EBF MORNING BRIEF Thursday 23 June 2022 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
Reuters: Euro zone banks making progress on climate issues
Banks across the eurozone are making "tangible" progress in managing climate risk but could still take years to meet the European Central Bank's expectations, according to European Central Bank (ECB) board member Frank Elderson. "I see it as reasonable that banks can be fully compliant with all our expectations by the end of 2024 at the latest," he said in a speech heard by Reuters. "We remain open to listening to arguments of banks that may render this not feasible in individual cases." Read more
Bloomberg: Deutsche Bank says a deal needs more than banking union
Deutsche Bank Chief Executive Officer Christian Sewing gave some of the clearest indications yet as to the bankâs priorities for taking part in European banking consolidation, signaling the importance of cultural fit and successfully exiting its restructuring before any big deals. Sewing, speaking at the Bloomberg Future of Finance, added that the banking union isnât the âone and only preconditionâ for European M&A. Read more
FT: Crédit Agricole to cut financing of oil and gas emissions
Crédit Agricole will cut its financing of emissions produced by the oil and gas sector and some other highly polluting industries and is expanding its advisory services around new forms of energy, even as the Ukraine war sparks a pivot back to fossil fuels. As reported by the Financial Times (FT), the group said it would focus on decarbonization strategies, but it did not outline a specific budget or hiring plan. Read more |
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MAIN EVENTS
Thursday 23 June
Friday 24 June
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
FBF: Reaction to the Banking Inclusion Observatory report
The latest figures put forward in the report of the Observatory of Banking Inclusion (OIB), which depends on the Banque de France, underline the relevance of the measures put in place by banks, public authorities, associations, and social actors for the accompaniment of financially fragile people. As written by the French Banking Federation (FBF), such figures prove that banks want to listen to their customers, in good and bad times. Read more (FR)
Finance Norway: Appeal against Statistics Norway's decision to Nets on the duty to provide information
On 9 May 2022, Statistics Norway (SSB) made a decision on the duty to provide information for payment transactions with BankAxpet from Nets Branch Norway (NBN). Finance Norway has written to the Norwegian Data Protection Authority to point out that the case raises important issues for the banks as responsible for the personal data that Statistics Norway requires from NBN. Read more (NO)
Finance Finland: Report on banking regulation
Jussi Kettunen, an expert in financial regulation at Finance Finland, has prepared a report assessing the objectives set for banking regulation, the quality of impact assessments, and the role of stakeholders in the preparation of legislation. "Excessive regulation should not hinder the ability of banks to finance society and promote the green transition of the economy, ârecalls Kettunen. Read more (FI) |
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FROM THE INSTITUTIONS
ECB: The latest on the supervision of climate risks
Frank Elderson, Member of the Executive Board of the European Central Bank (ECB) discussed the recent progress on both the international agenda and the ECBâs own supervisory agenda on climate-related and environmental risks. "The good news is that banks are starting to progress in their management of these risks. The bad news is that this progress is not across the board, and laggards remain in all areas," he said. Read more
EP: Corporate sustainability reporting agreement
The European Parliament (EP) informed that MEPs and EU governments struck a provisional agreement on new reporting rules for large companies. The Corporate Sustainability Reporting Directive (CSRD) will make businesses more accountable by obliging them to disclose their impact on people and the planet. This aims to end greenwashing and lay the groundwork for sustainability reporting standards at the global level. Read more
EIOPA: Financial Stability Report June 2022
The European Insurance and Occupational Pensions Authority (EIOPA) has published its June 2022 Financial Stability Report in which it examines the main trends for the European (re)insurance and pensions sectors as well as the macroeconomic landscape with its implications. Read more |
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FROM THE EBF
Joint statement on Responsible Private Funding of Litigation
The EBF together with Airlines for Europe (A4E), AmCham EU, BUSINESSEUROPE, DIGITALEUROPE, DOT Europe, EFPIA, EUROCHAMBRES, EuroCommerce, European Justice Forum, InsuranceEurope, MedTech Europe, and U.S. Chamber Institute for Legal Reform, support fair and balanced civil justice systems with effective enforcement of claimantsâ rights. Read more
EBF Position paper: Corporate Sustainability Due Diligence Directive
The EBF has published its position on the Corporate Sustainability Due Diligence Proposal. According to the EBF, the directive should clarify whether it is asking financial entities to identify the adverse impact just once during the onboarding of the client or for each new product/service contract a company is selling to the same client. Besides, obligations of this Directive should apply at the consolidated group level and subsidiaries should be expressly exempted. Read more New 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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