EBF MORNING BRIEF Monday 15 November 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
Bloomberg: EU set to extend clearing decision in Brexit win for London
According to Bloomberg, the EU is set to extend a temporary waiver that allows its banks and money managers to clear trades in the U.K., lifting a looming threat to one of the City of Londonâs crown jewels. âIn order to address possible short-term financial stability risk, linked to an abrupt interruption in access to clearing services,â the European Commission will soon propose an extension of equivalence for UK-based clearinghouses. Read more
EURACTIV: Basel III: Member states see national financial stability at risk
Member states with a significant presence of foreign banks fear that the EU Commissionâs proposal to implement the Basel III agreement sacrifices their national financial stability to integrate the EUâs banking sector. The finance ministers of Belgium, Lithuania, Slovakia, Portugal, and other countries have expressed concerns over national financial stability if bank subsidiaries that are active in the respective national market do not have to hold the same amount of capital as local banks, EURACTIV reports. Read more
Central Banking: EU should demand banks set climate transition plans
The EU should consider mandating that banks adopt strategies in line with a transition to net-zero carbon emissions, said European Central Bank (ECB) Board member Frank Elderson. âIt would be very helpful to have legal requirements for all banks to implement Paris-compatible transition plans, as this would actually enhance the pressure, but also help supervisors to play a role,â he said as reported by The Central Banking. Read more |
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MAIN EVENTS Council Working Party on Tax Questions (Indirect Taxation) European Parliament Subcommittee on Tax Matters Council Horizontal Working Party on Cyber Issues EBF Sustainable Finance Working Group online meeting
For a full-year overview of key financial regulation events: click here
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COMING THIS WEEK! EBF Digital Thursdays 2021 |
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| | The third Digital Thursdays 2021 will focus on Central Bank Digital Currencies (CBDCs) and payments. On Thursday 18 November, experts will explore how CBDCs would change the role of central banks and the banking system overall while providing insights on different CBDCs projects that are underway. The event also touches on the potential integration of a Digital Euro into the European payments landscape: how does it fit together with the retail payments strategies of the European Commission and the European Central Bank (ECB)? And how does it affect the objective to develop âhomegrownâ pan-European payment solutions and the new instant payments framework in Europe? Discover more |
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FROM THE EBF MEMBERS
HUB partner of the conference "Zagreb - banking and financial center": Pandemic served as a catalyst for technological change
Organized by Poslovni Dnevnik and in partnership with the Croatian Banking Association (HUB), a conference "Zagreb - Banking and Financial Center" was held to discuss how the role of the financial sector will change in the next future. Boris VujÄiÄ, Governor of the Croatian National Bank, addressed the topic of recent economic trends and the introduction of the euro. Read more (HR)
FBF: Territorial presence is a strength of the French banking model
Maya Atig, Managing Director of the French Banking Federation (FBF) discusses one of the strengths of the French banking model: proximity. "Proximity, which goes through the territorial network, is a strength of our relational banking model. In this, French banks differ from other players whose model is purely transactional. This model based on proximity is thus universal and inclusive. Proximity, in all its forms, must continue to be at the service of all our customers", she says. Read more (FR)
NVB: WGS enables better protection of society against fraud and money laundering
The Data Processing by Collaborative Societies Act (WGS) ensures that public and private parties can exchange data with each other to better protect society against fraud and money laundering. The Act also relates to cooperative ventures in which banks participate with, among others, the police and the Public Prosecution Service with respect to digital fraud (ECTF), explosive robberies, Internet fraud (LMIO), and financial-economic crime (FEC). The law provides a good legal basis for sharing knowledge within targeted partnerships, the Dutch Banking Association (NVB) says. Read more (NL) |
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FROM THE INSTITUTIONS
ECB: The pandemicâs impact on the global economy
The recession caused by the pandemic led to a decline in global potential output. Nevertheless, the factors behind this fall are likely to be temporary. Future developments depend on post-pandemic economic adjustments and the phasing-out of policy support. This emerges from the Economic Bulletin by the European Central Bank (ECB). Read more
EBA issues requirements on institutionsâ Pillar 3 disclosure of interest rate risk exposures
The European Banking Authority (EBA) published its first draft implementing technical standards (ITS) on Pillar 3 disclosure of institutionsâ exposures to interest rate risk on positions not held in the trading book (IRRBB). The final draft ITS put forward comparable disclosures that will help stakeholders assess institutionsâ IRRBB risk management framework as well as the sensitivity of institutionsâ economic value of equity and net interest income to changes in interest rates. Read more
European Commission: EFB Annual Report 2021
The European Fiscal Board (EFB) has published its fifth annual report. The report assesses the implementation of the EU fiscal framework during the first year of the Covid-19 pandemic and clarifies the EFBâs reform proposals to account for post-pandemic realities. The EFB has welcomed the relaunch of the economic governance review. 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
EBF on the EU Platformâs Preliminary Recommendations for Technical Screening Criteria for the EU Taxonomy
The EBF welcomes the work being done by the EU Platform on Sustainable Finance to define the Technical Screening Criteria for the remaining environmental objectives of the Green Taxonomy. In this paper, EBF shares the key messages and suggestions. 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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