| EBF MORNING BRIEF Monday 9 November 2020 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
Politico: What Biden means for Europe
After four long years of persistent haranguing, criticism and outright hostility, Europe can breathe easy; it’s free at last of Donald Trump. Trump’s defeat in the U.S. election will be celebrated across the Continent where his presidency caused widespread angst and anger, Politico writes. Many feared a second Trump term would trigger the collapse of the transatlantic relationship, the anchor of European prosperity and stability since World War II. In Joe Biden, a lifelong transatlanticist with strong links to many of Europe’s most important leaders, including Germany’s Angela Merkel, Europe has the next best thing to one of its own in the White House. Read more Thejournal.ie
Bloomberg: Grilling by EU lawmakers awaits Lagarde’s future ECB colleague
Frank Elderson might have some convincing to do during his first public appearance as a prospective European Central Bank official on Monday as lawmakers grill him on his candidacy for the job. The Dutch supervisory official will appear before European Parliament members in Brussels who have long lobbied for a greater choice of potential nominees offering more gender balance than the sole male op, Bloomberg reports. Read more FT: Deutsche Bank rebuffed ECB call for action on leveraged finance Deutsche Bank rejected a request by the European Central Bank to suspend key parts of its leveraged finance operations over concerns that Germany’s largest lender was not properly monitoring risk in that area, according to people familiar with the matter, FT reports. Read more (€)
PYMNTS: Virtual IBANs remove friction from cross-border payments
A virtual IBAN is a reference number issued by a bank that allows payments to be routed to a physical/regular bank account, and in terms of process, the virtual numbers act in the same manner as their brick and mortar variations. Lilia Metodieva, managing director at Monneo, told PYMNTS that the company offers a platform and a single point of access through which online merchants can access virtual IBANs provided through a network of European banks. The network, in turn, supports incoming and outgoing transactions across more than 130 currencies spanning a range of payment schemes such as SEPA and SWIFT. Read more
Bloomberg: Reductions in 2020 are on track to surpass last year’s total
Even as European banks reported lower-than-expected loan losses and strengthening capital ratios in the third quarter, the job cuts kept coming across the continent. According to Bloomberg, Spain’s Banco Santander SA plans to get rid of as many as 2,000 staff at its Polish business. Britain’s Lloyds Banking Group Plc announced it was cutting about 1,070 roles, mostly at its technology and retail units. Dutch lender ING Groep NV revealed the loss of 1,000 jobs by the end of 2021. Read more |
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Join and register for free EVOLUTION IN FINANCIAL SERVICES:
TOMORROW’S TECHNOLOGY IN TODAY’S FRAMEWORK? ONLINE conference, Thursday 12 November, 15:00 CET 
Join us on Thursday, 12 November and listen to the fireside chat " Stronger together: Banks cooperating on cloud across industries and with peers" with Marcus Chromik, Chief Risk Officer, Commerzbank and Wim Mijs, Chief Executive Officer, European Banking Federation, as part of our "Evolution in financial services: Tomorrow’s technology in today’s framework?" online conference #EBFDigitalThursdays
Register and find out more HERE |
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MAIN EVENTS today For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
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FROM THE EBF MEMBERS
FFI: Preparing wisely for the old age
Ageing is something that can be prepared for in many different ways. You can take care of your health, foster social relationships, design safer living arrangements in your home, and take care of finances and legal matters, such as guardianship and advance healthcare directive, for example. Finance Finland (FFI) is involved in cooperative projects and networks with the aim of strengthening Finns’ financial preparedness for their retirement days. Read more
NVB: From repair to prevention: the future affordability of care
Good healthcare is crucial, especially now. In order to keep healthcare accessible and financeable, banks are open to help the healthcare sector with future business models, according to Michel van Schaik, Rabobank and Michiel Kuiper, Dutch Banking Association (NVB). Read more (NL)
FN: 1.5 million employees receive their own pension account
A separate pension account will enter into force on 1 January 2021. This is a major and important reform in private occupational pensions and covers around 1.5 million employees, Finance Norway (FN) reports. With their own pension account, employees will be able to collect their pension in one account, and in this way get a better overview and more pension for every krone saved. Read more (NO)
SBA: Banks shield the economy
The sector suffered badly in the wake of 2008’s financial crisis but has shown remarkable resilience during this pandemic, with S&P Global Ratings anticipating “few if any negative rating actions for banks in Switzerland.” The agency puts the banks’ renewed robustness down to clean balance sheets, high capitalization and conservative regulatory standards. The CEO of the Swiss Bankers Association (SBA), Jörg Gasser, agrees: “Their financial stability has increased sharply since 2008; they are more agile, much stronger and rock solid.” Read more UK Finance: The Future of Banking: CX = AI + HP Richard Kibble, Margaret Doyle and Alexandra Dobra-Kiel from Deloitte UK discuss with UK Finance, how artificial intelligence applications and hyper-personalisation can help improve customer experience. Read more |
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FROM THE INSTITUTIONS
Commission's von der Leyen on the result of US presidential election
European Commission President Ursula von der Leyen said she "warmly congratulated" Biden and vice president-elect Kamala Harris on their victory. "The European Union and the United States are friends and allies, our citizens share the deepest of links. Together we have built an unprecedented transatlantic partnership rooted in common history and shared values of democracy, freedom, human rights, social justice and open economy," von der Leyen said in a statement. Read more
ESMA launched MiFID consultation ESMA has launched a Consultation Paper seeking input from market participants in relation to its draft guidelines on the MiFID II/MiFIR obligations on market data. The proposed Guidelines build on the assessments and recommendations from a 2019 ESMA Report on Market Data. They provide guidance on the requirement to publish market data on a reasonable commercial basis and the requirement to make market data available free of charge 15 minutes after publication. The consultation closes on 11 January 2021. Read more SRB: Europe and the Covid-19 crisis Elke König, Chair of the Single Resolution Board, has given a speech on "Europe and the Covid-19 crisis". She examined the current regulatory environment in Europe, looked at the measures authorities have taken, as well as the work still needed on making banks resolvable. Read more
ECB Podcast: Is it time for a digital euro?
What is a digital euro? What would its benefits be and how would it affect the way we make payments? When could it be ready? ECB, Head of media relations, Michael Steen discusses these questions and more with Ulrich Bindseil, who is responsible for market infrastructures and payments at the ECB. 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
EBF Publishes Financial Literacy Playbook for Europe
On Tuesday, the European Banking Federation presented its Financial Literacy Playbook for Europe. This playbook is the result of the common efforts of national banking associations across Europe and the European Banking Federation. It provides a valuable snapshot of the banking industry’s financial education initiatives across Europe and can be used as a country-by-country reference guide. 35 countries actively worked through the EBF’s Financial Education Committee to produce the playbook. It allows readers to explore what the banking sector – together with governments and leading NGOs – does to boost financial education and financial literacy. Read more Financial Literacy Playbook for Europe (PDF)
EBF Cloud Banking Forum & Salesforce: Trust in the adoption of Cloud
As part of the EBF Cloud series, Salesforce and the EBF Cloud Banking Forum develop trust in the adoption of Cloud, to promote additional guidance on Outsourcing Guidelines from the European Banking Authority’s (EBA). Read more EBF Cloud Banking page |
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FT Global Banking Summit Rebuilding, Redefining and Repositioning for Growth Digital Conference, 1- 3 December, 2020
2020 is proving to be a year of unprecedented uncertainty in the banking world. All projections and strategies have been thrown into chaos by the global pandemic, and it will be some time before the full impact can be estimated. The Financial Times’ landmark Global Banking Summit, spanning multiple time zones, provides an unrivalled platform for dialogue between banking and finance leaders, incumbents and challengers, regulatory organisations and technology partners to evaluate the industry’s response to the crisis and to develop key plans and priorities for 2021 and beyond. Speakers will include notable figures from the finance world, with keynote and panel contributions from senior banking executives, national and international regulators, and eminent thought leaders. Read more |
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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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