EBF MORNING BRIEF    Thursday 22 September 2022

FROM THE MEDIA
 

Bloomberg: Banks may leave climate group on legal risks

Banks may leave the Glasgow Financial Alliance for Net Zero (GFANZ) because they fear the organization’s strict requirements for decarbonization may make them legally vulnerable. The lenders’ misgivings have been raised in recent GFANZ meetings, people familiar with the matter told Bloomberg. While European banks share some of the misgivings, they have no plans to exit the coalition, said another person familiar with the matter. Read more

Reuters: ECB Lagarde raises prospect of rate hike beyond neutral level

The European Central Bank (ECB) may need to raise interest rates to a level that restricts economic growth in order to cool demand and combat unacceptably high inflation, ECB President Christine Lagarde said. As reported by Reuters, the ECB president provided no clues about the October rate hike. Read more

FT: The ECB’s new backstop introduces atrocious incentives

The European Central Bank (ECB)’s transmission protection instrument (TPI) has been created with the best intentions. To be beneficial to the EU such an instrument must not undermine sound fiscal and economic policies. According to an opinion piece published by the Financial Times (FT), in this case, the absence of effective conditionality leads to atrocious incentives for countries, politicians, and voters. Read more

MAIN EVENTS

Thursday 22 September

• Council Counsellors/Financial Services Attachés

• ECB General Council meeting

• ENISA CyCLONe Officers meeting

• Leaders in Finance AML Europe Event 2022 (EBF CEO Wim Mijs and EBF Senior Policy Advisor Roger Kaiser speaking)

• FIA Forum: Paris 2022

• Camp Law Claw ‘Competition law in the financial services sector. Regulation, enforcement and the challenges of FinTech' event

• Bloomberg 'The Future Investor: A New Investment Class' event

Friday 23 September

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• EIB ‘Innovation for a sustainable and resilient future’ conference

• Council Horizontal Working Party on Cyber Issues

• Joint ESAs Consumer Protection Day

For a full-year overview of key financial regulation events: click here

FROM THE EBF MEMBERS

NVB: Impact of a US tax law on Dutch 'accidental Americans'

As reported by the Dutch Banking Association (NVB), the possible closure of bank accounts of Dutch 'accidental Americans' is not necessary for the time being. This was stated in a letter from the US Deputy Secretary of the Treasury to the US Ambassador in the Netherlands. In the letter, the US Department of the Treasury also mentioned that it is working on guidelines on what banks should do if they do not obtain a TIN from their customer. Read more (NL)

ACB: Statement on the accusations by SYPRODAT

To dispel any suspicion of unfair practices or discriminatory handling of non-performing loan cases (NPLs), complaints must be documented to the competent authorities of the country and to the management of member banks for appropriate handling. This is what the Association of Cyprus Banks (ACB) writes in a statement on the accusations on the part of SYPRODAT. Read more (EL)

BPFI: Roundtable to intensify coordinated approach for customers moving bank accounts

The Banking & Payments Federation Ireland (BPFI) hosted a roundtable meeting with relevant regulatory authorities including the Central Bank of Ireland, to strengthen the coordinated approach for customers moving from Ulster Bank and KBC. The purpose of the meeting was also to ensure consumers and businesses continue to be supported and encouraged to update their direct debit payments as they make the move. Read more

FROM THE INSTITUTIONS

ESMA: Withdraw of TR registration of UnaVista TRADEcho B.V. 

The European Securities and Markets Authority (ESMA) has withdrawn the trade repository (TR) registration of UnaVista TRADEcho B.V. (UnaVista) under the Securities Financing Transactions Regulation (SFTR). Read more

ECB: Fiscal policies to mitigate climate change in the euro area

Mitigating climate change is a matter of urgency, which requires sustained and comprehensive policy efforts, including implementing fiscal measures. An article by the European Central Bank (ECB) provides an overview of existing, required, and expected climate-related fiscal policy measures to accelerate the green transition. Read more

BIS: Christine Lagarde: Monetary policy in the euro area

The Bank for International Settlements (BIS) published a speech by Christine Lagarde, President of the European Central Bank (ECB) on the nature of the inflation shock we are facing in the euro area, and the implications this has for monetary policy now and in the future. Read more

FROM THE EBF 

Joint letter for safeguarding the proper functioning of the EU ETS

The European Banking Federation (EBF) co-signed a joint industry letter to the Czech Presidency of the Council of the European Union, the European Commission, and the European Parliament, calling for the proper functioning of the EU Emissions Trading System (EU ETS) to be safeguarded. Read more 

New EBF Vacancies! Work with us!

Visit our Vacancies page to learn more about the opening positions at the EBF. Read more

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European Banking Federation