| EBF MORNING BRIEF Wednesday 23 March 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 Bloomberg: ECB to start work to add climate risk to capital buffers European bank regulators are set to start work on adding climate-change risks to the framework for setting capital requirements, in a shift that would penalize lenders for failing to prepare for losses from extreme weather and the shift to clean energy. According to Bloomberg, requiring banks to broadly assign more capital on the basis of climate risks would represent a major shift in the way regulators seek to prevent financial-sector blow-ups, and has been lobbied against by the industry. Read more
Reuters: ECB warns crypto firms against sanctions busting
Cryptocurrencies are being used to avoid sanctions levied against some Russian individuals and the European Central Bank (ECB) has warned firms in that industry against becoming "accomplices" in that crime, Reuters writes. "We have taken steps to clearly signal to all those who are exchanging, transacting, offering services in relation to crypto-assets that they are being accomplices to circumvent sanctions," ECB President said. Read more FT: ECB struggle to find a way to ease Ukraine refugees’ cash crunch The EU is struggling to establish a mechanism to permit Ukrainian refugees to exchange their hryvnia savings into euros or other European currencies, the Financial Times (FT) reports. The European Commission is locked in discussions with the European Central Bank (ECB) over the creation of a facility to permit a certain amount of savings in Ukraine’s currency to be swapped into euros, but the scheme will require guarantees from EU member states to cover potential losses on the hryvnia’s value. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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COMING TOMORROW "Financial skills & Capital Markets" event |
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 | Being financially skilled is crucial for making good use of the wider financial market opportunities, either in funding or investments. Join us tomorrow to learn more on how the use of financial skills for capital markets can be enhanced. Best practices and areas for improvement will be at the center of our discussions! |
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FROM THE EBF MEMBERS Finance Norway: Savings bank foundations not covered by Transparency Act Later this year, Norway's new Transparency Act will enter into force. The purpose of the law is for companies to respect basic human rights and decent working conditions in connection with the production of goods and the provision of services. While banks will be subjected to the requirements of the new Transparency Act, a new report concludes that the savings bank foundations will not be, reports Finance Norway. Read more (NO)
UBCG: Money Week in Europe
This European Money Week, the Association of Montenegrin Banks (UBCG) is putting financial skills first by visiting primary and secondary schools and holding several lectures on the importance of money, savings, and financial education of young people. An initiative of the European Banking Federation (EBF), European Money Week has become a tradition to raise awareness on the benefits of financial education. Read more (ME) SBA: Raising awareness of personal finance among young people To raise interest in personal finance among young people, the Swedish Bankers' Association (SBA) is organizing the Swedish European Money Quiz championship for secondary school pupils. The online quiz questions focus on personal finances as well as maths, cyber security, and social studies. Two students from the winning class will go on to the European final, organized by the European Banking Federation (EBF). Read more (SE) |
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FROM THE INSTITUTIONS EBA: Anti-money laundering and countering the financing of terrorism supervision is improving but not always effective yet The European Banking Authority (EBA) published the findings from its assessment of competent authorities’ approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. Since the EBA started those reviews in 2019 and strengthened its AML/CFT guidance, national supervisors have started to adopt meaningful reforms, but significant challenges remain in important areas such as the identification and assessment of money laundering and terrorist financing (ML/TF) risks. Read more
ECB: Building a robust and diversified clearing ecosystem
Fabio Panetta, Member of the Executive Board of the European Central Bank (ECB) discussed how to foster the resilience of CCPs, which is crucial in times of crisis. In his speech, he also reflected on how the EU can contribute to a robust and diversified global clearing ecosystem. Read more
BIS: Europe in motion for climate transition
François Villeroy de Galhau, Governor of the Bank of France and Chair of the Board of Directors of the Bank for International Settlements (BIS), delivered a speech at the 7th annual Sustainability Week. He proposed that Europe must remain in pole position to achieve net-zero emissions and that further elaboration is needed on the macroeconomics of climate and how it is interfering with the current energy crisis. Read more |
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FROM THE EBF
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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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