EBF WEEKLY + FINANCIAL REGULATION AGENDA for the week starting Monday 5 July 2021 An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation Recommend the EBF newsletters to a colleague. Click here to sign up! |
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G20 Finance Ministers and Central Bank Governors to meet in Venice |
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G20 Finance Ministers and Central Bank Governors will gather in Venice on 9-10 July for the third G20 Finance Track Ministerial meeting under the Italian G20 Presidency. On the leaders' agenda figure key topics such as the global economy, economic recovery, sustainable growth as well as the support to the most vulnerable countries, and advancements in international taxation matters and financial sector-related issues. The 2021 G20, under the Italian Presidency, focuses on three broad, interconnected pillars of action: People, Planet, Prosperity. Within this context, these ministerial meetings are important opportunities to discuss and further develop issues of international relevance, thus building consensus around specific shared deliverables. Read more |
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FINANCIAL REGULATION AGENDA for next week Monday 5 July European Parliament plenary session in Strasbourg EBF Single Resolution Mechanism Expert Group virtual meeting Tuesday 6 July EU-UK Forum annual conference EBF Brexit Working Group virtual meeting Wednesday 7 July European Data Protection Board plenary session Microsoft, University of Ljubljana, Euro-Atlantic Council of Slovenia, Republic of Slovenia and URSIV 'Protecting critical infrastructure: how the financial sector addresses cyber threats' joint event. EBF Director of Cybersecurity & Innovation Alexandra Maniati speaking EBF Data Economy High-level Working Group virtual meeting EFRAG Board meeting Thursday 8 July EBF Sustainable Finance Working Group virtual meeting EBF Financing Growth Steering Committee virtual meeting EBF Cloud Banking Forum virtual meeting Friday 9 July For a full-year overview of key financial regulation events: click here |
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WORKSHOP HIGHLIGHTS VIDEO UN SDGs Five Years On: European Banks’ Practices in Supporting and Implementing the UN SDGs |
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| This workshop, co-organized by EBF and KPMG Spain, marked the official launch of the report entitled “European bank practices in supporting and implementing the UN Sustainable Development Goals”. It explored the leading trends and practices in the European banking sector aimed at contributing to the implementation of the SDGs. Click on the banner to watch the video. Find our report HERE |
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FROM THE MEDIA FT: ECB to lift cap on eurozone banks’ dividends and share buybacks The European Central Bank (ECB)’s Head of supervision said it would lift its cap on dividends and share buybacks at eurozone banks, a vote of confidence in the sector’s resilience to the fallout from the coronavirus pandemic. According to the Financial Times (FT), the decision underlines how regulators are becoming less concerned about the risk that measures to contain the pandemic could produce a wave of bankruptcies and toxic loans that trigger another banking crisis. Read more Finextra: From green finance to access to cash, Sunak sets out vision for UK financial services reforms UK chancellor Rishi Sunak has published a roadmap for reforming capital markets, boosting opportunities for green investment, and protecting access to cash. Finextra reports that consultations are also underway on reforms to the regulation of wholesale capital markets and a fundamental review of the prospectus regime. Read more Bloomberg: First country to bail in bank creditors urges EU to revamp rules Bloomberg reports that Denmark is calling for a change to European rules detailing how national authorities should deal with collapsed banks, saying they leave the door wide open to taxpayer bail-outs of smaller institutions. “Extending the current framework would give the authorities the necessary tools and powers to handle ailing banks, and entails appropriate safeguards for creditors,” Karsten Biltoft, the Head of financial stability at Denmark’s central bank said. Read more |
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FROM EBF MEMBERS FBF: Reaction to the recommendations of the CCSF on banking mediation The French Banking Federation (FBF) has actively participated in the work carried out within the CCSF on banking and insurance mediation. Professionals are satisfied with the constructive and consensual proposals that have been developed to improve the functioning of the banking and insurance mediation system. Read more (FR) Finance Denmark: The bill for new Basel capital requirements hits the wrong way European banks face a huge task in raising new capital in the coming years as they comply with new upcoming capital requirements from the Basel Committee. But the burden for the extra capital will not be shared equally across Europe. It will be banks in Denmark, Sweden, Finland, Germany, Belgium, the UK, and Spain that really take the hit. This is the finding of a brand new analysis carried out by the Centre for European Policy Studies (CEPS) for the Danish, Swedish and Finnish banking associations. Read more (DK) UK Finance: Response to the Chancellor’s Mansion House speech David Postings, Chief Executive of UK Finance responded to Chancellor Rishi Sunak's speech at Mansion House. “The ambitious roadmap set out by the Chancellor is an important document, putting financial services center stage both domestically and abroad, to help deliver investment and innovation which benefits everyone in the UK, as well as ensuring the UK remains globally competitive", the UK Finance CEO said. Read more |
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FROM THE INSTITUTIONS ESRB: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament The European Systemic Risk Board (ESRB) has published the introductory statement by ESRB Chair Christine Lagarde at the ECON Committee of the European Parliament. "First, ESRB work has yielded an extremely granular mapping of climate change to the EU financial system, underscoring an important concentration of vulnerabilities in certain sectors, regions, and firms. Second, acting early offers clear net benefits, also from a financial stability perspective", Lagarde says. Read more ECB: Joint ECB/ESRB report shows uneven impacts of climate change for the EU financial sector The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) published a joint report that maps out prospective financial stability risks and contributes by further developing the analytical basis for more targeted and effective policy action. The report tackles measurement gaps and establishes a detailed topology of physical and transition risks arising from climate change across regions, sectors and firms. Read more SRB: 2020 Annual Report The Single Resolution Board (SRB) published its 2020 Annual Report detailing the progress made in promoting financial stability while protecting the taxpayer through Europe's banking resolution framework. In 2020, the SRB continued to make progress in strengthening the resolution of banks, implementing resolution policies, progressing on the operationalization of the early introduction of the common backstop, and intensifying dialogue with banks, key resolution, and supervisory authorities. Read more |
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FROM THE EBF this week EU implementation of the Basel III standard: EBF video and proposal In autumn, the European Commission will present its proposals for the implementation of Basel III into European law. The implementation has already raised many questions, including how can the spirit of the framework be maintained without restricting European banks' ability to lend to companies? The banks are already in place to meet this challenge, but the regulatory frameworks should not unduly restrict them in doing so. The European Banking Federation has therefore presented proposals on how the implementation of Basel III can succeed without massively restricting the financing power of European banks. The implementation of Basel III in the EU (video) EBF top 10 proposals for Basel III in Europe |
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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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This newsletter is published by the EBF Mediacentre. For questions or suggestions contact f.indaco@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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