EBF MORNING BRIEF Tuesday 22 September 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. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA FT: Markets fall on fears of second wave of Covid infections Global stock markets tumbled on Monday as concerns intensified about a second wave of coronavirus infections and investors digested the prospect of further lockdown measures crimping an economic recovery, according to the Financial Times. Bank shares also suffered, a sign that investors fear a weaker economic rebound and more loans turning sour. Read more (ā¬) Le Figaro FAZ El Pais Guardian: Britons in EU told their UK bank accounts will be closed Thousands of Britons living in the EU will have their UK bank accounts closed by the end of the year because of the UKās failure to agree a post-Brexit trade deal, according to The Guardian. Lloyds, Barclays and Coutts have informed retail and business customers that they will lose their accounts before or when the Brexit transition period ends on 31 December and more banks are expected to follow suit. Read more Sunday Times (ā¬) Politico EU Reporter: EC gives markets 18 months to cut exposure to UK clearing The European Commission on Monday adopted a time-limited decision to give financial market participants 18 months to reduce their exposure to UK central counterparties (CCPs), writes EU Reporter. The deadline is the clearest sign that the EU intends to move the 'clearing' business out of London and into the eurozone. Read more |
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MAIN EVENTS today Council of the EU: General Affairs Council, agenda Bundesbank: Supervisory reporting and data aggregation with a focus on credit institutions panel, agenda. Frankfurt For more events check the EBF planning calendar HERE *All events take place in Brussels unless stated otherwise |
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Salzburg Global Finance Forum FINANCIAL REGULATION IN TIMES OF PANDEMIC: WHAT DO WE NEED TO ACHIEVE? Thursday 24 September, 15 CET/ONLINE | Harnessing the Salzburg Global Finance Forumās cross-border networks and thought leadership, this webinar will examine the critical role of the financial sector for post-pandemic economic recovery and discuss how a high-quality regulatory framework could help ābuild back betterā for a more resilient, equitable and sustainable financial system. Among the speakers: Edouard Fernandez-Bollo, ECB Supervisory Board member, and EBF CEO Wim Mijs. For more information and registration click HERE |
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FROM THE EBF MEMBERS BPFI: Young people being used as money mules by criminals The national police of the Republic of Ireland (GardaĆ) and banks are warning of an increase in the incidence of so-called money muling. Banking and Payments Federation Ireland (BPFI) says 98% of people who are targeted and used as money mules are aged between 18 and 24 years of age. The organisation says the criminal gangs behind money muling are targeting people in schools, colleges and on social media, often presenting it as a job or even as a favour to a friend. Read more Febelfin: Enhanced cooperation in the fight against money laundering The protection of society against money laundering and the financing of terrorism is becoming an absolute priority for Belgian banks. Febelfin advocates strengthened cooperation between the financial sector and public authorities (government, anti-money laundering unit, judicial authorities, etc.) in order to achieve a secure exchange of information, to increase efficiency and so that the parties join forces in the fight against fraud and money laundering", says Karel Baert, CEO of Febelfin. Read more (FR). Dutch banking association statement Bankenverband: Sustainable Finance: The contribution of private banks Combatting climate change is one the most pressing tasks of our time. If humanity does not take action now, it is facing an average global temperature increase of around 3.2Ā°C by 2100. A temperature rise of this magnitude would have disastrous consequences for the environment, the economy and the whole of society. The Association of German Banks intends to sensitise all its member banks to sustainability and especially climate protection. Both aspects should play an even greater role in business strategy, corporate governance and business processes than it has done to date. Read more |
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EBF High-Level Public Dialogue EUROPEAN BANKING BEYOND THE PANDEMIC Thursday 1 October, 15:00 CET / ONLINE |
As the pandemic hit the economy, businesses and households across the EU benefited from a resilient European banking ecosystem. A ānew normalā in European banking is taking shape, this time with banks as part of the solution. Yet, the industry is encumbered with many of the pre-existing challenges: low returns, high cost of capital, negative interest rates, the prospect of even tighter capital requirements and a fragmented EU financial services market keep Europeās banking sector from being an attractive place for global investors and from competing globally with big-tech challengers. The EBF High-Level Public Dialogue seeks to outline how European banking will look like beyond the pandemic by bringing together leading industry representatives with top supervisors and regulators. For more information and registration click HERE |
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FROM THE INSTITUTIONS ECB: Jointly shaping Europeās tomorrow It is time for Europe to move beyond its initial priority of containing the immediate economic impact of the crisis, says ECB President Christine Lagarde in her introductory remarks at the Franco-German Parliamentary Assembly, on Monday 21 September. We must shape the recovery in such a way that our economies are fit for the world of tomorrow. Read more ECON: The economic, financial and social effects of Covid-19 The European Parliament has published an in-depth analysis for the ECON Committee on EU measures to mitigate the economic, financial and social effects of the coronavirus. Read more ESAs: Environmental and/or Social financial products under SFDR The European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published a survey seeking public feedback on presentational aspects of product templates, pursuant to Article 8(3), Article 9(5) and Article 11(4) of the Regulation on sustainabilityārelated disclosures in the financial services (SFDR). The survey is open for comments until 16 October 2020. Read more EP: EU long-term budget: EP still fighting for a good agreement During the fourth trilateral talks with Council and Commission, Parliamentās negotiators underline that a lot remains to be done before an acceptable agreement can be reached. Parliament insists on real increases to EU flagship programmes, which Council has cut severely. With plans currently on the table, as of 2024, the EU budget as a whole will be below 2020 levels, jeopardising the EUās commitments and priorities, notably the Green Deal and the Digital Agenda. 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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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! European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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