| EBF MORNING BRIEF Tuesday 16 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: ECB struggling with weak public trust - report Public trust in the European Central Bank appears to have dropped by more than in other governing institutions over the past decade, even as confidence in the euro currency remains robust, a new ECB paper concluded according to Reuters. Having pushed monetary policy close to its limits since the global financial crisis, the ECB has faced a barrage of criticism and legal challenges, raising questions both about policy and the way it communicates with the public. Read more
BBC: New momentum needed in trade talks, say UK and EU UK and EU leaders have said new momentum is needed in negotiations on their future relationship, reports the BBC following high-level talks. Boris Johnson said there was a "very good" chance of getting a trade deal by December. Ursula von der Leyen said they "agreed to deliver the best deal" for citizens. The EU also noted the UK's decision not to extend the transition period, which ends in December. Read more Euractiv Irish Times
The Paypers: EBA calls for input to understand the impact of de-risking
The European Banking Authority has issued a call for input to understand the scale and drivers of ‘de-risking’ at EU level and its impact on customers, writes The Paypers. To manage customers‘ profiles associated with higher money laundering and terrorist financing risks, financial institutions may decide not to service a particular customer or category of customers. This is referred to as ‘de-risking’ and affects both financial institutions and its users. Read more
Securities Lending Times: Call for EMIR clearing exemption extension Three trade bodies including the European Banking Federation have written to EU regulators to request that the temporary derogation from clearing requirements for intragroup transactions with non-EU affiliates be extended for a further three years for all jurisdictions, writes Securities Lending Times. Read more
Law360: EU Commission Moves Closer To Green Bond Standard The European Commission has said it will push ahead with its plan to create a bloc-wide standard for environmentally friendly bonds by consulting the sector on the new regime, reports Law360. Read more (€) |
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TEST YOURSELF AGAINST THE FINLIT CHAMPIONS
TUESDAY 16 JUNE, 14 CET (TODAY):
GRAND FINAL EUROPEAN MONEY QUIZ
The European Money Quiz is Europe's biggest financial literacy competition, organized by the EBF in close cooperation with national banking associations in 30 countries. On Tuesday 16 June at 14 CET, delegations from all these countries will join for the 2020 Grand Final via youtube.com/EuropeanMoneyQuiz. This online game show will introduce national winners and everyone - students (winners or not), parents, friends, colleagues, bankers and anyone else watching - will also be able to play the financial literacy quiz via Kahoot.
The quiz - primarily targeting 13-15-year-olds - so far this year attracted nearly half a million players, four times more than last year. The Grand Final will mark the close of the 2020 season. The 2021 season will begin in September when schools reopen after the summer holidays.
Do you have what it takes to handle your finance? |
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FROM THE INSTITUTIONS
EP: EU-UK Statement following the High Level Meeting on 15 June
Prime Minister Boris Johnson met the President of the European Council Charles Michel, the President of the European Commission, Ursula von der Leyen, and the President of the European Parliament, David Sassoli, on 15 June by videoconference to take stock of progress with the aim of agreeing on actions to move forward in negotiations on the future relationship. Read more
EBA calls for input to understand the impact of de-risking
The European Banking Authority issued a call for input to understand the scale and drivers of ‘de-risking‘ at EU level and its impact on customers. This call, which forms part of the EBA’s work to lead, coordinate and monitor the EU financial sector’s AML/CFT efforts, aims primarily to understand why financial institutions choose to de-risk instead of managing the risks associated with certain sectors or customers. This call for input is of interest to stakeholders across the financial sector and its users, as the EBA wants to hear from all groups affected by de-risking. The call for input runs until 11 September 2020. Read more
BIS: How are household finances holding up against the Covid-19?
According to the June BIS Bulletin, as incomes shrink because of the Covid-19 shock, households must balance repaying debt with keeping up reasonable levels of consumption. In several countries, low- and middle-wealth households have insufficient liquid buffers to weather a long spell of unemployment without falling behind on debt repayments. Read more
ECB's Enria speech at the European CFO Network virtual meeting In order to assess the potential impact macroeconomic developments could have on banks’ balance sheets, we have recently started carrying out a vulnerability assessment. The exercise, performed without burdening institutions with additional data requests, aims to assess how banks would perform under the 2020-2022 ECB baseline macroeconomic projection said in his introductory statement Andrea Enria, Chair of the Supervisory Board of the ECB, at the virtual meeting of the European CFO Network organised by UniCredit Group. Read more
ECB: European citizens, support for the euro and trust in the ECB Support for EMU is closely linked to citizens’ perceptions of their personal financial situation and the overall economic situation, the latest Economic Bulletin shows. The article analyses the factors shaping people’s attitudes towards the ECB and the euro. Read more |
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EBF MEMBERS IN THE NEWS
Spain: The technology investment of the banks
AEB Advisor Pedro Cadarso wrote on the technology investment of the banks: "One of the things that is most surprising when one looks at the extensive prudential regulations applicable to credit institutions is the apparently low value that regulation places on software investments made by banks. Banks' investment in software is key to banking operations, to improve the user experience, and as a defence tool against cyber." Read more (ES)
UK: Covid-19 loan schemes reaching firms in most financial difficulty
UK Finance CEO Stephen Jones commented on the feedback from a survey commissioned by UK Finance and undertaken by BVA BDRC: “We stand ready to go further, and would urge any business concerned about their financial situation to contact their lender." The research finds that the Covid-19 crisis has negatively impacted 69 per cent of businesses, with three out of five (60 per cent) not expecting to return to growth in the near future, and only 23 per cent predicting an expansion of their business. Read more
Germany: Medium-sized companies must get easily to state aid
The conditions imposed on state equity aid in the Corona crisis have a deterrent effect on many companies. They should be relaxed wrote Martin Zielke, President of the Association of German Banks in an article published by the German newspaper the Handelsblatt. Read more (DE)
Norway: Opens doors for Norwegian export companies
The Guarantee Institute for Export Credit (GIEC) contributes together with banks to finance Norwegian exports. Finance Norway has invited the Wenche Nistad CEO who is looking for new companies with export potential. Read more (NO) |
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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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