| EBF MORNING BRIEF Thursday 7 April 2022 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: EU weighs incentives, penalties to draw clearing from London
According to Bloomberg, the EU is considering an array of measures to reward banks and investors that move transactions to clearing houses in the bloc from London, while penalizing those that don’t. “The markets resist movement because they’re obviously afraid of extra cost and disruption,” said Mairead McGuinness, the top financial services official at the European Commission. “We’re looking at both incentives, positive ones would be better than negative, but we’re very open.” Read more
POLITICO: War’s fallout highlights financial system ‘fragilities,’ says UK central banker
Russia's attack on Ukraine is piling additional stress on the global financial system, which is already facing increased risks from so-called shadow banking, cryptocurrency, cloud use, and cyber defenses, according to the Bank of England (BoE)'s Jon Cunliffe. BoE still views the chance that banks need to ramp up capital requirements as low, he told POLITICO. But for "banks who are involved in commodities, and trading commodities, risks will have changed at the moment because of sanctions," he noted. Read more
Reuters: EU states raise questions on coal ban, new Russia sanctions
EU diplomats failed to approve the new sanctions against Russia proposed by the European Commission, as technical issues needed to be addressed, including whether a ban on coal would affect existing contracts. As reported by Reuters, diplomats were optimistic about the possibility of reaching a compromise in a new meeting of EU envoys on Thursday. Read more |
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MAIN EVENTS
Thursday 7 April
Friday 8 April
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FROM THE EBF MEMBERS BPFI: SME Market Monitor The latest SME Market Monitor published by the Banking & Payments Federation Ireland (BPFI) outlines the rocky road to recovery ahead for many SMEs due to cost pressures caused by inflation and the end of pandemic state support for the majority of business at the end of this month. Read more
Finance Finland: Services also for the digitally excluded
The migration of banking services online during the pandemic further expanded the range of digital services available to customers. According to a report by the Financial Supervisory Authority (Fiva), customers' rights to basic banking services are being properly respected. However, “it is also important to take care of the services of customers who, for one reason or another, are unable to use digital services", reminds Kirsi Klepp, Senior Policy Advisor at Finance Finland. Read more (FI)
SBA: Joining forces for more cyber security
Cyber security is a top priority for banks in Switzerland. The Swiss Financial Sector Cyber Security Centre (Swiss FS-CSC) was founded with the aim to increase the Swiss financial center’s cyber resilience further and enhance the prevention and management of systemic crisis situations. August Benz, Deputy CEO of the Swiss Bankers Association (SBA) and President of Swiss FS-CSC stated, "We are stepping up the flow of information and thus strengthening the resilience of banks and insurers against cyber threats". Read more |
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FROM THE INSTITUTIONS ECB: An EU financial system for the future European integration has come a long way, but we have not reached the finish line just yet, said European Central Bank (ECB) Vice-President Luis de Guindos during a speech at the Joint conference of the ECB and the European Commission on European financial integration. Current challenges call for decisive joint action to strengthen the financial system and solidify the Economic and Monetary Union. Read more
EBA publishes final Report on the amendment of its technical standards on the exemption to strong customer authentication for account access
The European Banking Authority (EBA) published its final Report on the amendment of its Regulatory technical standards (RTS) on strong customer authentication and secure communication (SCA&CSC) under the Payment Services Directive (PSD2). Read more ESMA: Response to European Commission consultation on EMIR review The European Securities and Markets Authority (ESMA) has written to the European Commission (EC) providing its high-level response to the consultation on a targeted review of EMIR with respect to the European Union (EU) central clearing framework. In its response, ESMA recommends a set of measures for consideration that will support the EU objective of increasing the attractiveness of EU markets and reducing exposure to CCPs located outside the EU. Read more |
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FROM THE EBF
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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 from across Europe. The federation 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. Website: www.ebf.eu |
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