EBF MORNING BRIEF Thursday 20 February 2020 Good morning, these are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the mediacentre of the European Banking Federation in Brussels. Recommend the EBF newsletters to a colleague. Click here to sign up! |
|
|
|
FROM THE MEDIA ING: Ralph Hamers to leave ING UBS Group AG is hiring Ralph Hamers as its next chief executive officer, bypassing internal candidates to tap the head of Dutch retail bank ING Groep NV to help it navigate an era of sluggish growth. The FT and other media are reporting that Hamers will succeed Sergio Ermotti, one of Europeâs longest-serving bank CEOs, effective Nov. 1, UBS said in a statement Wednesday. ING has confirmed Hamers will depart ING on June 30. Read more Bloomberg FT(âŹ) WSJ(âŹ) FT: Big Tech will have to share data under EU proposals Dominant tech companies will have to open up their troves of data to smaller rivals, as other sectors such as financial services already do, the European Commission said, in proposals aimed at breaking down the monopolies such as those of Amazon and Google. In a document outlining a âEuropean strategy for dataâ, the commission said it would explore âthe need for legislative actionâ to push companies towards sharing and pooling data. Read more(âŹ) TechCrunch The Economist Deutsche Welle WSJ(âŹ) Reuters: No special treatment for the City - EU advisor The European Union will determine Britainâs access to the blocâs financial markets in the same way it has for Japan and the United States and wonât give special treatment, a senior EU advisor said on Wednesday according to Reuters. Read more WSJ: Europe's test case for banking consolidation Intesa Sanpaoloâs bid for UBI Banca is the starting move in what could be a consolidation wave in Italian banks, but cross-border deals in Europe are still unlikely to happen, says the Wall Street Journal. Reuters reports that UBI Banca would name advisers to help it evaluate the surprise âŹ4.9 billion euro takeover offer along with possible alternatives and said nothing could be taken for granted. Read more (âŹ) Reuters FT: Why Sweden calls its negative rate experiment a success It is the biggest monetary policy experiment of modern times. One that has divided economists, central bankers and politicians. But now that Sweden has called a halt to its five-year trial with negative interest rates the serious work has begun on looking at whether it worked. Swedenâs Riksbank, the worldâs oldest central bank, was the first to take its main repurchase rate â at which commercial banks can both borrow or deposit money â negative in early 2015, to fend off deflation, only returning to zero in December. Read more (âŹ) |
|
FROM THE INSTITUTIONS European Commission presents strategies for data & Artificial Intelligence The European Commissionâs data strategy and subsequent legislative measures were outlined in the Communication on the European Strategy for Data. The objective of the European data strategy is to make sure the EU becomes a role model and a leader for a society empowered by data. For this, it aims at setting up a true European data space, a single market for data, to unlock unused data, allowing it to flow freely within the European Union and across sectors for the benefit of businesses, researchers and public administrations. Read more ESMA finds continued high risks as financial markets remain highly volatile The European Securities and Markets Authority (ESMA), the EUâs securities regulator published the first Trends, Risks and Vulnerabilities (TRV) report of 2020. ESMA identifies continued high risks and a weaker economic outlook as markets remain highly sensitive to geopolitical events. The risk outlook is stable, however, risks are high, particularly in the securities markets and for retail investors. Read more ESMA report European Parliament: Consequences of delaying the EUâs long-term budget On Thursday 20 February a summit on the EUâs next long-term budget takes place in Brussels. If EU leaders fail to reach a common position, the consequences for EU citizens could be dire. Read more |
|
EBF MEMBERS IN THE NEWS Germany: Fresh start for the European Capital Markets Union The banking association advocates targeted steps towards realizing the capital markets union. Because, ideally, everyone would benefit from a further deepening and cross-border consolidation of the European capital markets in the European Union: states, companies, and citizens. Increased competitiveness, innovative strength and sovereignty of the economy in the EU, a higher degree of financial market stability, a diversified access of companies (and public institutions) to debt and equity financing in all parts of Europe and last but not least the participation of investors in growth and with it in the prosperity - all this speaks for the necessary political efforts towards a real capital market union. Read more (DE) Denmark: How to make the world more sustainable At Finance Denmark's Annual Meeting: Forum for Sustainable Finance, the Danish Banking Association launched 20 recommendations on how the financial sector can accelerate the sustainable transformation of society. The recommendations bring the Danish financial sector to the forefront internationally. Read more (DK) France: Keys to Banking: Remote banking, 10 security rules The France Banking Association publishes each week "Les clés de la banque". A banking guide to understanding banking simply. This week's issue focuses on remote banking and 10 security rules for bank customers. Read more (FR) |
|
MAIN EVENTS today Microsoft Forum: Data Access & Sharing. EBF's Sergio Tringali attending ZEW Lunch Debate. EBF Director Financing Growth Burcak Inel attending EBF Executive Committee meeting, Frankfurt *All events take place in Brussels unless stated otherwise |
|
FROM THE EBF VIDEO: Banking Essentials Webinar: Navigating AML Compliance In this first BANKING ESSENTIALS webinar, produced jointly by S&P Global Market Intelligence and the European Banking Federation, two industry experts shared their thoughts on the challenges and opportunities within the AML compliance space. Watch the full webinar HERE EBF-EU Parliament breakfast event: Money laundering & financial crime At the EBF-European Parliament joint breakfast event, representatives of banks, police and Greens agreed on the new European Commission action plan to combat money laundering: the Commission must enforce compliance with European anti-money laundering standards in the Member States through infringement proceedings. The representatives of obliged entities under the EU's Anti-money Laundering Directive attending the breakfast also supported Green's call on the Commission to come up with strong proposals to harmonize key rules. Companies doing cross-border business would benefit from uniform standards, in particular for customer identification, and regulatory arbitrage would be prevented. Read more |
|
Financial & Digital Literacy in the 2020s European Money Week Workshop Tuesday 24 March, 9:00am to 13:30am, EBF Meeting Centre
To mark the 2020 European Money Week in Brussels the European Banking Federation invites you to join us for a half-day financial education workshop on Tuesday 24 March. Boosting financial literacy has become essential for the well-being of citizens from all ages and social groups, especially in an interconnected society where financial services are delivered digitally. Under the title âFinancial and Digital Literacy in the 2020sâ we will bring together specialists, innovators as well as representatives of different parts of the economy. The sixth European Money Week begins on Monday 23 March and will see financial education events organized across Europe by national banking associations and the European Banking Federation, as well as national finals of the European Money Quiz across Europe. Read more |
|
ABOUT THE EUROPEAN BANKING FEDERATION The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. 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. |
|
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 |
|
|
|