EBF MORNING BRIEF Monday 15 June 2020 Good morning. Here the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA Bloomberg: Too early for discussion about European bad bank European Central Bank Vice President Luis de Guindos said itās too soon to discuss the possibility of creating a European ābad bankā to deal with risky debt, reports Bloomberg. The ECB has not taken any decision or entered into any discussion about the possibility of creating a bad bank at the European level, he said in an interview with Spanish newspaper ABC. He cited Spainās Sareb as an example of an efficient tool for cleaning up bad loans from the banking industry. Read more Handelsblatt: Bundesbank is taking lead in ECB legal fight German parliamentās official researchers have concluded in a legal opinion that the Bundesbank must be responsible for examining whether the bond buying programme of the European Central Bank is proportionate, reports Handelsblatt. Read more (DE) Reuters FT: Johnson seeks to galvanise Brexit talks with EU chiefs Boris Johnson will push for rapid progress in future-relationship talks with the EU on a call with the bloc's chiefs today as Brussels warned it would not sacrifice its economic interests for the sake of a deal, writes the FT. The videocall with European Commission president Ursula von der Leyen and other EU institutional leaders will be the prime ministerās first direct talks with Brussels about Brexit since the UK left at the end of January. Read more (ā¬) Reuters RTE Reuters: Spain backs economy minister for eurogroup candidacy Spainās Prime Minister Pedro Sanchez said he would look favourably on the countryās economy minister becoming a candidate to lead the euro zoneās group of finance ministers, according to Reuters. Read more FT(ā¬) EUReporter: Commission consults on EU Green Bond Standard The European Commission has launched a targeted consultation on the establishment of an EU Green Bond Standard, which will be open until Friday 2 October 2020, writes EUReporter. Green bonds have become increasingly popular as investors look for ways to help finance the transition to an environmentally sustainable economy. Read more |
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FROM THE INSTITUTIONS European Council: Strengthening Italy strengthens Europe, too Solidarity is not a one-way street: it requires us, on the one hand, to mobilise resources to support the most affected regions and sectors. It also means making the necessary changes to strengthen each of the member states, and thus the European Union as a whole. Strengthening Italy strengthens Europe, too said European Council President Charles Michel at the inaugural session of the Italian National Consultation. Read more ECB's Lagarde remarks European Parliament: MEPs firmly behind EU negotiator Michel Barnier Foreign Affairs and Trade Committee MEPs reiterate their overwhelming support for the EU position in the talks between the European Union and the UK on their future relationship. They warn against the UK governmentās current piecemeal approach and emphasise that a comprehensive agreement is in the interest of both parties. Having the UK cherry-pick certain policies and its access to the single market after Brexit is āunacceptableā for the EU, says the text. Read more ECB: Sharing and strengthening the euro's privilege The goals of boosting the euroās global standing and sharing its advantages more evenly are one and the same, writes Executive Board member Fabio Panetta. Through the right mix of European fiscal and monetary policy, we can build a better functioning Monetary Union that achieves both of these goals. Read more BIS: Stefan Ingves: The monetary policy toolbox The spread of the coronavirus came as an unpleasant surprise to us all. It is now clear that the economic consequences of the pandemic threaten to be both serious and protracted. Most analysts have very weak forecasts for economic developments in the coming quarters, and in some scenarios also for a longer period to come said Stefan Ingves, Governor of the Sveriges Riksbank, at the Swedish Economics Association, Stockholm. Read more European Commission weekly schedule Find out more about the European Commission's engagement and activities for the upcoming week. Read more European Central Bank weekly schedule Find out more about the ECB's engagements and activities for the upcoming week. Read more EU Parliament weekly schedule Find out more about the Parliament's engagements and activities for the upcoming week. Read more |
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TEST YOURSELF AGAINST THE FINLIT CHAMPIONS TUESDAY 16 JUNE: GRAND FINAL EUROPEAN MONEY QUIZ The European Money Quiz is Europe's biggest financial literacy competition, organized by the EBF in close cooperation with national banking associations in 30 countries. On Tuesday 16 June at 14 CET, delegations from all these countries will join for the 2020 Grand Final via youtube.com/EuropeanMoneyQuiz. This online game show will introduce national winners and everyone - students (winners or not), parents, friends, colleagues, bankers and anyone else watching - will also be able to play the financial literacy quiz via Kahoot. The quiz - primarily targeting 13-15-year-olds - so far this year attracted nearly half a million players, four times more than last year. The Grand Final will mark the close of the 2020 season. The 2021 season will begin in September when schools reopen after the summer holidays. Do you have what it takes to handle your finance? |
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EBF MEMBERS IN THE NEWS Denmark: Danish institutes exposure to the sectors of the economy According to the latest Finance Denmark analysis at the threshold of the corona crisis, only 10 per cent. of the Danish banks' exposures to the commercial, hotel and restaurant sectors as well as travel agencies. These sectors have greatly felt the negative consequences of the corona crisis. By comparison, the corresponding figure for European banks is an average of 20 per cent. Read more (DK) UK: Looking beyond Covid-19 for financial services Griffin Maloney, Vice President of Business Development, Williams Lea told UK Finance that the effects of the Covid-19 pandemic and the major economic downturn that followed were unprecedented in scale. Within days businesses had closed their offices, forcing staff to work remotely, while business forecasts and strategies were severely disrupted. Read more Netherlands: Banksā support to businesses rises to 15.2 billion euros Since the Corona crisis outbreak in March, the Dutch banks have, in addition to the support package by the government, offered temporary financial relief to around 180,000 entrepreneurs and consumers. A total of 15.2 billion euros has been made available (an increase from 12.8 billion two weeks ago) through the postponement of repayments and the provision of additional credit to companies. The details are displayed in the factsheet published by the Dutch Banking Association (NVB). Read more Cyprus: The Cyprus banking sector has demonstrated its strength The General Manager of the Association of Cyprus Banks, Michalis Kammas, told StockWatch that, the Cyprus banking sector has demonstrated its strong will and, above all, its operational readiness to implement cutting-edge technologies, rigorous procedures and the introduction of enhanced control mechanisms. Read more (HL) |
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The European Banking Federation and fTLD Registry Services (fTLD) are partnering to educate the European banking sector about the cybersecurity role .BANK plays in protecting banks against Business Email Compromise (BEC) scams, phishing and spoofing attacks that lead to breaches, identity theft and financial fraud. fTLD administers the .BANK domain and the EBF has served on its Advisory Council since 2013. To learn more about the security benefits of .BANK, visit https://www.register.bank/ebf/ or contact fTLD at EBF@fTLD.com. |
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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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This newsletter is published by the EBF Mediacentre. For questions or suggestions contact mediacentre@ebf.eu Recommend the EBF newsletters to a colleague. Click here to sign up! European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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