| EBF MORNING BRIEF Wednesday 8 June 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: EU’s strategic autonomy requires new investment momentum
The EU regulatory framework must evolve and incentivize long-term investments to support resilience, the green transition, and sustainable investing. According to the Financial Times (FT), capital requirement directives for banks and solvency rules for insurance companies can be better aligned to these objectives. The complexity of Mifid regulation for distributors of investment products to retail investors must be tackled. Europe is not short of capital and ideas but struggles to close the investment gap in strategic sectors. Read more
Bloomberg: CBDC risks being an ‘expensive failure’
Central-bank-issued digital currencies (CBDC) run the risk of turning into a costly waste of time, according to the Center for European Reform. Europe should instead use regulation to make payments cheaper and more competitive, the London-based think-tank said. As reported by Bloomberg, it also warned that the cost benefits and privacy incentives of a so-called CBDC are unlikely to be sufficient to entice consumers to use it. Read more
Finextra: Revolut partners Tink for European payments
Revolut is using payment initiation services (PIS) technology from open banking player Tink to let users across Europe seamlessly move money into their account, Finextra reports. Daniel Kjellén, CEO, Tink, says: "We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking powered payments across Europe." Read more |
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MAIN EVENTS -
French Council presidency meeting of Horizontal Working Party on Cyber Issues -
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Baltic FinReg Summit -
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For a full-year overview of key financial regulation events: click here
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COMING TODAY Navigating sanctions:
Overcoming the challenge facing Europe's banks |
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 | Sanctions are seen as an important way to target economies, apply political pressure and help resolve conflict. But they can pose big challenges for banks. How can sanctions be implemented to achieve the desired objectives? How can the banking industry ensure an aligned approach? On 8 June, hear from EBF and S&P Global Market Intelligence to explore the implications and implementation of sanctions in a time of crisis. Register now |
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FROM THE EBF MEMBERS BPFI: Housing Market Monitor – Q1 2022 The Housing Market Monitor Q1 2022 by the Banking & Payments Federation Ireland (BPFI) shows that while an increase in the supply of housing may be easing the growth in property prices, this could be offset by the cost pressures building up in relation to construction input prices which could have a knock-on effect on housing price inflation. Read more
Finance Finland: Hetu reform does not require creation of a new ID
In parallel to the renewal of ID cards, a new unique identifier for citizens is planned; this is not intended to replace the personal identity number. Setting up two parallel systems would be likely to create confusion in the identification of citizens, says Finance Finland, adding that "the issue should be reviewed". Read more (FI)
AEB: The certainty of the banks
The raison d'être of banks is to help their customers, companies, and families to adapt to changes. "In these uncertain times, bank financing and the European Next Generation EU funds are a great opportunity to finance the challenge of digital transformation and preserving the environment," says José Luis Martínez Campuzano, spokesman for the Spanish Banking Association (AEB). Read more (ES) |
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FROM THE INSTITUTIONS
EBA: Consultation on Guidelines to resolution authorities on the publication of their approach to implementing the bail-in tool
The European Banking Authority (EBA) launched a public consultation on its draft Guidelines addressed to resolution authorities for the publication of their approach to implementing the bail-in tool. The Guidelines aim to ensure that a minimum level of harmonised information is made public with regard to the mechanics underpinning the execution of the bail-in tool. The consultation runs until 7 September 2022. Read more
ESMA: Spotlight on Markets Newsletter
The European Securities and Markets Authority (ESMA) has published the latest edition of its Spotlight on Markets Newsletter, which focused on two Ukraine-related statements. ESMA also published a study showing how regulatory reporting data can be used to identify risks in derivatives markets, such as occurred in the case of Archegos. Read more
BIS: Cecilia Skingsley appointed Head of the BIS Innovation Hub
The Board of Directors of the Bank for International Settlements (BIS) has appointed Cecilia Skingsley as Head of the BIS Innovation Hub. She will lead the Innovation Hub in its mission to foster international collaboration among central banks on innovative financial technology. Cecilia Skingsley, currently First Deputy Governor of Sveriges Riksbank (the Swedish central bank), will join the BIS for a five-year term. 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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