EBF MORNING BRIEF Thursday 27 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 European Banking Federation. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA Euractiv: Prepare for all eventualities on UK-EU data transfers There could be a series of ‘obstacles’ in terms of securing an EU-UK adequacy agreement on post-Brexit data transfers and the bloc should therefore “take steps to prepare for all eventualities,” the European Data Protection Supervisor (EDPS) has said this week, reports Euractiv. Read more European banks in the news According to the FT, London-based Standard Chartered’s operating income growth is set to be lower than expected this year due to the impact of the coronavirus in some of its biggest markets. In Switzerland, Verdict reports that only two of the five Swiss systematically important banks – UBS and Credit Suisse – have passed the crisis planning test of FINMA with effective plans. Lloyds Bank is set to slash the equivalent of 780 full-time jobs this year across its branch network, says the BBC. Bloomberg reports that global banks including Deutsche Bank and UBS are restricting their staff from travelling to Italy following concerns about the coronavirus outbreak. Standard Chartered (€) UBS Lloyds Deutsche Bank Deutsche Welle: Germany's Finance Minister wants to lift debt cap Germany's Finance Minister Olaf Scholz wants the federal government to relieve debts for small towns, reports various media. But the move would require a constitutional amendment, and may put another crack in Angela Merkel's coalition. Read more FT(€) Bloomberg Reuters: UK financial services trade-off faces hurdles in London Britain will likely secure only temporary access to the European Union financial market under a broader trade deal in which finance may take a back seat to sectors such as fishing, financial industry officials said according to Reuters. According to Bloomberg the finance industry is set to focus on the so-called “equivalence” that will give U.K. firms access to the single market, and that the EU can withdraw unilaterally at short notice. Read more Bloomberg |
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MAIN EVENTS today EBA Banking Stakeholder Group meeting. EBF Chief Policy Officer Sébastien de Brouwer attending ECB publication of Monetary developments in the euro area, Frankfurt ECB publication of National balance sheet of euro area monetary financial institutions, excluding the Eurosystem, Frankfurt EBF Cloud Expert Group meeting |
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FROM THE INSTITUTIONS ECB: Stepping up coordination on risks in central clearing Fabio Panetta, Member of the Executive Board of the ECB, gave a speech about “Joining forces: stepping up coordination on risks in central clearing.” Effective coordination among banks, CCPs and public authorities is necessary to manage risks in central clearing. In order to improve coordination, he called for fair solutions for diverging interests and reduce knowledge gaps. To this end, both private and public sector stakeholders should contribute to developing an enhanced institutional setting for ongoing dialogue and coordination. Read more European Semester: The Winter Package explained The Commission published an explainer about the winter package of the European Semester. It puts competitive sustainability at its heart, finding that over the past five years, the EU has made progress towards almost all of the 17 SDGs. Furthermore, the UK will be part of the European Semester until the end of the transition period. Read more BIS: Variability in risk-weighted assets: what does the market think? BIS has published a working paper on “Variability in risk-weighted assets: what does the market think?” The paper looks at how successful the Basel III reforms will be in reducing the excessive variability in banks’ capital requirements. It developed a new approach in measuring variability in banks’ risk-weighted assets (RWAs) finding that the 2017 Basel III reforms indeed helped to reduce the variability. Read more |
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EBF MEMBERS IN THE NEWS UK: Covid-19 - the potential impact for businesses By now, the impact of the Covid-19 coronavirus outbreak, on both China’s economy and the world, has been endlessly trawled through in the headlines. Multiple sectors have been hit. Automakers have closed facilities, unable to have the required parts delivered. Renewable energy has been hit – Indian solar power and US wind turbines both rely to a large extent on Chinese imports. Read more Luxembourg: Markets4Europe Luxembourg Regional Conference The Markets4Europe campaign aims to improve the financing of economic growth and employment in the EU by putting capital markets to work for Europe. The campaign recommends that the EU, Member States and the financial services industry embark on a coordinated project to achieve six high-impact changes. Read more Czech Republic: CBA comments on Hypoindex for January 2020 According to Hypoindex , the interest rate on mortgage loans increased slightly from 2.34% to 2.36% pa in January. mortgages amounting to CZK 16.9 billion. This means that the average mortgage exceeded CZK 2.6 million. Read more (CZ) |
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Fintex Summit, 14-15 May 2020, Baku, Azerbaijan
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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! |
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