| EBF MORNING BRIEF Monday 7 June 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 FT: G7 nations hope corporate tax accord will trigger global domino effect Finance ministers from the Group of Seven industrial European nations are hoping to agree on the outlines of a deal on corporate taxation in a move they hope will add to momentum behind a broad global deal. The Financial Times unpacks what a deal would enable, what dominoes still need to fall before meaningful legislation can be set forth alongside the latest EU draft proposal for a carbon border tax. Read more (€)
The Daily Star: Powell, Lagarde split over central bank role in climate policy
US Federal Reserve chief Jerome Powell said Friday it was not the central bank's role to set climate policy, a stance rejected by European counterpart Christine Lagarde who warned that "the planet is burning". "We are not and we do not seek to be climate policy makers as such, The Daily Star reports. We have a very specific mandate and precious independence," Powell told a videoconference hosted by the Bank of International Settlements (BIS) and France's central bank. "We should avoid trying to fill in public policy where governments haven't done so yet, that's not up to us," the head of the US central bank concluded. Lagarde did not agree. Read more
VOX/ CEPR: The transmission mechanism of the ECB's Corporate Sector Purchase Programme
Monetary policy can stimulate credit provision and as a result, economic activity through the purchases of corporate bonds This column assesses euro area financing conditions and shows they have improved since the announcement of the ECB Corporate Sector Purchase Programme on 10 March 2016, with corporate bond spreads tightening and bond issuance increasing. Moreover, the unconventional monetary policy triggered a shift in bank loan supply in favour of firms that do not have access to bond-based financing. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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EBF Digital Thursdays Close-up: A Digital Euro ONLINE / Thursday, 24 June at 13:30 CEST
As the debate around a digital euro moves ahead, European policy-makers and banks should work together to safeguard the EU’s financial stability while ensuring the EU is competitive in an increasingly digital economy. EBF President Ana Botín will address the topic at the next EBF ‘Digital Thursdays Close-up: A Digital Euro’ online event on June 24 at 13:30. She will share her perspective on key questions and considerations that Europe needs to get right as central banks and industry around the globe grapples with this complex yet fascinating topic. Register HERE |
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FROM THE EBF MEMBERS
NVB: Business financing by banks during Covid-19 rises
Bank lending to businesses during the coronas crisis has grown in the past month from EUR 51.1 billion to EUR 53.5 billion. Since the start of the crisis, banks have helped more than 59,000 entrepreneurs to obtain financing. This is evident from the fifth Corona Monitor banks of this year. Chris Buijink, Chairman of the Dutch Banking Association (NVB): 'Banks assist their customers, from large to small. Most loans are granted to smaller businesses. We do not see large numbers of customers with payment problems. The announced extension of government support and the extension of the refund scheme for deferred taxes contribute to this'. Read more (NL)
FFI: Digitalisation of healthcare documents making slow but steady progress
Finance Finland (FFI), the Social Insurance Institution Kela, the Finnish Transport and Communications Agency Traficom, and the Ministry of Social Affairs and Health convened in 2017 to find ways to digitalize healthcare documents. They selected four document types and monitored their progress in their organizations for five years. During these five years, the digitalization of documents reduced annual CO2 emissions by approximately 450 tonnes. ”This may not be a world-saving amount, but the important part is changing behaviors and service structures all the way to the end-user. The environmental benefits of digitalization are usually permanent because very few people want to go back to mailing paper documents”, says Kristiina Siikala, development director at FFI. Read more
Finance Latvia: Financial Sector signs Memorandum of Understanding to improve sustainability
Finance Latvia, the Financial and Capital Market Commission, the Bank of Latvia, Nasdaq Riga, the Latvian Leasing Association and the Latvian Insurers Association have agreed to collaborate to promote public understanding of the meaning and principles behind sustainability and sustainable finances, as well as to promote the implementation of this in business and daily life. 'Sustainability can be improved not just by planning and making investments, developing and modernising, but also by our everyday actions. The transition to sustainable growth cannot be imagined without reviewing societal views, consumer culture and opinions worldwide', explains Sanita Bajāre, Chairman of the Board at Finance Latvia. Read more |
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FROM THE INSTITUTIONS
ECB: Opinion on a proposal for a regulation of the European Parliament and of the Council on digital operational resilience for the financial sector
In December 2020, the European Central Bank (ECB) received requests from the Council of the European Union and the European Parliament for an opinion on a proposal for a regulation on digital operational resilience for the financial sector. The ECB welcomes the proposed regulation, which aims to enhance the cyber security and operational resilience of the financial sector. In particular, the ECB welcomes the aim of the proposed regulation to remove obstacles to, and improve the establishment and functioning of, the internal market for financial services by harmonising the rules applicable in the area of information and communication technology (ICT) risk management, reporting, testing, and ICT third-party risk. Read more
Council: ECOFIN Report to the European Council on taxation
The Council of the European Union has published the draft ECOFIN report on taxation for the approval by Coreper. The draft report provides an overview of the progress achieved in the Council during the term of the Portuguese Presidency, as well as an overview of the state of play of the most important dossiers under negotiations in the area of taxation. Read more
BIS: Margarita Delgado: Transparency in the banking sector
Margarita Delgado, Deputy Governor of the Bank of Spain, at the Banking Law Conference addressed the issue of transparency in the banking sector, its regulatory developments in Spain, the role of non-financial risk, and financial education. 'The regulatory and supervisory response has been to correct errors, align incentives and promote a cultural change in the model relating banks to customers, a change that should also be incorporated into the business model. These elements will only be effective given citizens with appropriate knowledge of financial matters', she says. 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
European Parliament weekly schedule Find out more about the Parliament's engagements and activities for the upcoming week. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
EBA consultation on draft technical standards on Pillar 3 disclosures of ESG risks: EBF response
The European Banking Federation (EBF) responded to the European Banking Authority (EBA)'s consultation on draft technical standards on Pillar 3 disclosures of ESG risks by highlighting 5 key points. Read more
European Commission Delegated Act on the Taxonomy Article 8: EBF response
The European Banking Federation (EBF) published a response to the European Commission Delegated Act (DA) on the Taxonomy Article 8. EBF is proposing an alternative approach that will achieve the same objectives as the proposed DA, but provides for a better and fairer comparison of GAR, while providing full transparency to the market based on data availability and feasibility. 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 from across Europe. The federation 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. Website: www.ebf.eu |
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