORNING BRIEF Monday 1 February 2021 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA
Reuters: EU stress test of banks includes poor vaccine distribution Poor distribution of COVID-19 vaccines and prolonged lockdowns send the economy into a tailspin in this year’s stress test of top European Union banks, the European Banking Authority (EBA) said on Friday. Read more Bloomberg: London bankers face location limbo Young bankers waiting to learn when or whether they might be relocated to the European Union can take some solace from the fact that oftentimes, their bosses also don’t know their own fate, Bloomberg reports. Read more FT: Post-Brexit penalty reveals the power of the credit card duopoly Financial regulation would be different and better after Brexit, promised UK chancellor Rishi Sunak. Sam Woods, who heads the Prudential Regulation Authority, talked of being freed from the “shackles” of Brussels’ rules. But UK policymakers, and most other supporters of post-Brexit deregulation, probably did not have in mind the quintupling of certain credit card fees when Britons buy goods from the EU, writes the FT. Read more (€) |
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MAIN EVENTS today European Parliament: ECON extraordinary committee meeting ECB: Monetary developments in the euro area. Read more |
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FROM THE EBF MEMBERS
BPFI: Eamonn Crowley takes office as new BPFI CEO Eamonn Crowley, CEO of Permanent TSB, has been appointed President of Banking & Payments Federation Ireland (BPFI). His Presidency of the industry representative body is effective immediately. Read more UK Finance: Banks provided unprecedented support to UK enterprises According to figures form HM Treasury, Stephen Pegge, Managing Director of Commercial Finance at UK Finance says: "over 1.5 million businesses have now received nearly ÂŁ71 billion worth of support through the government-backed loan schemes, demonstrating the unprecedented level of support provided to UK enterprises by the industry." Read more Finance Norway: Urgent need to revise the Debt Settlement Act Finance Norway puts forward the necessity to revise the Debt Settlement Act. Among other things, a requirement should be introduced so that those who apply for debt settlement should attend courses in personal finance, and pass a simple test as part of the application process, says Gry NergĂĄrd, Consumer Policy Director at Finance Norway. Read more (NO) Febelfin: Payment deferral for consumer credit possible again in 2021 Similarly to the deferment of payment for mortgage credit in the first months of 2021, it is now also possible to request payment deferment (interest and capital) for consumer loans, for a maximum period of 3 months. Read more (NL) |
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FROM THE INSTITUTIONS EBA issues clarifications on prudential framework The European Banking Authority (EBA) has published additional clarifications on the application of the prudential framework in response to issues raised as a consequence of the COVID-19 pandemic. It provides clarity on the implementation of (i) the EBA Guidelines on moratoria and (ii) the EBA Guidelines on COVID-19 reporting and disclosure.
ECB explores corporate bonds in new paper
The European Central Bank (ECB) has published a paper that explores the issuance and valuation of corporate bonds with quantitative easing. The ECB's model indicates corporate market timing is instrumental in allowing quantitative easing to produce spillover effects. Read more ECB publishes paper on custodian banks The ECB has also published a paper that analyses the profitability, capital and liquidity constraints of custodian banks through the lens of the supervisory review and evaluation process methodology. It examines how custodians differ from traditional banks with regard to (i) balance sheet structure, (ii) income generation, and (iii) risks faced. Read more |
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. |
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