EBF MORNING BRIEF Thursday 17 September 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. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA Euractiv: Von der Leyen charts Europe’s ‘digital decade’ Commission President Ursula von der Leyen has laid out her vision for the development of digital policy in the EU, with an accelerated commitment to innovation in the aftermath of the coronavirus pandemic, Euractiv reported. However, her State of the Union speech also drew criticism on Wednesday for failing to address some of the pressing issues of the platform economy, as she steered clear of any reference to the EU’s ambitious regulation of online services, the Digital Services Act. Read more. Politico Le Monde Der Spiegel Bloomberg Law: Banks Risk Regulatory Ire for ‘Greenwashing’ Claims Misleading claims of environmental virtue could be the next source of big misconduct fines, according to Europe’s top banking regulator, Bloomberg Law reported. Jose Manuel Campa, chairman of the Paris-based European Banking Authority, said in a speech Tuesday that environmental, social and governance matters are taking on greater importance for the regulatory environment. Read more S&P: European banks brace for coronavirus-battered retail sector Europe's retail sector faces a decisive few months, writes S&P Global. Having just found its feet after COVID-19 lockdowns forced large swathes of the sector to shut up shop, recent surges in infection numbers will have many looking ahead nervously. So too their banks. Lending to the sector is unsurprisingly substantial given its sizable role in Europe's consumer-driven economies. Most of the region's largest banks have billions in exposure to the sector — and have made significant provisions in preparation for some of those loans turning sour. Read more FT: EU set to extend access to London clearing houses to mid-2022 The EU is preparing to offer its banks an 18-month extension on access to London’s crucial markets infrastructure as it seeks to prevent a jolt to financial stability when the UK’s Brexit transition period expires at the end of the year, according to the FT on Wednesday. Read more (€) |
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MAIN EVENTS today EBF Sustainable Finance Working Group online meeting EBF International Affairs Steering Group online meeting *All events take place in Brussels unless stated otherwise |
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Salzburg Global Finance Forum FINANCIAL REGULATION IN TIMES OF PANDEMIC: WHAT DO WE NEED TO ACHIEVE? Thursday 24 September, 15 CET/ONLINE | Harnessing the Salzburg Global Finance Forum’s cross-border networks and thought leadership, this webinar will examine the critical role of the financial sector for post-pandemic economic recovery and discuss how a high-quality regulatory framework could help “build back better” for a more resilient, equitable and sustainable financial system. Among the speakers: Edouard Fernandez-Bollo, ECB Supervisory Board member, and EBF CEO Wim Mijs. For more information and registration click HERE |
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FROM THE EBF MEMBERS UK Finance: How will the end of LIBOR affect businesses in the future? Daniel Cichocki, Director of LIBOR Transition, UK Finance, discusses how businesses need to prepare for the discontinuation of LIBOR. Read more Finance Finland: Online banking surges in the coronavirus pandemic Finns have switched to contactless payments. Their proportion will soon hit 70% of all card payments. Many have also tried out mobile payment apps or taken them into regular use. Use of cash is declining sharply reports Finance Finland. Read more BPFI: Helping Business to access credit at discounted rates A Guide to the Government Covid-19 Credit Guarantee Scheme has been published by Banking and Payments Federation Ireland (BPFI) to coincide with the full opening and availability of the scheme by the three main banks, AIB, Bank of Ireland and Ulster Bank. The Guide is being strongly recommended to all businesses who may be thinking about utilising the Scheme to access credit at discounted rates. Read more Febelfin: Talking about money: your confession about money? In 2020, we still don't like to talk about money: some people will feel uncomfortable talking about it. To break this taboo, Febelfin is launching a campaign in which French and Flemish-speaking influencers share their "confessions about money". These are funny, embarrassing situations, but above all that anyone could live in, in which the influencers have lacked flair in their way of behaving towards money. Read more (FR) |
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EBF High-Level Public Dialogue EUROPEAN BANKING BEYOND THE PANDEMIC Thursday 1 October, 15:00 CET / ONLINE | As the pandemic hit the economy, businesses and households across the EU benefited from a resilient European banking ecosystem. A ‘new normal’ in European banking is taking shape, this time with banks as part of the solution. Yet, the industry is encumbered with many of the pre-existing challenges: low returns, high cost of capital, negative interest rates, the prospect of even tighter capital requirements and a fragmented EU financial services market keep Europe’s banking sector from being an attractive place for global investors and from competing globally with big-tech challengers. How does the ‘new normal’ differ from the ‘old normal’? The EBF High-Level Public Dialogue seeks to outline how European banking will look like beyond the pandemic by bringing together leading industry representatives with top supervisors and regulators. For more information and registration click HERE |
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FROM THE INSTITUTIONS SOTEU: President von der Leyen at the European Parliament Plenary Commission President Ursula Von Der Leyen has delivered her first State of the Union speech. Her address touched upon issues such as NextGenerationEU; the EU's response to the COVID-19 pandemic; building a stronger Health Union; a framework for minimum wages; a new strategy for the future of Schengen; the European Green Deal; the strategy for digital; the situation in Belarus; global engagement; migration; Rule of Law; anti-racism and tackling hate crime and discrimination. Read more ECB: Interview with Agence France-Presse (AFP) In an interview with Agence France-Presse (AFP), ECB board member Isabel Schnabel argued that raising inflation will be key and failure to get price growth in the 19-country eurozone moving towards the ECB’s target could be the trigger for action. “We continue monitoring incoming information carefully, including developments in the exchange rate, and we stand ready to act if the incoming data is not consistent with the objective of our emergency measures to close the inflation gap that has emerged as a result of the pandemic,” Schnabel told AFP. Read more OECD Predict Global GDP will decline by 4.5% this year The OECD now projects a contraction of 4.5% in global economic output in 2020 and a return to growth of roughly 5% in 2021. The global recession this year will not be as deep as expected as a result of countries' efforts to counter the economic fallout from the coronavirus pandemic, the Organisation for Economic Co-operation and Development (OECD) said on Wednesday, September 16. Read more FATF: Consolidated assessment ratings The Financial Action Task Force (FATF) has published a table that provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance of FATF recommendations. Read more |
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FROM THE EUROPEAN BANKING FEDERATION Sustainability & Going Green: How will Banks adapt to this new world? On Tuesday 15 September, the European Banking Federation and S&P Global ran a webinar "Sustainability & Going Green: How will Banks adapt to this new world?". Have you missed it? No worries! Click HERE to watch the full webinar & presentations from our experts. Recovery package: EBF response to EC consultation on research The European Banking Federation has responded to the European Commission consultation on Research amending delegated directive (EU) 2017/593. 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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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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