FROM THE MEDIA

Reuters: Euro ministers pick Dutchman Elderson for ECB board job

Euro zone finance ministers, called the Eurogroup, choose Dutchman Frank Elderson of to be the successor to Yves Mersch at the executive board of the European Central Bank when Mersch’s term ends in December, the chairman of the ministers said, Reuters reported. “The Eurogroup supports the candidacy of Frank Elderson for the position of new member of the ECB’s executive board,” Eurogroup President Paschal Donohoe said on Twitter. Read more

WSJ: More Stimulus Would Be Double-Edged Sword for Banks

Stimulus measures from the Federal Reserve and the U.S. Treasury may be necessary to keep the economy afloat. But it is increasingly clear that they also carry some downside for big banks, the Wall Street Journal wrote on Monday in its influential Heard on the Street column. Read more (€)
 

Politico: EC Sustainable Finance Platform first meeting set for 15 Oct.

Politico Pro reports that the 57-member platform advising the European Commission on sustainable finance will have its first meeting October 15, according to BNP Paribas Asset Management’s Deputy Global Head of Sustainability Helena Viñes Fiestas. Speaking on a company webinar on Monday, platform member Viñes Fiestas noted that other countries are working on green taxonomies but they differ widely. Read more (€)

MAIN EVENTS today

• EU finance ministers meeting (Ecofin)

• 7th OECD Forum on Green Finance and Investment. Four-day virtual conference

• Bundesbank ‘Microdata management and data sharing’ panel. Three-day event in Frankfurt

• UK in a Changing Europe ‘Labour’s Brexit policy’ webinar

• Insurance Europe: Solvency II webinar

• Europe for Notaries, Notaries for Europe workshop: Anti-Money Laundering. EBF Roger Kaiser speaking

• EBF Audit, Budget & Risk Committee meeting

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EBF INNOVATION & CYBER THURSDAYS

ONLINE, each Thursday between 22 October - 19 November
 

Join us and interact with European and international experts, policymakers and stakeholders: How can European banks remain competitive in the EU and globally? What can regulators, supervisors and industry do together to foster innovation, security and resilience in financial services? What lies in the way from agile and cybersecure banks to an innovative and resilient financial ecosystem?
 

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Find out more at www.ebf.eu/ebf-events/

FROM THE EBF MEMBERS

On 3 September UK Finance was joined by Dave Dadoun from Microsoft and Jonathan Pressman from TruSight for a webinar to discuss third party risk management and specifically shared assurance models. The webinar builds on two blogs, published earlier this year, the first focusing on the regulatory and member position and the second on the benefits of adopting a shared assurance model. Read more

HUB Outlook 1/2020: GDP decline by about 9% in 2020 

The Croatian Banking Association (HUB) Outlook 1/2020 was released on Monday 5 October. The bank's top economists expect a 9.2% drop in GDP in 2020 and a 5.2% recovery in 2021. More information can be found in the official publication. Read more (HR)
 

AEB: Students' proposals for financial education to banking executives

Some 250 university students from CUNEF (Colegio universitario de estudios financieros) in Madrid, accepted the challenge posed by the Spanish Banking Association (AEB) and its Foundation to propose projects to improve the level of financial education in Spain, especially among the youngest. Read more (ES)
 

According to the Banking & Payments Federation Ireland (BPFI), contactless payments reached new highs in August 2020 with more than 62m payments valued at almost €990m. The average number of contactless payments per day rose to two million and a value of almost €32m, more than double that found in April. Read more

FROM THE INSTITUTIONS

Commission published AMLD IV transposition status

The Commission has published the transposition status of EU Member States of the Anti-money laundering directive IV (AMLD IV). Full transposition was recorded in 23 Member States while the partial transposition of measures was communicated by the Czech Republic, Denmark, Italy, and the Netherlands. Read more

Council: Eurogroup gives support to Frank Elderson's candidacy

Eurogroup gave its support to the candidacy of Frank Elderson to become the new member of the European Central Bank's Executive Board. Frank Elderson is currently Executive Board Member of De Nederlandsche Bank, the Dutch National Bank (DNB). The new member of the executive board will replace Yves Mersch, whose mandate ends on 14 December 2020, and who served a non-renewable 8-year term. Read more

European Parliament: Regulating crowdfunding

As a step towards Capital Markets Union, the European Commission presented a proposal for a regulation on crowdfunding service providers in March 2018, to facilitate the cross-border offer of such financial services across the EU. It was accompanied by a proposal for a directive, to exempt those providers from the scope of the Markets in Financial Instruments Directive (MiFID II). The co-legislators reached a political agreement in December 2019, significantly modifying the Commission proposals. Read more EP final vote on EU rules for crowdfunding platforms

ESMA: Portability of information between securitisation repositories

ESMA has published its final report on the Guidelines on portability of information between securitisation repositories under the Securitisation Regulation (SR). It finds that the majority of the feedback received during the public consultation was supportive of the guidelines and an overview of the feedback is provided in the final report. Read more
 

EBA saw that NPL ratios remained stable in Q2-2020

The European Banking Authority (EBA) published its quarterly Risk Dashboard covering Q2 2020 data and summarising the main risks and vulnerabilities in the EU banking sector. Whereas capital ratios held up well, there are indications that the crisis starts to have an impact on asset quality. With increasing cost of risk, profitability continued its declining trend. Read more

FROM THE EUROPEAN BANKING FEDERATION

EVENT HIGHLIGHTS: EBF High-Level Public Dialogue

On Thursday 1 October, the European Banking Federation hosted the online EBF High-Level Public Dialogue: EUROPEAN BANKING BEYOND THE PANDEMIC. The High-Level Dialogue sought to outline how European banking will look like beyond the pandemic by bringing together leading industry representatives with top supervisors and regulators. Did you miss it? No worries! Click HERE to watch the event highlights. ECB Enria keynote speech

ECB consultation on banking sector consolidation: EBF response

The EBF fully supports the intention of the ECB to achieve clarification and transparency on its supervisory approach to notifications of proposed acquisitions and applications for permission for a business combination. As the ECB rightfully indicates, decisions for consolidation belong to market participants. Nevertheless, the ensuing supervisory examination is a crucial step in the success of such transactions. The publication of an ECB guide should add clarity to the process. Read more

UNEP FI Global Roundtable

FINANCING A RESILIENT FUTURE

Virtual event, 13-14 October, 14.00 CEST

UN Environment Programme Finance Initiative (UNEP FI) is hosting its 16th Global Roundtable virtually on 13–14 October 2020, in collaboration with Responsible Investor. UNEP FI’s biennial Global Roundtable (GRT) is a major global agenda-setting event on sustainable finance. Held under the theme of “Financing a Resilient Future”, the GRT will bring together decision-makers, experts and thought leaders on a virtual event platform, and help shape approaches to integrating environmental, social and governance (ESG) issues and accelerating sustainable banking, insurance and investment. To find out more and register please visit: unepfi.org/grt2020

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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