EBF MORNING BRIEF Tuesday 5 December 2023 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
Reuters: Climate finance takes center stage at COP28 climate talks
Money pledges grabbed the spotlight again at COP28 in Dubai as delegates turned their focus to the yawning gap in the need for climate finance and what's on offer. As reported by Reuters, the amount of cash needed for the energy transition, climate adaptation and disaster relief is overwhelming. Read more
Bloomberg: ECB’s Guindos says too early to declare inflation victory
The European Central Bank (ECB) can’t yet say that inflation is in check, even after it slowed more than expected last month, according to Vice President Luis de Guindos. The ECB is expected to stay on hold next week at its final decision of 2023, says Bloomberg. Read more
CoinDesk: UK lawmakers urge lower Digital Pound holding limits
Lawmakers in the UK are asking the government to consider lowering holding limits for a potential digital pound and make sure its design won’t block the possibility of paying interest. Both the UK and the EU have said in proposals that retail digital currencies should not be allowed to earn interest as bank deposits do, CoinDesk reports. Read more |
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Launch of the C-ESG Risk
Roundtable Collateral Workstream Thursday, 11 January 2024 2 pm CET - ONLINE |
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 | Banks do recognize that environmental factors could be a source of financial risk.
While banks are making tangible progress, they are facing numerous
operational and implementation challenges, many of which are neither originated,
nor inherent to the banking industry.
While some will need to be addressed at the level of individual organizations, others will benefit from collaborative approaches. To further strengthen the dialogue within the banking sector and to facilitate the discussion with the European Central Bank (ECB), a high-level Environmental, Social, and Governance Risk Roundtable (C-ESG Risk RT) was set up by the European Banking Federation (EBF) with the participation of 13 European banks. On 11 January 2024, we will be launching the second report resulting from the discussions and deliberations of the C-ESG Roundtable Collateral Workstream. |
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The report will be available on the EBF website on 11 January,
after the launch event |
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FROM EBF MEMBERS
AEB: More than 2,800 banks and financial entities collaborate in the latest global action against money laundering
Security forces in 26 countries have joined forces in the fight against money laundering through money mules, in an operation carried out on a global scale between June and November 2023. This initiative, supported by the European Banking Federation and the Spanish Banking Association (AEB), aims to fight against money mule networks that benefit from different types of crime, such as cyber fraud. Read more (ES)
Finance Denmark: Online banking fraud is exploding
While there were a total of 3,897 cases of online banking fraud in Denmark in 2022, that figure has grown to 5,212 cases in the first half of 2023 alone. This is shown by new figures from Finance Denmark. Read more (DK) BPFI: Skills Survey 2023 According to the new Skills Survey 2023 published by the Banking & Payments Federation of Ireland (BPFI), around 72 percent of senior bank executives have reported that they are experiencing, or expect to experience, skill shortages in Ireland, as competition for talent in non-traditional banking roles intensifies. Read more |
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FROM THE INSTITUTIONS
ECB: Strengthening global governance
International cooperation has brought indisputable benefits, but mistrust has grown among citizens, according to European Central Bank (ECB) President Christine Lagarde. Policymakers need to focus on citizens' priorities while being held accountable. Read more
ESAs: Amendments to sustainability disclosures for the financial sector
The three European Supervisory Authorities (ESAs) published their Final Report amending the draft Regulatory Technical Standards (RTS) to the Delegated Regulation supplementing the Sustainable Finance Disclosure Regulation (SFDR). The ESAs propose adding new social indicators and streamlining the framework for the disclosure of principal adverse impacts of investment decisions on the environment and society. Read more
ESMA: The Euro Risk-Free Rates Working Group concludes its work
The European Securities and Markets Authority (ESMA), in its capacity as Secretariat of the Working Group on Euro Risk-Free Rates (EUR RFR WG), issued the final statement of the group, announcing the completion of the EU Interest Rate Reform. Read more |
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FROM THE EBF
EBF response to the EC Call for evidence: EBF calls for a fitness check on sustainable finance framework
The reporting of ESG information as such is relatively new but early experience shows the implementation and operational challenges not only with the data collection, analysis, monitoring, and control for which massive investments in IT and operational processes were necessary but also the need for simplification given that the Sustainable Finance (SF) Framework has become excessively complex, inconsistent and difficult to apply. Read more
Paper trail ends in jail time for 1013 money mules
Law enforcement agencies from 26 countries, in collaboration with Europol, Eurojust, INTERPOL, and several private industry partners, have once again joined forces to combat a key facilitator of money laundering: money mules and their recruiters. In June, October, and November 2023, several operational phases identified 10759 money mules and 474 recruiters, leading to the arrest of 1013 individuals worldwide. Read more
New EBF Vacancies! Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. Read more |
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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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact v.barbieri@ebf.eu
European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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