EBF WEEKLY BRIEF Friday 14 August 2020 These are the top stories in European banking, financial regulation and EU policy from this week with a preview of the main news events next week, brought to you by the European Banking Federation. The EBF Morning Brief will return to its daily frequency in the first week of September. |
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FROM THE MEDIA this week CNBC: Europe’s banks report strong quarter Question marks still linger for the top European banks as they enter the second half of a year blighted by the coronavirus pandemic, writes CNBC. On the whole, these lenders have ended the latest earnings season largely beating expectations for the quarter. The big credit losses are the primary concern, states the FT in an analysis. The 15-largest US banks have set aside $76bn to cover projected bad debts and their 32-biggest European cousins €56bn, says the FT citing Cititgroup data. According to S&P Global, European banking sector also shows regional outliers as it points to Nordic banks who seem to have avoided the worst impact of the pandemic. Read more FT S&P Global GlobalCapital: Fed sets high capital targets European banks will be subject to some of the Federal Reserve's highest capital requirements, after the US regulator switched to using stress test results as the main input for its targets, writes GlobalCapital. Read more (€) Bloomberg: Banks hire thousands with higher demand for services According to Bloomberg, the biggest U.S. and European banks added 19,000 people to their payrolls in the first half of the year as demand for loans and other services surged during the pandemic and planned staff cuts were largely put on hold. Read more Law360: EU regulator looks into adoption of 'regtech' standards The European Banking Authority is asking banks and technology providers for insights on regulation technology and financial crime risks as it works toward applying supervision of "regtech" across the bloc, says Law360. Read more(€) Reuters: ABN Amro exits trade, commodity finance ABN Amro is to end all trade and commodity financing after a series of losses, shedding 800 jobs as it joins a growing list of banks restructuring or reducing their commodities business to cut risk, reports Reuters. It followed last week’s news of a decision by BNP Paribas to pull back from financing the commodities trade, says the FT. Read more FT(€) |
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FROM THE MEMBERS this week United Kingdom: Ongoing support for credit customers UKFinance says in a blog that throughout the Covid-19 crisis, the UK’s banking and finance sector has been working hard to support people’s financial wellbeing. In partnership with the government and regulators, the industry has put forward a range of measures to help customers whose finances have been impacted by this pandemic and give them vital breathing space. Read more Finland: Finnish financial sector at the forefront of sustainable development Kristiina Siikala, Head of Development at Finance Finland, commends the Finnish government and authorities for their well-executed partnership in promoting sustainable development. Read more Denmark: Danish investors invest on a large scale Despite the growing summer silence - also in the international investment markets - investors in Danish investment funds have not slowed down. Until July, private investors have bought investment funds for more than DKK 63 billion, equal to €8.4 billion. The biggest purchase in 15 years. Read more (DK) |
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BANKING ESSENTIALS WEBINAR Sustainability & Going Green: How will Banks adapt to this new world? Tuesday 15 September As regulatory pressure mounds, it is imperative that banks have a clear plan to address climate risks, and to finance a green agenda. Join our experts as they discuss how can bank’s achieve a successful climate management strategy. Register HERE |
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FROM THE INSTITUTIONS this week EBA: Use of RegTech solutions - industry consultation The European Banking Authority launched a RegTech industry survey to invite all relevant stakeholders, such as financial institutions and ICT third party providers, to share their views and experience on the use of RegTech solutions, on a best effort basis. Read more EBA: Cost of compliance - study tools Following the launch of the industry questionnaire to support its work on optimising supervisory reporting requirements and reducing reporting costs for institutions, the European Banking Authority has made available online tools to allow all stakeholders to submit their responses. Read more US Federal Reserve: Individual large bank capital requirements Following its stress tests earlier this year, the Federal Reserve Board announced individual capital requirements for large banks, including European subsidiaries, which will be effective on October 1. Read more |
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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. |
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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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