EBF MORNING BRIEF Wednesday 26 February 2020 Good morning. These are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA FT: Hunt for future CEOs puts Europe’s banks to test European banks are facing tough questions about succession planning and corporate governance as they scramble to find a new generation of chief executives amid the biggest shake-up of the industry’s top ranks since the financial crisis, says the FT. In the past three months alone, two-thirds of the largest 15 European listed banks have either switched the top job or started preparing to find a new chief executive. The synchronised changeover presents challenges. Bank executives, board directors and external headhunters interviewed by the Financial Times all warned of a shallow pool of candidates to choose from and the difficulty that European banks will have attracting executives from the US, where the pay is significantly higher. Read more (€) CNBC LuxTimes: Unite EU capital markets or be beaten by US Bankers and politicians pushed to unify capital markets across Europe, which they said is the only way not to lose more ground to the US and prevent a drain from promising start-ups from the continent, says the Luxembourg Times following the Markets4Europe event in Luxembourg this week. The Markets4Europe initiative brings together private and public sector leaders calling for more decisive action to complete the Capital Markets Union or CMU. Read more (€) Finextra: MEPs challenge ECB on green credentials and crypto regulation European parliamentarians have called on the zone's central bank to step up its green credentials and address growing financial technology challenges, says Finextra. In a resolution passed by a clear majority, MEPs challenged policy makers at the European Central Bank to better integrate environmental, social and governance - ESG - principles into its activities and to redesign its corporate sector purchase programme (CSPP) to better support environmentally sustainable initiatives. Read more Reuters: Britain's financial watchdog flags data breach on website Britain’s Financial Conduct Authority (FCA) has admitted an accidental leak of confidential information, including the names and some contact details of people who had made complaints against the watchdog in 2018 and 2019, on its website, reports Reuters. Read more FD: Dutch DPA investigates PSD2 licensed companies The Dutch financial daily reported that the Dutch Data Protection Authority (AP) will investigate Dutch companies that have a PSD2 license for collecting payment data. With this license, companies get access to payment accounts, provided the owner of the account has agreed. The AP will assess if these exchanges comply with privacy laws. Read more (NL) |
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MAIN EVENTS today EBF Environmental, Social or Governance Risks Task Force meeting *All events take place in Brussels unless stated otherwise |
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FROM THE INSTITUTIONS Brexit: Council gives go-ahead for talks to start negotiating directives The Council adopted a decision authorising the opening of negotiations for a new partnership with the UK, and formally nominating the Commission as EU negotiator. The Council also adopted negotiating directives which constitute a mandate to the Commission for the negotiations. Read more ECB: Density forecast combinations: the real-time dimension European Central Bank published a report on "Density forecast combinations: the real-time dimension". Its combinations are examined in real-time using the log score to compare five methods: fixed weights, static and dynamic prediction pools, as well as Bayesian and dynamic model averaging. Since real-time data involves one vintage per time period and are subject to revisions, the chosen actuals for such comparisons typically differ from the information that can be used to compute model weights. Read more European Commission: Legal, governance and interoperability aspects DG Communications Networks, Content & Technology at the European Commission published a study on Blockchains looking at legal, governance, and interoperability aspects. It presents policy options where a need for adjustment or clarification is required. Read more |
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EBF MEMBERS IN THE NEWS Luxembourg: Working in silos prevents forward movement The Luxembourg Member of Parliament and former Vice-President of the European Commission is one of the spokespersons of the Markets4Europe organisation, created to accelerate the realisation of the Capital Markets Union (CMU). Her first lecture in Luxembourg was on Tuesday 25 February. Read more (FR) Denmark: FD is developping a model for calculating CO2 imprints The financial sector is an important engine that must help drive the transition to a more sustainable society. That is why Finance Denmark is developing a model that can measure the carbon footprint of the sector's lending and investments. The model is ready in 2021. Read more (DK) Spain: Conscious risk Profitability and risk are the two opposite poles in which investors move. Planning investments well requires detailed work, which should begin by delimiting the risk that you want to assume. The banks, for example, perform suitability tests on any client they are going to help with their investments, with the objective of knowing their risk profile. The investor, in addition, should know well the investment alternatives that are offered. And here comes the convenience test that banks also perform. Read more (ES) Finland: Responsible investing interests young and seniors Responsible investing interests Finnish retail investors. Half of the respondents in a recent survey said they are interested in following not only their investments’ returns but also their impact on the environment and society. More than half would be satisfied with modest short-term returns from low-emission investments if higher returns can be expected in the future. The survey was commissioned by Finance Finland and undertaken by Norstat Finland. Read more |
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Financial & Digital Literacy in the 2020s European Money Week Workshop Tuesday 24 March, 14:00 to 18:00, EBF Meeting Centre
To mark the 2020 European Money Week in Brussels the European Banking Federation invites you to join us for a half-day financial education workshop on Tuesday 24 March. Boosting financial literacy has become essential for the well-being of citizens from all ages and social groups, especially in an interconnected society where financial services are delivered digitally. Under the title ‘Financial and Digital Literacy in the 2020s’ we will bring together specialists, innovators as well as representatives of different parts of the economy. The sixth European Money Week begins on Monday 23 March and will see financial education events organized across Europe by national banking associations and the European Banking Federation, as well as national finals of the European Money Quiz across Europe. 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. 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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This newsletter is published by the EBF Mediacentre. For questions or suggestions contact mediacentre@ebf.eu Recommend the EBF newsletters to a colleague. Click here to sign up! |
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