| EBF MORNING BRIEF Monday 11 October 2021 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: Clearing will determine if Brexit self-harm goes both ways
Europe needs to make a decision about one of few areas where it did grant temporary regulatory equivalence before Brexit: the ability to clear interest rate swaps and other over-the-counter derivatives in London. A permanent equivalence decision is politically unpalatable; a cliff-edge is economically so. At the same time, hacking off a chunk of a fundamentally global market would come at considerable cost to European banks and the capital markets that the EU is trying to strengthen. Read more
Reuters: Better data needed for reform of EU trading rules-official
Poor trading data is hampering the European Union's capital market, ruling out any radical reform to securities rules before statistics have been improved, Reuters reports. Banks and stock exchanges are at loggerheads over changes being considered by Brussels to the EU's bond and stock trading rules, knowns as 'MiFID II'. Banks say figures showing a large volume of trading happening off exchanges are swelled by 'technical' trades that have no influence on prices. Read more CoinDesK: Big Tech-issued stablecoins could ‘amplify shocks’ to financial system, says ECB Exec Fabio Panetta, Member of the Executive Board of the European Central Bank (ECB) has described the risk of Big Tech-issued stablecoins to the global financial system, CoinDesk reports. “Without proper regulation, these developments could amplify international shocks and undermine financial resilience globally. We could see risk-biased technological change, whereby the digitalization of finance favors business models that are riskier for the global economy", he said. Read more |
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MAIN EVENTS -
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Chatham conference 'Cyber 2021' -
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EBF CEO roundtable -
SSM Banks CEO roundtable (online)
For a full-year overview of key financial regulation events: click here
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REGISTRATION IS NOW OPEN! EBF DIGITAL THURSDAYS 2021
28 October, 4 November, 18 November / ONLINE
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 | The EBF Digital Thursdays 2021 will bring together industry experts, policymakers, and supervisors to explore the key developments in digital finance, driven by regulatory initiatives and industry priorities. Topics will include digital operational resilience, cybersecurity, access to data and infrastructure, open finance, Central Bank Digital Currencies (CBDC) and the Digital Euro.
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FROM THE EBF MEMBERS
FBF: The FBF at the meeting of Bpifrance Inno Génération to explain its mobilization for companies in France
The French Banking Federation (FBF) was a partner of the Big Tour dedicated to the recovery. The FBF thus crisscrossed the maritime coasts of France with BPI, to meet entrepreneurs and families and talk to them about the mobilization of banks in the development of their projects. This was an opportunity to stress further how French banks are local players, present throughout the country, as close as possible to each of their customers. Read more (FR)
BdB: Youth study 2021: The “Generation Corona” wants to be heard
The results of the current youth study by the Association of German Banks (BdB) provides information on the impact of corona pandemic on the youth as well as the perceptions around financial education. Two thirds (68%) of adolescents and young adults state that they learned “not so much” (38%) or “next to nothing” (30%) about economics in school. However, three quarters (76%) of all respondents and 72% of the students questioned actually want more information about economic relationships in school. Read more (DE)
ABI: Task force: moratoriums still active for 68 billion
Moratoriums are still active for a total value of 68 billion, against approximately 610 thousand suspensions granted. Requests for guarantees for new bank loans for micro, small and medium-sized enterprises (SMEs) presented to the Guarantee Fund for SMEs exceeded 202 billion. Through SACE's 'Guarantee Italy', the volumes of guaranteed loans reach € 28.8 billion, out of 3,231 requests received. These are the main results of the survey carried out by the task force set up to promote the implementation of the government measures to support liquidity during the Covid-19 emergency, the Italian Banking Association (ABI) notes. Read more (IT) |
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FROM THE INSTITUTIONS
EIOPA examines further aspects of insurers’ failures and near misses
The European Insurance and Occupational Pensions Authority (EIOPA) published today its second “Failures and near misses in insurance” report, which now comprises altogether 219 relevant cases from the European insurance sector. The report takes stock of the most common courses of action taken by insurers and national competent authorities (NCAs) during the recovery and resolution phases of failures and near misses. The database underpinning the report pools valuable information about the impact of the various measures implemented, which serve to improve supervisory knowledge in the fields of failure prevention and the reduction of eventual losses. Read more
ECB: Stay safe at the intersection: the confluence of big techs and global stablecoins
Big techs’ role in finance and digital assets such as crypto-assets and stablecoins are growing rapidly, says European Central Bank (ECB) Executive Board member Fabio Panetta. Their confluence could undermine financial resilience globally and we should not wait for another crisis before regulating them. Read more
EBA: Updates risk assessment indicators
The European Banking Authority (EBA) today an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide. Without adding any reporting burden neither on reporting institutions nor on competent authorities, this guidance describes how risk indicators are computed in EBA publications and allows competent authorities and users of EBA data to interpret key bank figures in a consistent fashion when conducting their risk assessments and analyses. Read more
European Commission weekly schedule
Find out more about the European Commission's engagement and activities for the upcoming week. Read more
European Central Bank weekly schedule Find out more about the ECB's engagements and activities for the upcoming week. Read more
European Parliament weekly schedule Find out more about the Parliament's engagements and activities for the upcoming week. Read more |
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FROM THE EBF European Commission consultation on the functioning of the EU securitisation framework: EBF response The European Banking Federation (EBF) has responded to the targeted consultation of the European Commission on the functioning of the EU securitisation framework. The EBF welcomes the initiative of the European Commission to comprehensively review the EU securitisation framework. For the securitisation market to develop, any legislative proposal under the European Commission’s Capital Markets Union Action Plan will need to address the prudential treatment and the reporting obligations. Particular points for attention are the capital non-neutrality, the significant risk transfer process, the liquidity treatment of securitisations, and disclosure obligations under the ESMA templates. Read more
EBA consultation on review on Guidelines for the Supervisory Review and Evaluation Process: EBF response
The European Banking Federation (EBF) has responded to the consultation of the European Banking Authority (EBA) on its review of Guidelines on common procedures and methodologies for supervisory review and evaluation process. The response comments on the inclusion of ML/TF risks in the SREP Guidelines, the recognition of Single Point of Entry (SPE) and Multiple Point of Entry (MPE) structures, the inclusion of climate risk in P2G as well as the diversification between risks and geographies. Besides, particular attention is paid to the setting of Pillar 2 Guidance, Pillar 2 requirement and Pillar 2's guidance for excessive leverage along with the principle of proportionality, temporary capital add-ons, and transparency with regard to decisions made in the context of Pillar 2. Read more
EBA consultation on credit risk adjustments in the context of risk weights: EBF response
The European Banking Federation (EBF) has responded to the consultation of the European Banking Authority (EBA) regarding the amendments to RTS on credit risk adjustments in the context of the calculation of risk weights. The EBF supports the EBA amendment, which is an important step in the implementation of the European Commission NPLs (non-performing loans) Action Plan. The amendment gives support to the secondary markets for NPLs. However, the EBF suggests some amendments to the EBA proposal, which would enhance the clarity of the proposal. Read more
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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