BdB: The consequences of the pandemic for the German banks

In an interview with Handelsblatt, the President of the Association of German Banks (BdB) Hans-Walter Peters commented on the consequences of the pandemic for the German banks. A flood of bad loans is unlikely, but long-term consequences of the corona crisis may trigger an accelerated economic structural change over several years. Read more (DE)

Finance Norway: In 2020, Norwegians saved 2.5 billion in IPS

Finance Norway reports that Norwegians saved more than NOK 2.5 billion in the Individual Pensions Savings (IPS) scheme in 2020, and now have NOK 9.4 billion in their IPS accounts. Women accounted for 44 per cent of savings, which is significantly more than for other long-term savings schemes. Read more (NO)

Febelfin: Banks play their full role in granting credit to companies

Febelfin reports that the Belgian financial sector is focusing more than ever on supporting the economy and businesses through the further extension of payment deferrals for business loans. The banks' constant efforts to provide credit to businesses are also reflected in the low degree of loan refusal, which remains extremely low. Read more (FR)

European Parliament approved the Recovery and Resilience Facility

On Wednesday, Parliament approved the Recovery and Resilience Facility, designed to help EU countries tackle the effects of the COVID-19 pandemic. The regulation on the objectives, financing and rules for accessing the Recovery and Resilience Facility (RRF) was adopted with 582 votes in favour, 40 against and 69 abstentions. The RRF is the biggest building block of the €750 billion Next Generation EU recovery package. Read more

ECB: The impact of a digital euro on the financial system

A digital euro represents a natural evolution in response to this transformation – not only to underpin efficiency and innovation, but also to preserve the role of the central bank in offering safe means of payment. Throughout history, this safety has proven to be crucial in maintaining public confidence in money and, ultimately, in the State. A key goal of a digital euro should therefore be to preserve a fine balance between sovereign and private money to ensure payments remain stable and efficient, Fabio Panetta, Member of the Executive Board of the ECB, said at a Bruegel online seminar. Read more

Parliament: MEPs call on ECB to prepare for economic difficulties

MEPs express concern at the impending economic downturn, which will require action from the ECB as well as reform and fiscal measures by member states. For its part, the ECB should assess if other policy measures could be used to stimulate the economy, within the confines of its mandate. Deflation in the euro area may also justify a “strong ECB intervention”, MEPs add. Read more

ESMA workshop on "CCP margins and procyclicality in times of crisis"

ESMA is organising a workshop on CCP margins and procyclicality in times of crisis which will take place on 17 February 2021 from 2:30 to 6:00 PM (Paris time). The workshop will be an opportunity to gather the views of our speakers and shine a light on how the CCP ecosystem worked during the pandemic. It will also allow participants to take stock of lessons learned and discuss possible improvements. Read more