| EBF MORNING BRIEF Wednesday 30 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 Reuters: ECB ready to set up money exchange for Ukrainian refugees with EU guarantee The European Central Bank (ECB) is ready to organize a scheme for millions of Ukrainian refugees to exchange their hryvnia currency for euros if the EU gives the ECB a guarantee that would cover the bank's risk, an ECB document showed. "The preferred option would be that the ECB and Eurosystem National Central Banks act as fiscal agents for the Union," said the ECB paper, sent to the European Commission last week and seen by Reuters. Read more
Bloomberg: Climate action is in banks’ own interest, ECB says
European banks could earn almost 6 billion euros in annual revenue from financing the transition to a more sustainable economy, Bloomberg reports. “The balance sheet choices banks will make about green and non-green assets will materially impact their bottom lines,” said Andrea Enria, who leads the European Central Bank (ECB)’s supervisory board. The additional revenue opportunity for European banks is based on the $2.3 trillion a year in financing that will be needed from global banks for the green transition. Read more
Finextra: FCA records a 50% rise in serious cyber incidents at UK firms
Cyber incidents reported to the UK's Financial Conduct Authority (FCA) in 2021 are up by over 50%, with a fifth involving ransom software. A recent report by the Financial Services Information Sharing and Analysis Center (FS-Isac) warned that the teutonic shift to digital banking is laying firms open to ransomware and supply chain attacks, as well as a resurgence of banking trojans and distributed denial of service (DDoS) threats. As reported by Finextra, March was the busiest month. 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 "Demystifying AI for Anti-Money Laundering" |
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 | The European Banking Federation (EBF) and SAS have partnered to help banks fight financial crime with innovative technologies and shared solutions. This collaboration resulted in the launch of a virtual AML Masterclass series to spotlight how artificial intelligence (AI) and machine learning can boost the effectiveness of banks’ efforts in fighting financial crime. Coming tomorrow, the inaugural session will examine how AI and machine learning technology for AML works. It will also explore shared transaction monitoring facilities as an opportunity for enhancing AML transaction monitoring and how it fits into the current regulatory framework. |
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FROM THE EBF MEMBERS BPFI: Mortgage Approvals Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for February 2022. Brian Hayes, Chief Executive, BPFI stated: “Our latest mortgage approvals data shows February was a strong month for mortgage approvals activity, especially for first-time buyer approvals which grew by 4.3% in volume terms and 10.7% in value terms year on year.” Read more
SBA: An action plan for the future of sustainable finance
The Swiss financial center wants to be a leader in sustainable finance, and the Swiss Bankers Association (SBA) and its members have developed a decisive action plan to this end. Having already made good progress in terms of sustainable finance over the past few years, "we intend to build on this going forward", writes Jörg Gasser, SBA CEO. Read more Finance Finland: Sanctions also limit the granting of insurance The scale of sanctions on Russia is exceptional and is affecting the Finnish financial sector. "If a product or technology is banned for export, it is also forbidden to provide financing for the export, production, or use of that product," explained Aleksi Pursiainen of Solid Plan Consulting at an event hosted by Finance Finland. Read more (FI) |
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FROM THE INSTITUTIONS ESMA: Recommendations for DRSP Management Bodies The European Securities and Markets Authority (ESMA) has published Draft Regulatory Technical Standards (RTS) setting out criteria for the sound and prudent management of Data Reporting Services Providers (DRSPs) as well as for their operational effectiveness under MiFIR. Read more
ECB: Assessing the inflation outlook
"We think inflation will decline later this year and will be a lot lower next year and the year after compared with 2022", European Central Bank (ECB) Chief Economist Philip R. Lane tells Politico Europe. Right now inflation is a huge issue across Europe, but most of this inflation will fade away. Read more
EC: Sustainable corporate governance adoption feedback
The European Commission (EC) has opened for feedback on the adoption of the Sustainable corporate governance initiative. This initiative aims to improve the EU regulatory framework on company law and corporate governance and enable companies to focus on long-term sustainable value creation rather than short-term benefits. The deadline for feedback is on 23 May 2022. Read more |
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FROM THE EBF
EBF on EC Consultation on suitability and appropriateness assessments
The European Banking Federation (EBF) has expressed concerns regarding the European Commission (EC)’s proposals for a single assessment regime for retail investors and the provisions of a personal asset allocation strategy, transferable to any financial intermediary. The proposals could hinder innovation and competitiveness and have the potential to ultimately lead to a dangerous concentration of risks. 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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