EBF MORNING BRIEF Wednesday 2 February 2022 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 Finextra: EBA launches AML database The European Banking Authority (EBA) launched EuReCA, its central database for anti-money laundering (AML) and counter-terrorist financing. EuReCA will contain information on material weaknesses in individual financial institutions. The EBA will use information from EuReCA to inform its view of money laundering and terrorist financing risks affecting the EU financial sector, Finextra says. Read more
FT: Markets signal expectations of at least two ECB rate rises in 2022
Investors are betting that high inflation will force the European Central Bank (ECB) to raise interest rates more than once this year, in a challenge to the central bank’s insistence that it expects to stay on hold in 2022. According to the Financial Times (FT), longer-lasting price pressures could spur the ECB to act sooner than it currently expects. Read more
Reuters: UBS CEO expects more local bank consolidation than European deals
UBS Chief Executive Ralph Hamers said that he expects to see more local mergers and acquisitions than cross-border consolidation in the European banking industry. "Cross-border mergers in banks have only worked to a certain extent," Hamers said. He also added that the capital and liquidity benefits involved had been eroded due to rules keeping money within a country, Reuters reports. Read more |
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MAIN EVENTS EBF ESG Risk TF online meeting
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS Finance Norway: Continued reduction in consumer debt Figures from Norwegian Debt Information show that Norwegians' unsecured debt has decreased by 1.3% since last month. Gry Nergård, Consumer Policy Director at Finance Norway says that "The reduction in consumer debt may be a combination of large expenditure on electricity, higher borrowing rates and the fact that January has been characterized by the closure of many activities". Read more (NO) BdB: Transformation to a sustainable economy is imminent Making Europe a climate-neutral continent in the next 25 years will be expensive. It is therefore important to mobilize private capital for the economic transition through sustainable finance, writes Sarah Schmidtke for the Association of German Banks (BdB). Banks are ready for the green transformation, but one thing is clear: this can only be successful if everyone involved works together. Read more (DE) Finance Denmark: The government's special tax is ill-conceived A new bill for a special tax on the financial sector to finance the new right to early retirement has been presented by Denmark's Minister of Taxation. The special tax will weaken the financial sector's ability to perform important social tasks, lead to unequal competition and make it more expensive to be a bank customer. "Whichever way you look at it, a large part of the bill could end up on customers. And that's all of us," says Ulrik Nødgaard, CEO of Finance Denmark. Read more (DK) |
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FROM THE INSTITUTIONS EBA: 'EuReCA', the EU's central database for anti-money laundering and counter-terrorism financing launched The European Banking Authority (EBA) launched its central database for anti-money laundering and counter-terrorist financing (AML/CFT). This European reporting System for material CFT/AML weaknesses, EuReCA, will be central to coordinating efforts by competent authorities and the EBA to prevent and counter money laundering and terrorist financing (ML/TF) risks in the Union. Read more
ESMA: Recommendation to clear obligation for pension funds
The European Securities and Markets Authority (ESMA), has sent a letter to the European Commission (EC) providing its views on the clearing obligation for Pension Scheme Arrangements (PSA) and recommending the end of the current exemption from the clearing obligation with a one-year implementation period from 19 June 2023. Read more
ECB: January 2022 euro area bank lending survey
According to the January 2022 euro area bank lending survey (BLS) published by the European Central Bank (ECB), credit standards for loans to enterprises tightened slightly in the fourth quarter of 2021 and remained unchanged for housing loans. Read more |
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FROM THE EBF
Joint Payments Industry Letter on Final EDPB Guidelines PSD2 GDPR Interplay
The European Banking Federation (EBF), together with a number of EU payment sector associations, has written to the European Data Protection Board, the European Commission, and the European Banking Authority regarding the EDPB Guidelines on the Interaction between PSD2 and GDPR. The letter highlights that while the payments sector remains fully committed to ensuring the protection of EU citizens’ data, there are concerns that the enforcement of the Guidelines will lead to an outcome that is not in line with PSD2 objectives, therefore hindering innovation and competition in payments. Read more
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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