| EBF MORNING BRIEF         Thursday 2 September 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.Â
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FROM THEÂ MEDIA
Bloomberg: ECB shouldn’t disregard the risk of higher inflation, Weidmann says
As reported by Bloomberg, the Bundesbank President Jens Weidmann said that European Central Bank (ECB) officials shouldn’t disregard the risk that inflation could accelerate faster than currently anticipated, adding his voice to an intensifying debate ahead of the institution’s policy meeting next week. “Accommodative monetary remains appropriate. But we shouldn’t disregard the risk to too-fast inflation”, he adds. Read more
International Banker: Tackling NPLs in a performing economyÂ
In his article for the International Banker, Gonzalo Gasós, Senior Director Prudential Policy and Supervision at the European Banking Federation (EBF) discuss the role of Non-Performing Loans (NPLs) in the European banking system. Emphasis is also on the conditions for a more liquid NPL market, and the prospect greater role for market-based instruments. "It is time to create the conditions for more liquid NPL trading and let the market do the rest", he says. Read more
TIME: Christine Lagarde and Klaus Schwab discuss how to overcome the world's greatest challenges
The TIME broadcasted a dialogue between Klaus Schwab, founder and executive chairman of the World Economic Forum, and Christine Lagarde, the president of the European Central Bank (ECB). The exchange addresses the economic impact of the pandemic, the role of Central banks in the climate crisis, women in finance, and technological developments, including digital currencies. Read more
Euronews: Majority of Europeans want their countries to regulate crypto, not the EU - exclusive Euronews poll
A majority of Europeans want their own governments to regulate cryptocurrency while a growing number would also support the creation of national digital currencies in order to assert some monetary independence from the European Union, a landmark poll for Euronews has found, Euronews reports. Read more |
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REGISTRATION IS OPEN! European Banking Summit 2021:
BANKING ON THE FUTURE |
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 | At the 5th edition of the European Banking Summit, experts, senior policymakers, and banks will come together to discuss the industry’s challenges and opportunities and identify new trends. Covering the topics of digital transformation, European recovery, sustainable transition, and the future of banking, will present a unique opportunity to learn about how the European banking sector will evolve to serves the emerging needs of society. The EBF CEO, Wim Mijs will deliver the opening remarks and join as a moderator the roundtable on the contribution of EU banks to the European Green Deal. Register HERE |
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MAIN EVENTS Â Thursday 2 September 2021:Â
Friday 3 September 2021:Â
For a full-year overview of key financial regulation events:Â click here
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FROM THE EBF MEMBERS
NVB: Medy van der Laan new Chairman of NVB
Since 1 August 2021, Medy van der Laan has been chairman of the Dutch Banking Association (NVB). Her career is characterized by a committed view of the social perspective, with the optimal interaction between business and government as the common thread. "The banking sector will face major challenges in the coming years, including an important contribution to sustainability and digitization. With the help of the NVB, the sector can lead the way in this and fulfill an important social role", she says. Read more (NL)
Finance Finland: Survey: Investors seem uninterested in sustainability
As reported by Finance Finland, Finnish investors show little interest in sustainability. While 39% of women want to be reassured that their investments are managed responsibly, only 27% of men ask for a similar reassurance. Besides, 14% of respondents say that the responsibility of the investment does not matter. These figures are based on a survey commissioned by Nordea. Read more (FI)
HUB: Loans and deposits grow, loan quality is stable, and interest rates remain the lowest in history
Croatian Banking Association (HUB) Review shows that loans and deposits with banks recorded a significant increase during 2021. Growth was driven by housing loans, which in gross terms grew at a high rate of 9.1% from the end of June 2020 to the end of June 2021. Other forms of retail lending recorded an annual decline which can be partly explained by a large increase in deposits. Read more (HR) |
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FROM THE INSTITUTIONS
ECB: Climate change and monetary policy
The existential threat posed by climate change implies that central banks must not stand on the sidelines in the fight against global warming, writes European Central Bank (ECB) Executive Board member Isabel Schnabel. The European ambitious climate action plan outlines how the ECB will contribute within its mandate. Read more
EIOPA: Petra Hielkema takes up her role as Chairperson of EIOPA
On 1st September 2021, Petra Hielkema started in her new position as Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA). "Climate change, recovery from the pandemic, and digitalization are huge challenges for society, but they are also areas where insurance companies and pension fund providers can play a significant role in mitigating the risks and fostering a more resilient society", she said. Read more
ESMA: Risk of market corrections in uneven recover
The European Securities and Markets Authority (ESMA) published its second Trends, Risks and Vulnerabilities (TRV) Report of 2021. The Report highlights the continued rise in valuations across asset classes in an environment of economic recovery and low-interest rates, the increased risk-taking of investors, and the materialization of event risks such as GameStop, Archegos, and Greensill. Read more |
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FROM THE EBF
European Commission consultation on CHF LIBOR: EBF response
The EBF supports the Commission’s initiative to exercise the power to designate a statutory replacement rate for LIBOR CHF. Such a solution is urgently needed to safeguard counterparties from the risk of contracts discontinuity. The form of regulation guarantees direct and uniform application in all Member States, being immediately binding. The EBF supports the choice of replacing LIBOR CHF with a Swiss Average Rate Overnight (SARON) Compound Rate plus a tenor specific spread adjustment (Spread Adjustment Value). Such replacement will maintain the characteristics of the contracts and instruments, especially in the case of loans, thus guaranteeing continuity of contracts and providing legal certainty with the highest level of consumer protection. Read more
European Commission consultation on EONIA: EBF response
The EBF has stressed in various opportunities the need to find a legal solution and assess the potential terms by which a replacement benchmark would be nominated for EONIA, as well as for LIBOR (in all its currencies). The EBF, therefore, fully supports the Commission’s initiative to designate a statutory replacement rate for EONIA as part of a comprehensive solution for cash and derivative products, as this will provide legal certainty to the transition from EONIA to €STR. Read more |
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ABOUTÂ THEÂ 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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