| EBF MORNING BRIEF Thursday 12 November 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
PYMNTS: European banks warned loan defaults could skyrocket
The chair of the Single Resolution Board is warning lenders to prepare for an onslaught of bad loans due to the second wave of Covid-19 lockdowns, the Financial Times reported on Wednesday. Elke König said banks have to figure out which loans are more likely to be viable. She didn’t agree with the European Central Bank’s assertion that the EU should develop a web of “bad banks” to handle higher non-performing loans (NPLs), PYMNTS reports. Read more (FT) € Reuters: ECB eyes bond buys, cheap loans to keep euro zone afloat The European Central Bank will focus on more emergency bond purchases and cheap loans for banks when it puts together its new stimulus package next month to help the pandemic-hit euro zone economy, ECB President Christine Lagarde said on Wednesday, Reuters writes. Read more Bloomberg: ECB must act to fend off deflation, BoS official says The European Central Bank must introduce additional monetary policy stimulus in December to stave off the risk of deflation in the euro zone, the Bank of Spain’s chief economist said. “We know that in order to ensure such a risk doesn’t materialize, we must act swiftly and forcefully,” Oscar Arce, the Bank of Spain's (BoS) director-general of economics, said in an interview with Bloomberg in Madrid on Tuesday. Read more
WSJ: Banks in Europe face potential $1.7 trillion Covid-19 cliff
European banks say they are doing just fine during the coronavirus pandemic. But regulators and bank executives are concerned about the elephant in the room: a wave of bad loans that could overwhelm lenders when government rescue packages end, Wall Street Journal (WSJ) reports. The economies of Europe plunged this year, and fresh lockdowns in many countries are weighing on nascent recoveries. Read more €
FT: Sweden opens door to resumption of bank dividends
Sweden became the first European country to open up the possibility of banks resuming dividend payments next year in a sign that regulators think the financial stress from Covid-19 is easing, FT writes. Read more |
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MAIN EVENTS today -
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European Commission online workshop Supervisory Data Strategy, two-day event -
EBF Public Affairs Group online meeting -
EBF Export Credit Working Group online meeting -
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For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
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COMING UP TODAY: LAST CHANCE TO REGISTER!
EVOLUTION IN FINANCIAL SERVICES:
TOMORROW’S TECHNOLOGY IN TODAY’S FRAMEWORK?
ONLINE conference, Thursday 12 November, 15:00 CET
 Join us today at 15:00 CET, and hear from our keynote speakers Roberto Viola, Director-General, DG CONNECT at the European Commission and Giuseppe Siani, Deputy Director General, Directorate General On-site & Internal Model Inspection at the ECB as part of the 'Evolution in financial services: tomorrow’s technology in today’s framework?' online conference. Register HERE |
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FROM THE EBF MEMBERS
Bankenverband: Online games help over the lockdown
The digitalisation of society is progressing incessantly - in times of the corona pandemic even faster and more profoundly than before. As the ARD/ZDF Online Study 2020 shows, almost all Internet-based applications are showing a significant increase. According to the Association of German Banks (Bankenverband), especially in times of lockdown, the internet apparently helps to compensate to some extent for the limitations of social and professional physical contacts. Read more (DE)
Swiss Bankers Association: Responsible Business Initiative
On 29 November 2020, the Swiss electorate will vote on the initiative "Responsible business - to protect people and the environment". The Swiss Bankers Association (SBA), like the Federal Council and Parliament, firmly rejects this popular initiative and supports the indirect counter-proposal. Read more (FR)
UK Finance: Follow the money: investigating money laundering tactics
SWIFT and BAE Systems recently published ‘Follow the Money’, a new report that describes the complex web of money mules, front companies and cryptocurrencies that criminals use to siphon funds from the financial system after a large-scale cyberattack, UK Finance writes. The report highlights the ingenuity of money laundering tactics to obtain liquid financial assets and avoid any subsequent tracing of the funds. Read more SBA: Warns of new tax: Smock for homeowners and municipalities This is the third time the bank tax has been applied. But the banks' own industry association must do its utmost to stop it. "Ultimately, we are prepared to consider going to the European Court of Justice," says the Swedish Banking Association's (SBA) CEO Hans Lindberg. Read more (SE)
Finance Norway: Research, business and money = value creation
Finance lunch with Finance Norway, Jan Erik Faane & Tom Staavi meets Vicsme, City Councilor for Business and Ownership in Oslo Municipality, Idar Kreutzer and Chris Wergeland, Head of Oslo Science City where research will meet capital and business! Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Euro area securities issues statistics: September 2020
ECB published the Euro area securities issues statistics: September 2020. According to the ECB, the annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 7.7% in August 2020 to 8.0% in September. For the outstanding amount of listed shares issued by euro area residents, the annual growth rate increased from 0.3% in August 2020 to 0.8% in September. Read more
EBA: Campa's speech at the ICA’s XVII International Conference
Jose Manuel Campa, Chairperson of the European Banking Authority (EBA) delivered a keynote speech at the XVII International Professional Conference on Good Corporate Governance, where he highlighted the corporate governance challenges faced by the financial sector. Read more ESMA: Guidelines on securitisation repository data completeness ESMA has issued the official translations of its guidelines on performance fees in UCITS and certain types of AIFs.National Competent Authorities (NCAs) to which these Guidelines apply must notify ESMA whether they comply or intend to comply with the Guidelines, within two months of the date of publication by ESMA of the Guidelines in all EU official languages. Read more
BIS publishes new details on global systemically important banks
The Basel Committee on Banking Supervision published further information on its 2020 assessment of global systemically important banks (G-SIBs), based on end-2019 bank data, including details to enhance the understanding of G-SIB scores. 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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