| EBF MORNING BRIEF Thursday 25 June 2020 Good morning. Here 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
Reuters: Europe's emergency loan schemes stir fears of a debt trap SME's being dependant on extended loans concerns many governments and banks across Europe, which are rushing to prop up struggling companies, but are worried that the increased debt levels will hinder their ability to invest in growth, writes Reuters. Credit to non-financial companies in the euro zone hit an 11-year-high in April, ECB data show. According to Reuters calculations, more than 290 billion euros of loans in government-backed lending schemes have been granted across the European Union’s four largest economies and Britain during the continuing coronavirus slump. Read more
Euractiv: German Government sets priorities for EU presidency One week before Germany takes over the EU Council presidency on 1 July, its highly anticipated programme went through the cabinet, with priorities focused on managing the coronavirus crisis and its economic and social fallout including digital sovereignity and revamped tax framework, Euractiv reports. Read more
Bloomberg: Central banks propose better climate risk assessment Global central banks, through the Network for Greening the Financial System (NGFS), have developed a “concrete toolbox” to better prepare for the risks climate change poses to the economy, writes Bloomberg. Read more
Law360: EU financial groups form new body to push green finance European trade bodies representing the banking, accountancy and investment sectors are working with climate change organizations to form an "informal" advocacy group, reports Law360. Read more (€)
Euronews: Who will join the race to be the Eurogroup's next president? The race is on to succeed Mário Centeno as leader of the Eurogroup, as official candidate submissions are due today, says Euronews. The ones most likely to make a bid for the presidency are Nadia Calviño, Spain’s deputy prime minister for the economy, Pierre Gramegna, Luxembourg’s finance minister and Paschal Donohoe, his Irish counterpart. Read more
Bloomberg: Banks scan long-term damage in Wirecard scandal Wirecard AG won a short reprieve from the lenders on its 1.75 billion euros revolving credit facility after banks decided to assess the embattled company’s long-term viability before telling it to repay the loan, writes Bloomberg. Read more |
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EBF MEMBERS IN THE NEWS
The Netherlands: An EU approach to money laundering to turn the tide
There is a growing consensus that the current global framework for fighting financial crime is not as effective as it could be, and that more needs to be done at the international, regional and national levels to help identify and stem the flow of illicit finance. The Dutch Banking Association published in the Bank | Wereld magazine, an interview with Wim Mijs, Chief Executive Officer of the European Banking Federation, on the need to reduce regulatory fragmentation and promote data exchange. Read More (NL)
Switzerland: Covid-19: six digital trends in the financial centre
The banks’ recent changeover to crisis management mode was swift and customer acceptance of digital services was very high. The Covid-19 pandemic is an eye-opener in terms of the strategic importance of digitalisation, writes the Swiss Bankers Association’s Martin Hess. Read more
Liechtenstein: LBA offers holiday packages for children
With the "Give joy as a gift" campaign, the Liechtenstein banks want to give something back to the families in the Corona crisis. The school holidays in Liechtenstein begin on 6 July and planned trips abroad may not be possible. This is where the idea of the Liechtenstein Bankers Association (LBA) comes in, which has been developed in recent weeks with the Department of Promotion and Protection of the Office of Social Services. Read more (DE)
UK: UK Payment Markets 2020 report
Card payments accounted for 51 per cent of all payments in the UK in 2019. Adrian Buckle, Head of Research, UK Finance discusses some key findings from the UK Payment Markets 2020 report. Read more (€) |
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FROM THE INSTITUTIONS
Commission: EU data protection rules are fit for the digital age
Just over two years after its entry into application, the European Commission published an evaluation report on the General Data Protection Regulation (GDPR). The report shows the GDPR has met most of its objectives, in particular by offering citizens a strong set of enforceable rights and by creating a new European system of governance and enforcement. Read more
ECB: The monetary policy response to the pandemic
The decisive monetary policy measures taken in response to the pandemic emergency have eased financial conditions, says Chief Economist Philip R. Lane. The measures have also averted the most adverse real-financial feedback loops and are supporting confidence and the outlook for growth and inflation. Read more
NGFS: Macroeconomic and financial stability impacts of climate change A new paper by the Network for Greening the Financial System, comprising of global central banks, lays out and discusses the NGFS research priorities related to the analysis of the macroeconomic and financial stability impacts of climate change. Read more
EBA published new ITS on institutions’ Pillar 3 disclosures
The European Banking Authority (EBA) published new Implementing Technical Standards (ITS) on public disclosures by institutions and revised final draft ITS on supervisory reporting that implements changes introduced in the revised Capital Requirements Regulation (CRR2) and the Prudential Backstop Regulation. Read more EU budget 2021: An annual budget focused on European recovery The Commission proposed an EU budget of €166.7 billion for 2021, to be complemented by €211 billion in grants and approximately €133 billion in loans under Next Generation EU, the temporary recovery instrument aimed at mobilising investments and kick-starting the European economy. Together, the annual budget and Next Generation EU will mobilise significant investments in 2021 to address the immediate economic and social damage caused by the coronavirus pandemic, kick-start a sustainable recovery and protect and create jobs. Read more |
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FROM THE EBF
EBF joins EU Stakeholder Cybersecurity Certification Group
The European Banking Federation became an official member of the Stakeholder Cybersecurity Certification Group (SCCG) that will provide strategic advice to the European Commission and ENISA on EU cybersecurity certification, as part of the Cybersecurity Act implementation. The Act, which entered into force one year ago, has broadened the mandate of the EU Agency for cybersecurity (ENISA) and introduced a new European Cybersecurity Certification Framework to support the Digital Single Market. Read more |
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Encouraging and rewarding sustainability The EBF report on accelerating sustainable finance in the banking sector
At the United Nations Climate Change Conference (COP 25), EBF presented the Encouraging and rewarding sustainability report. The report outlines a number of concrete proposals to stimulate and contribute to the debate of the European institutions, regulators and banks on how to scale up sustainable activities, mobilise and redirect private financial flows to support such activities, develop new instruments and increase the number of eligible projects and help capital markets developments. |
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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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