| EBF MORNING BRIEF Wednesday 20 April 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
FT: Russia plans to sue over frozen currency reserves
Russia plans to take legal steps to recover $300bn of its foreign currency reserves frozen by western governments in a bid to overturn one of the most painful measures imposed on Moscow in response to its invasion of Ukraine. As reported by the Financial Times (FT), a central bank official declined to say which jurisdictions Russia was planning to sue in or what grounds it would claim for the legal action. Read more
Reuters: European crypto industry steps up efforts to influence policy
More than 40 crypto business leaders have asked the European Union not to require crypto firms to disclose transaction details and dial down attempts to bring to heel rapidly growing decentralized finance platforms. In a letter seen by Reuters, crypto businesses asked policymakers to ensure their regulations did not go beyond rules already in place under the global Financial Action Task Force (FATF), which set standards for combating money laundering. Read more
Bloomberg: UK to revoke Moscow stock exchange recognition
The UK’s tax authority plans to stop its recognition of the Moscow Stock Exchange, underscoring Russia’s increasing isolation from global financial markets following its invasion of Ukraine. The move means investors won’t be able to access certain UK tax benefits when trading securities on the Moscow bourse, although existing investments will be protected, Bloomberg points out. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN New Technologies for KYC |
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 | The series of EBF and SAS masterclasses to explore the most advanced technology solutions for Anti-Money Laundering continues! Our experts will be back on Thursday 19 May to examine the ways new technologies can facilitate the Know Your Customer (KYC) and customer due diligence processes. During the event, we will delve into the legislative developments in the field and show how solutions such as digital identification and network visualization can improve the transparency and efficiency of customer onboarding. |
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FROM THE EBF MEMBERS Finance Denmark: Helping homeowners switch to green heating source Thousands of homeowners must replace their oil or gas furnaces with a greener alternative if Denmark's strategy to wean itself off Russian gas and oil is to succeed. Financial and mortgage institutions are ready to help tackle the task in cooperation with the government. "We see ourselves as Denmark's financial engine and want to help drive the green transition together with our customers", says Carsten Egeriis, CEO of Danske Bank and Chairman of Finance Denmark. Read more (DK)
Finance Latvia: Nearly 80% of people in Latvia care that goods and services are available online
According to the latest research by Mastercard and Finance Latvia, almost 80% of people in Latvia consider it important that companies' goods and services can be bought online. In addition, the number of people who shop online several times a month has increased significantly compared to previous surveys. Read more (LV)
NVB: Banks have to move from analysis to action on climate issues
"2022 is the year of climate truth", writes Rens van Tilburg, Director of the Sustainable Finance Lab at Utrecht University in a blog for the Dutch Banking Association (NVB). Financial institutions will come up with action plans on how to align their balance sheets with the Paris Climate Goals for 2030. The mapping of climate and environmental risks that customers, and therefore banks, face plays a major role. Read more (NL) |
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FROM THE INSTITUTIONS ESAs publish joint annual report for 2021 The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, and ESMA - ESAs) published its 2021 Annual Report, providing a detailed account of its joint work over the past year. The Joint Committee continued to play a central role in the coordination and exchange of information between the ESAs, the European Commission and the European Systemic Risk Board (ESRB). The main areas of cross-sectoral focus continued to be joint risk assessment, enhancement of consumer protection, and development of the regulatory and supervisory frameworks for sustainable finance and securitization. Read more ECB: Decisions taken by the Governing Council The Governing Council of the European Central Bank (ECB) has published its latest decisions on market operations, macroprudential policy and financial stability, corporate governance, and banking supervision. Decisions from the ECB include adjustments in the distribution of the aggregate Eurosystem limit for securities lending against cash collateral across national central banks (NCBs) and the ECB. Read more BIS: Managing policy trade-offs The Bank for International Settlements (BIS) published a speech by Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB). "Given the exceptional accommodative monetary policy measures still in place and the growing risks of inflation settling above our target over the medium term, continuing the process of policy normalization that we started in December 2021 remains the appropriate course of action for monetary policy," she said. Read more |
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FROM THE EBF
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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