| EBF MORNING BRIEF Monday 10 January 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: Eurozone inflation hits 5%, marking another record high
Eurozone inflation rose unexpectedly last month, likely making for more uncomfortable reading at the European Central Bank (ECB), which has consistently underestimated price pressures and come under fire for this from some of its own policymakers. As reported by Reuters, inflation in the 19 countries sharing the euro rose to 5%, a record high for the currency bloc and well ahead of analysts' expectation for 4.7%. Read more
Bloomberg: BOE's green quantitative easing isn’t working, study shows
The Bank of England (BOE) has been the first central bank to announce green criteria for asset purchases under its quantitative easing program. New research indicates that the program is likely to have a muted impact on emissions and could even end up giving a boost to some of the most carbon-intensive companies while cutting support for environmental industries. Under current plans, the carbon intensity of the BOE’s portfolio would fall by just 7% this year, Bloomberg reports. Read more
Finextra: Improving skills gap to overcome barriers to innovation
Banks are under pressure to innovate, but access to the greatest and latest technology is not the quintessential element required for success. According to Finextra, without skilled people within the organization, business growth will be limited. Increasing the digital literacy of the entire bank is key to identifying skills gaps and recognizing that digital transformation can create opportunities. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN Cloud Computing Transformation in Financial Services: A look at Cloud Migration Strategy and Cloud Security Compliance webinar |
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 | The big Cloud providers have made a big play about their shared responsibility models: although it is true that the Cloud providers have made a good start, the reality is that the accountability is all yours. Join Phil Longley, Head of Cloud Security Practice at Airwalk Reply and Costas Kourmpoglou, Senior Security Consultant at Airwalk Reply to learn more about security in and security of the Cloud. The EBF/Reply joint webinar on January 19 will also explore the opportunities and strengths of automated, codified controls and policies, and what effects this has to your organization’s compliance and delivery patterns. |
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FROM THE EBF MEMBERS
Finance Denmark: Most of us do not pay negative interest rates
Seven out of ten adult Danes have not paid negative interest in 2021. Of those who pay negative interest, most get away with less than DKK 600 before tax. This is shown in a new statement from Finance Denmark. Read more (DK)
AEB: Keep moving forward with the euro
The euro became our common currency on January 1, 2002. Since then, the single currency has made Europe stronger and better prepared to face crises. The objective now is to move forward in the constitution of a common market so that the euro can continue being a driver of progress and security for all, according to José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association (AEB). Read more (ES)
UK Finance: Deadline to implement SCA fast approaching
Retailers with an online presence need to ensure they fully support Strong Customer Authentication (SCA) by 14 March 2022 or risk customer purchases being declined. “The industry and stakeholders have worked tirelessly to get ready for this change and we encourage any retailers who have not yet implemented SCA to act as soon as possible to ensure the new protections are available to all", Jana Mackintosh, Managing Director of Payments and Innovation at UK Finance says. Read more |
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FROM THE INSTITUTIONS
ESAs publish the list of financial conglomerates for 2021
The Joint Committee of the European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021. The list includes 66 financial conglomerates with the head of group located in the EU or European Economic Area, one financial conglomerate with the head of a group in Switzerland, and one in the United Kingdom. Read more
EIOPA: Call to join Technical Expert Network on Catastrophe Risks
The European Insurance and Occupational Pensions Authority (EIOPA) issued a call for experts to join its Technical Expert Network on Catastrophe Risk. The network has been in place since 2019 and is tasked with contributing to EIOPA’s initiatives on the modeling and mitigation of natural catastrophe and climate change risks as well as with supporting the collection and analysis of relevant data for the calibration of such risks. Read more Council of the European Union: European Green Bond Standard The Council has published a progress report on the European Green Bonds Standard proposal. It states that a revised Presidency compromise proposal was presented in an informal videoconference on 9 December. The Presidency believes that further discussions and balancing are needed. 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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