FROM THE MEDIA

European banks in the news: UniCredit, EuroBic, Commerzbank

According to Bloomberg UniCredit SpA expects to cut 6,000 jobs and close 450 branches in Italy as CEO Jean Pierre Mustier sets his three year-efficiency plan in motion. In another story, the European Central Bank has called on Commerzbank to cut costs further, reports Handelsblatt. Reuters says that Spanish lender Abanca has agreed to buy 95% of the shares in Portugal’s EuroBic, in which Angolan billionaire Isabel dos Santos has been trying to sell a 42.5% stake. Germany largest bank, Deutsche Bank, has won backing of regulators for the plan of simplifying its complex corporate structure, reports the FT. UniCredit Commerzbank EuroBic Deutsche Bank(€)

 

Law360: EU data privacy laws pose disclosure risks in fraud probes

According to Law360, the EU's data protection laws, such as GDPR, have created challenges for companies, including banks, facing demands for employee communications as part of fraud or criminal investigations, leaving lawyers to balance the risk of privacy fines against the potential ire of government enforcers. Read more (€)

FT: Mastercard chief speaks out against nationalism and Facebook

Few companies have more to gain from the march of globalisation and digitisation than Mastercard, according to the FT. The payment network’s strength is its worldwide reach, and its growth is driven by the move from cash to electronic transactions. So chief executive Ajay Banga is unequivocal about governments’ attempts to break the global payments system into national fiefdoms. Read more (€)
 

FT: UK's Javid to push for ‘permanent equivalence’ for London

The British government is demanding the EU sign up to a “permanent equivalence” regime for financial services that will last for “decades to come” to ensure the City of London can maintain access to the European market after Brexit, says the FT. The UK’s “opening position” in the equivalence negotiations was revealed in a photograph taken by long-lens camera of an unreleased briefing paper carried into Downing Street on Monday. Read more (€) Bloomberg

MAIN EVENTS today

• EBA: Public hearing on draft RTS on the treatment of non-trading book positions subject to foreign-exchange or commodity risk under the new FRTB framework, Paris

• Europol: Third European Youth Day at Europol, The Hague

• Start of the two-day: ENISA: 10th CSIRTs Network meeting, Stockholm

• Start of the two-day: Welcome to the European Committee of the Regions. Inaugural plenary  

• EIB: Thematic workshop on financial instruments supporting student loans, Prague

• CSR Europe workshop: Green is the New Growth Strategy

• Banking & Payments Federation Ireland: Future of Capital Markets in the EU. EBF Director of Financing Growth Burcak Inel speaking, Dublin

*All events take place in Brussels unless stated otherwise

FROM THE INSTITUTIONS

EBA: Opinion on measures to address macroprudential risk

The European Banking Authority published an Opinion following the notification by the Central Bank of the Netherlands of its intention to modify capital requirements in order to address an increase in macroprudential risk. Based on the evidence submitted by the DNB, the EBA does not object to the adoption of the proposed measure, which is based on Article 458 (2) of the Capital Requirements Regulation (CRR). Read more

ESMA issues latest double volume CAP data

The European Securities and Markets Authority has updated its public register with the latest set of double volume cap data under the Markets in Financial Instruments Directive (MiFID II). Read more

ECB: Monetary financial institution balance sheet statistics

The European Central Bank is launching a public consultation on a draft Regulation amending the Regulation on monetary financial institution (MFI) balance sheet statistics. The Regulation has been reviewed with the aim of keeping the ECB’s statistics fit for purpose. The review also takes into account an assessment of the relative merits of new requirements against the potential costs to reporting agents. Read more

EBF MEMBERS IN THE NEWS

Breakfast event
Wednesday 19 February, 8:00am to 9:30am
European Parliament 

Money laundering and financial crime 
Better addressing the threats to European security

The new European Commission, European Parliament and Council have put combating money laundering high on their agendas. While the Commission reports released in July give some indicative hints, it remains to be seen which reforms the Commission will finally propose. Therefore we would like to present and discuss the respective proposals of:

• Sebastian Fiedler, Chair of the Federation of German Police Officers (BDK),

• Wim Mijs, Chief Executive Officer, European Banking Federation (EBF)

• Sven Giegold, Economic and Financial Spokesperson of Greens/EFA

Registration: If you want to participate in the breakfast event at the European Parliament in Brussels, please register by 17 February indicating your name, organisation and contact details at sven.giegold@ep.europa.eu

Link: https://sven-giegold.de/aml-breakfast-event-ep/

ABOUT THE EUROPEAN BANKING FEDERATION
 

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. 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.