| EBF MORNING BRIEF Wednesday 4 November 2020 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.
Recommend the EBF newsletters to a colleague. Click here to sign up!
|
|
|
FROM THE MEDIA
BBC: US Election: Results show tight Trump-Biden race in key states
The outcome of the US presidential election is on a knife edge, with Donald Trump and his rival Joe Biden neck and neck in key swing states, BBC reports. Read more Reuters: New ECB stimulus will reflect changed market conditions Europe is facing a “marked” economic decline this quarter but fresh stimulus measures from the European Central Bank need to reflect how markets have changed since the spring, ECB board member Isabel Schnabel told German newspaper Handelsblatt. The ECB has all but promised to ramp up stimulus in December as the eurozone enters a pandemic-related lockdown for the second time this year and the debate is only about the exact nature of the measure it will use, Reuters reports. Read more
Finextra: EBA embarks on ESG risk consultation
The European Banking Authority (EBA) published a Discussion Paper on Environmental, Social and Governance (ESG) risks management and supervision aiming to collect feedback for the preparation of its final report on the topic, Finextra reports. The Discussion Paper provides a comprehensive proposal on how ESG factors and ESG risks could be included in the regulatory and supervisory framework for credit institutions and investment firms. The consultation runs until 3 February 2021. Read more
Reuters: ECB may cut support for indebted countries
The European Central Bank could offer less generous support for indebted governments when it puts together a further stimulus package next month, to push them to apply for European Union loans tied to productive investments, sources told Reuters. Read more
Bloomberg: BNP Paribas has had a good crisis, for now
Diversification has been a blessing for BNP Paribas SA. France’s biggest bank is emerging from the economic carnage unleashed by the first wave of the pandemic better than competitors, even after losing money on derivatives, Bloomberg reports. But absent a repeat of the buoyant trading markets we’ve seen this year, not even BNP can escape the pressures of souring debt and declining margins as the health crisis endures. Read more Reuters
Reuters: Frankfurt steps up euro clearing battle with London
Deutsche Boerse DB1Gn.DE said on Tuesday it was increasing the incentives for banks to shift clearing of euro-denominated derivatives from London to its Frankfurt operation, the latest salvo in a market battle fuelled by Brexit, Reuters reports. Read more The Daily Star |
|
MAIN EVENTS today -
-
-
-
Salone dei Pagamenti online event. EBF Anni Mykkänen speaking -
EBF Audit, Budget and Risk Committee online meeting -
-
-
-
For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
|
|
Join and register for free TECH MEETS FINANCE: NEWCOMERS IN THE FINANCIAL ECOSYSTEM ONLINE conference, Thursday 5 November, 15:00 CET 
The 'Tech meets finance: newcomers in the financial ecosystem' online conference on 5 November will provide insights into how European banks, regulators and BigTech companies are perceiving these changes. With the European Commission’s Digital Services Act coming up, conversations will touch upon the role for new ex-ante regulation and the protection of fair competition and innovation required for a prosperous Europe.
Register and find out more HERE |
|
FROM THE EBF MEMBERS
FFI: Ageing affects us all, but accepting diversity gives us more options
Population policy has been a hot topic this autumn, and no wonder. According to a recent report by the Family Federation of Finland, we are currently experiencing a demographic change, Finance Finland (FFI) writes. With proportionally fewer working-age people in the future, everyone’s individual potential must be supported throughout their lives. How can we keep people healthy and working as long as possible? The ongoing European Online Week of Active and Healthy Ageing (EWAHA 2020) is bringing more focus on this important theme. Read more
Bankenverband: Token Economy - The (r)evolution has only just begun
The past decade has seen significant technological advances that have led to numerous improvements not only in individual life but also in social and economic life. With the breakthrough of Distributed Ledger Technology (DLT), commonly referred to as blockchain technology, tokenisation had quickly spread to many areas of society, the German Association of Banks (Bankenverband) reports. Greater confidence in the technology, combined with greater transparency, has created completely new business models in a wide range of sectors. Read more (DE)
Swedish Bankers' Association: Contactless payments and foreign cards
To reduce the risk of card fraud, as of 1 November only card payments in combination with a PIN code will be accepted when requested in physical stores, restaurants and other points of sale, the Swedish Bankers' Association reports in its latest post. Read more (SE)
BPFI: Sustainable Finance: the changing regulatory landscape
Banking & Payments Federation Ireland (BPFI) welcomes the news that the Central Bank of Ireland is establishing a centralised Climate Change unit and look forward to working closely with the team as banking will play a key role in financing the transition to a more sustainable economy. Read more
UK Finance & BSA respond to FCA consultation on mortgage deferrals
UK Finance and Building Societies Association responded to the announcement of FCA consultation on mortgage payment deferrals to support mortgage borrowers impacted by Covid-19. Read more |
|
FROM THE INSTITUTIONS
Council: Eurogroup - Main results
Ministers discussed the economic situation in the context of the resurgence of the pandemic and issued a statement. They also exchanged views on the euro as a digital currency, heard reports on the operational aspects of the banking union and reviewed the state of play of the Covid-19 EU safety nets agreed in April 2020. Read more
ESMA published Wirecard report
The European Securities and Markets Authority (ESMA), has published the results of its Fast Track Peer Review (Peer Review) which assessed the events leading to the collapse of Wirecard AG and the supervisory response by the BaFin (Bundesanstalt für Finanzdienstleistungaufsicht) and the Financial Reporting Enforcement Panel (FREP). Read more
EBA: Discussion Paper on ESG risks management and supervision
The European Banking Authority (EBA) has launched a consultation to incorporate ESG risks int the governance, risk management and supervision of credit institutions and investment firms. Alongside, it has published a Discussion Paper on Environmental, Social and Governance (ESG) risks management and supervision aiming to collect feedback for the preparation of its final report on the topic. The Discussion Paper provides a comprehensive proposal on how ESG factors and ESG risks could be included in the regulatory and supervisory framework for credit institutions and investment firms. The consultation runs until 3 February 2021. Read more BIS: Implementation of Basel standards The Basel Committee has published a report to the G20 leaders on implementation of the Basel III regulatory reforms. It states that a full, timely and consistent implementation of Basel III remains fundamental to building a resilient financial system, maintaining public confidence in regulatory ratios and providing a level playing field for internationally active banks and updates the leaders on COVID-19 measures related to the Basel Framework. Read more European Parliament: Liquidity requirements in the wake of Covid-19 European Parliament Think Thank has published an in-deep analysis titled 'The relaxation of bank capital and liquidity requirements in the wake of the coronavirus crisis'. EU banks entered the coronavirus crisis with high capital and liquidity buffers resulting from the reforms undertaken after the global financial crisis of 2007-2009. This allowed a bold and swift response by supervisors oriented towards supporting banks’ ability to provide credit to the real economy. This paper provides an overview and an assessment of the regulatory response to the crisis, and suggests some recommendations for the future design of countercyclical regulation. Read more |
|
FROM THE EUROPEAN BANKING FEDERATION
EBF Publishes Financial Literacy Playbook for Europe
On Tuesday, the European Banking Federation presented its Financial Literacy Playbook for Europe. This playbook is the result of the common efforts of national banking associations across Europe and the European Banking Federation. It provides a valuable snapshot of the banking industry’s financial education initiatives across Europe and can be used as a country-by-country reference guide. 35 countries actively worked through the EBF’s financial education committee to produce the playbook. It allows readers to explore what the banking sector – together with governments and leading NGOs – does to boost financial education and financial literacy. Read more Financial Literacy Playbook for Europe (PDF) |
|
FT Global Banking Summit Rebuilding, Redefining and Repositioning for Growth Digital Conference, 1- 3 December, 2020
2020 is proving to be a year of unprecedented uncertainty in the banking world. All projections and strategies have been thrown into chaos by the global pandemic, and it will be some time before the full impact can be estimated. The Financial Times’ landmark Global Banking Summit, spanning multiple time zones, provides an unrivalled platform for dialogue between banking and finance leaders, incumbents and challengers, regulatory organisations and technology partners to evaluate the industry’s response to the crisis and to develop key plans and priorities for 2021 and beyond. Speakers will include notable figures from the finance world, with keynote and panel contributions from senior banking executives, national and international regulators, and eminent thought leaders. Read more |
|
The European Banking Federation and fTLD Registry Services (fTLD) are partnering to educate the European banking sector about the cybersecurity role .BANK plays in protecting banks against Business Email Compromise (BEC) scams, phishing and spoofing attacks that lead to breaches, identity theft and financial fraud. fTLD administers the .BANK domain and the EBF has served on its Advisory Council since 2013. To learn more about the security benefits of .BANK, visit https://www.register.bank/ebf/ or contact fTLD at EBF@fTLD.com. |
|
|
|
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. |
|
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!
European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
|
|
|
