| EBF MORNING BRIEF Thursday 29 October 2020 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.
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FROM THE MEDIA
Bloomberg: New EU lockdowns raise prospect of ECB stimulus surprise
New coronavirus lockdowns by the euro zone’s biggest economies are boosting the chance of preemptive monetary stimulus by the European Central Bank this week. Germany and France are following Italy and Spain with restrictions echoing those that triggered an unprecedented slump earlier this year, Bloomberg reports. While most economists and investors still think the ECB will wait until December to expand its bond-buying program, the dramatic shift in risks has put them increasingly on guard for surprise action on Thursday. Read more
WSJ: A Deutsche Bank turnaround needs more than trading success
Deutsche Bank’s trading arm had a cork-popping third quarter, but the lender’s turnaround still needs a broader solution to the persistent problem of ultralow interest rates, the Wall Street Journal (WSJ) reports. Germany’s largest bank posted an unexpected €309 million quarterly profit Wednesday, buoyed by a 47% net revenue increase in its fixed-income trading activities. That uplift was better than at most Wall Street rivals, implying market-share gains for Deutsche. Read more (€) FT (€) CNBC
Bloomberg: G-20 Plans Extraordinary Meeting to Discuss Debt Relief
Finance ministers and central bankers from the world’s largest economies plan to hold an extraordinary meeting on Nov. 13 to discuss bolder action to help poor nations struggling to repay their debts. The Group of 20 ministers plan to meet a week prior to the annual gathering of heads of government on Nov. 21-22, according to a copy of the meeting’s agenda seen by Bloomberg. Read more
The Banker: Workable ‘consolidated tape’ vital EU CMU hopes
The successful launch of a “consolidated tape” is an objective benchmark by which the success of an EU capital markets union (CMU) can be measured, says Tilman Lüder, head of the securities markets unit at the European Commission, The Banker reports. EU authorities have been exploring the technicalities of creating a single, near real-time record of trade prices, known as a consolidated tape, for equities and bonds for several years but to date, no data provider has been able to meet its wide-ranging requirements. Read more |
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MAIN EVENTS today -
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EBF SSM CEO Roundtable, online meeting -
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For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
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Join and register for free COMING UP TODAY: EUROPEAN DATA ECONOMY &
OPEN FINANCE: WHAT DOES IT ALL MEAN? ONLINE conference, Thursday 29 October, 15:00 CET  Join us today and hear from our panel "A future EU open finance framework: Challenges, opportunities, and the way forward" as part of the European data economy & open finance online conference. Register and find out more HERE |
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FROM THE EBF MEMBERS
LBA: A holistic approach to sustainable finance
In 2019, the principality of Liechtenstein celebrated its 300th anniversary, attracting attention far beyond our 160 square kilometres. What is less well known, however, is that since 2013, all 11 of Liechtenstein’s municipalities have been certified with the label ‘Energy City’ under the European Energy Award Scheme. The principality is, therefore, the only country in the world that can call itself an ‘Energy Country’, Simon Tribelhorn, CEO, Liechtenstein Bankers Association (LBA) writes. The label symbolises that both policymakers and wider society have a strong sense of environmental responsibility. Read more
SBA: The future of payment transactions in Switzerland
Ongoing innovation in the area of payment transactions is causing the financial sector to rethink its established approach and practices. A number of developments promise to bring advantages – for banks, corporate clients and above all private clients, reports the Swiss Bankers Association (SBA). In order to be able to fully benefit from these advantages, it is important for banks to drive innovation in payment transactions and to enter into attractive partnerships. In the long term, however, the established structures must also be questioned. Read more
BPFI: Mortgage market recovery continues
There was a significant increase in mortgage approvals in September, but the value of mortgages drawn down in the latest quarter was still down significantly on the same period last year. That is according to the latest figures from the Banking and Payments Federation Ireland (BPFI), which show that first time buyers still account for the bulk of activity in the mortgage market. Read more
FD: A new tool for measuring CO2 footprint is ready
Finance Denmark (FD) has developed a model that the players in the financial sector can use to measure the CO2 footprint of loans and investments. It also provides an opportunity to set targets for reductions in the CO2 footprint in the coming years. The next step is, together with the business community, relevant authorities and organizations, to further develop the model so that it can also be used by the individual company to calculate CO2 footprints. The tool will thus support a broad-based green transition in Denmark. Read more |
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FROM THE INSTITUTIONS
European Parliament: EU budget must focus on sustainable recovery The main focus of the 2021 budget should be to mitigate the effects of the pandemic and support the recovery, building on the Green Deal and digital transformation. Next year’s budget - the first of the 2021-2027 financing period - should “promote fair, inclusive and sustainable growth, high-quality job-creation and its long-term goal of socioeconomic convergence”, MEPs state in their draft resolution, which reflects and accompanies the outcome of the vote on budgetary figures of 15 October. Read more
ESMA demands transparency on Covid-19 Impact
The European Securities and Markets Authority (ESMA) has issued its annual Public Statement on European Common Enforcement Priorities (Statement), which sets out the priorities that EEA corporate reporting enforcers will consider when examining listed companies’ 2020 annual financial reports. Read more
SRB chair Elke König to European Parliament ECON Committee
Elke König, Chairperson of the Single Resolution Board (SRB), has given a statement at the ECON Committee meeting. She touched on the SRB’s annual report but then delved into the work her organisation was doing to tackle Covid-19 and the impact of Brexit. She spoke about the importance of banks maintaining capital buffers and believed they were well-placed to weather the economic difficulties. Read more
Applying IFRS Standards in 2020—impact of covid-19
Mary Tokar, a member of the International Accounting Standards Board, and Technical Staff Member Sid Kumar provide an overview of the key financial reporting considerations that may be on the minds of preparers, auditors, investors and regulators as they tackle the complexities associated with Covid-19. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
EDPB Guidelines on PSD2 and GDPR interplay: Joint letter
The EBF, together with a number of other industry associations representing Payment Service Providers, have sent a joint industry letter to the Europea Data Protection Board (EDPB) on the planned EDPB Guidelines on the interplay between the second Payment Services Directive (PSD2) and the General Data Protection Regulation (GDPR). With this industry letter representing different types of PSPs and therefore vastly covering the payments market, we wish to highlight the common concerns industry players share on the draft EDPB Guidelines that were under consultation earlier this autumn. Read more |
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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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