EBF MORNING BRIEF Monday 7 December 2020 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: Can the ECB keep the surging euro in check?
Investors expect European policymakers to push back against the euroâs rapid appreciation at their final rate-setting meeting of the year on Thursday, but some are questioning whether the central bank can do much to stop the exchange rate from moving higher, FT reports. Read more (âŹ) The Economist: Will CBDCs break the banking system? Publicly backed digital currencies could introduce both opportunities and pitfalls for the banking industry, writes the Economist. Central-bank digital currencies (CBDCs) might simplify payments and âdemocratiseâ central-bank money, but they could make it dangerously easy to flee the banks in times of stress. Being attractive assets to hold in normal times, they might drain commercial banks of the deposits with which they today fund their lending. Read more (âŹ) WSJ: Dividends arenât always a reliable guide to bank health Dividend policies for European banks are likely to diverge in the coming months. Investors shouldnât take a resumption of generous payouts as a sure sign of relative strength, reports WSJ. Bank regulators that banned dividends during the spring lockdowns are expected to announce this month whether they will allow them again. Among other options, they could wait until stress tests are completed next summer, allow capped payouts on a case-by-case basis or remove all restrictions. Read more (âŹ) |
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MAIN EVENTS today RiskMinds International: Global Risk Regulation Virtual Summit. EBF Senior Director Prudential Policy & Supervision Gonzalo Gasos speaking For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
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FROM THE EBF MEMBERS AEB: Guide to freelancers and SMEs The Spanish Banking Association (AEB) presents its guide to freelancers and SMEs, with the latest information on the amounts of ICO credits that have been channelled to companies. Read more (ES) NVB: Whitepaper on Ethical Decision-making and Integrity The Dutch Banking Association (NVB) published the white paper 'Ethical decision-making and integrity' on the NVB Ledennet. Sharon van Ede of the Dutch Banking Association produced the white paper together with the NVB Working Group on Ethics. It focuses on banking practice, but is also useful for other organisations facing complex dilemmas and striving for transparent decision-making and explainable decisions. Read more (NL)
SwissBanking: The Swiss financial sector, employer and taxpayer The financial sector is a promising pillar of the Swiss economy. According to the latest BAK Economics study on the economic importance of the Swiss financial sector, it generated a gross value added of CHF 88.1 billion in 2019, taking into account all direct and indirect effects. This corresponds to 12.5%, or one-eighth, of Switzerland's economic performance, reports the Swiss Bankers Association (SwissBanking). Read more (FR) UK Finance: Q3 Household finance review UK Finance collates lending and deposits data from its members to provide insights into trends in personal finance products. Trends covering all UK card issuers highlight personal card spending and repayment behaviour, while other unsecured borrowing on overdrafts and through personal loans identifies trends in consumersâ borrowing appetite. Read more |
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FROM THE INSTITUTIONS
ESMA updates reporting under the Money Market Funds Regulation
ESMA has updated its validation rules regarding the Money Market Fund Regulation (MMFR). This relates to the requirements of Article 37 of MMFR that require MMF managers to submit data to National Competent Authorities, who will then transmit this to ESMA. Read more EBA published final draft Regulatory Technical Standards (RTS) EBA published final draft Regulatory Technical Standards (RTS) on how institutions are to calculate the own funds requirements for foreign-exchange and commodity risk stemming from banking book positions under the FRTB standardised and internal model approaches. Read more
BIS: The publication of the Financial Stability Review 2020
The Bank for International Settlements (BIS) has published a speech by Gabriel Makhlouf, Governor of the Central Bank of Ireland, at the publication of the Financial Stability Review 2020. It finds that the overall risk environment remains very challenging and continues to be characterised by heightened uncertainty, closely linked to the path of â and response to â the virus and the structural implications of this crisis. 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 EUROPEAN BANKING FEDERATION
âBuild Back Betterâ with strong, resilient and forward-looking banks
Covid-19 has accelerated the urgency and pace of transformation needed across the banking sector as it continues to support households and businesses during these challenging times. Recognizing this need, the banking sector is keen to help society âBuild Back Betterâ and make itself fit for the future in the post-pandemic era. At EY and the European Banking Federation we believe that a strong, resilient and forward-looking banking sector is vital to our growth prospects in Europe. Therefore, we are pleased to announce a Knowledge Partnership that will feed and drive multi-stakeholder dialogue between regulators, supervisors, banks, banking associations and content experts. Read more Banking in Europe: data confirms banks reduced physical presence The European Banking Federation published Banking in Europe: Facts & Figures, its annual update on the banking sector in Europe. The publication shows that the contraction in the European banking sector, both in terms of staff numbers and branches, continued in 2019 as banking customers have continuously, widely and enthusiastically, adopted electronic payments as well as online and mobile banking. Read more EMMA6 - Donât become a link in the money laundering chain On Tuesday, law enforcement authorities from 26 countries and Europol announced the results of the European Money Mule Action âEMMA 6â, a worldwide operation against money mule schemes. Between September and November 2020, EMMA 6 was carried out for the sixth consecutive year with the support of the European Banking Federation (EBF), FinTech FinCrime Exchange, INTERPOL and Western Union. As a result, 4 031 money mules were identified alongside 227 money mule recruiters, and 422 individuals were arrested worldwide. 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 [email protected]. |
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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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