📰 EBF Morning Brief - Monday 9 March

FROM THE MEDIA

FT, Politico: Europe braces for economic impact coronavirus

Italy has taken drastic action to contain a worsening outbreak of the coronavirus, as a jump in the number of deaths and infections over the weekend made it the worst-hit country outside China, media report today. Germany and France both banned gatherings over 1,000 people to mitigate risks. In another story, the FT says that Christine Lagarde will this week face the stiff challenge of convincing investors, businesses and households that the European Central Bank has the tools it needs to respond to the coronavirus. Politico
FT(€)

Bloomberg: EU urges banks to lend to businesses amid outbreak

The European Union is urging banks to lend to businesses as the coronavirus outbreak is bound to hit the continent’s economy, says Bloomberg. “Banks will have to lend what’s required during this period, with perhaps restrictions a bit less stringent, including their own ratios,” so that small- and medium-sized enterprises in the EU can stay afloat, Thierry Breton, internal market commissioner for the bloc, said during a radio interview on Sunday. Read more

Bloomberg: Banks told to prepare for cybercrime jump

The European Central Bank has warned banks to prepare for a possible jump in the number of cyberattacks as part of the fallout from the coronavirus, says Bloomberg. The watchdog urged banks in a letter this week to test the capacity of their technology systems “also in light of a potential increase of cyber-attacks and potential higher reliance on remote banking services.” Read more

MAIN EVENTS today

Coronavirus (COVID-19) update - Meetings and visits at EBF

Start of four-day: European Parliament Plenary session in Brussels

Council of the EU: Ad Hoc Working Party on the strengthening of the Banking Union meeting

Council of the EU: Working Party on Structural Measures meeting

EIGE conference: International Interdisciplinary Conference on Gender Studies and the Status of Women, London

EBF Hedge Accounting Working Group meeting

IBFed Tax Working Group meeting (video conference)

*All events take place in Brussels unless stated otherwise

FROM THE INSTITUTIONS

CORRECTION AND CLARIFICATION:

Last Thursday’s edition of the EBF Morning Brief newsletter erroneously included an item that was exclusively based on a political communication from the S&D group in the European Parliament on the European Semester report. The ‘From the institutions’ section is curated in such a way to share only a selection of the main EU institutional announcements. It is not a channel for political messages. For the sake of balance we today include a link to the EPP group’s announcement on the same subject. Click here to find it. For the outcome of the vote click here.

ECB: Guidelines on the collection of granular credit and credit risk data

The European Central Bank (ECB) published amendments to the guidelines on the procedures for the collection of granular credit and credit risk data. Read more

EBA launches consultation to update methodology to identify G-SIIs

The European Banking Authority (EBA) launched a consultation to update the identification methodology of global systemically important institutions (G-SIIs) and related capital buffer rates. The need for this revision was prompted, on one hand, by the revised framework for global systemically important banks (G-SIBs) published by the Basel Committee on Banking Supervision (BCBS) in July 2018 and, on the other hand, by the recent mandate given to the EBA to draft an additional methodology for the allocation of G-SII buffer rates to identified G-SIIs. The consultation runs until 5 June 2020. Read more

Commission: Final reports of Technical Expert Group on sustainable finance

The final reports of the Commission’s Technical Expert Group on Sustainable Finance will be published on Thursday, 12th March 2020, DG FISMA will hold a stakeholder dialogue discussing these reports. It will now be held online, due to the coronavirus outbreak. The draft agenda points out two sessions, one on EU Taxonomy from 10.10-11.50 and one on the EU Green Bond Standard from 13.30-15.00 (Brussels time). Read more

European Commission calendar for this week

Find out more about the 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 agenda

Find out more about the Parliament's engagements and activities for the upcoming week. Read more

EBF MEMBERS IN THE NEWS

Germany: Spring cleaning for your finances

The days are getting longer again, the temperatures are milder - spring is coming! The ideal time to roll up your sleeves and do the "clear ship" - whether at home or in finance. After all, if you have sorted your documents and promptly submit your tax return, you can expect a proper reimbursement. We have put together the essential points for you! Read more (DE)

Norway: Who is the "Minister of Finance" in Norwegian families?

Men own 80 percent of all privately owned shares on the Oslo Stock Exchange. Men are the main borrower of 70 percent of all Norwegian mortgages. Men pay 68 percent of all insurance in Norway. It is the man who is finance minister in Norwegian households. Read more (NO)

The Netherlands: Businesses prepare for coronavirus consequences

Geert Gladdines is a business services consultant for the NVB and attended an information meeting about the coronavirus for entrepreneurs from VNO-NCW and MKB-Nederland this week. He spoke with entrepreneurs about their concerns and the role that banks can play for entrepreneurs who are affected by the coronavirus. Read more (NL)

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.