| EBF MORNING BRIEF Thursday 28 October 2021 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: EU pledges 'faithful' application of global bank capital rules from 2025
The EU published draft laws to “faithfully” implement the final batch of tougher global bank capital rules from 2025, Reuters writes. Brussels says its proposals would modestly increase capital requirements by less than 9% on average by 2030. “We are faithfully implementing the agreement on Basel III while taking into account some European specificities, and ensuring it does not lead to a significant overall increase in capital requirements,” European Commission Executive Vice President Valdis Dombrovskis said. Read more
EURACTIV: DMA: EU lawmakers want to impose a minimum 4% fine on ‘gatekeepers’
Digital giants could be fined at least 4% of their annual turnover for failing to comply with the Digital Markets Act (DMA) if the opinion of MEPs in the Economic and Monetary Affairs Committee are heeded, EURACTIV France reports. “We are really trying to set up a traffic light system,” the text’s rapporteur, Renew MEP Stéphanie Yon-Courtin, said ahead of the vote on the long-awaited DMA. Read more
FT: European ESG funds found not to charge higher fees
New research has debunked the idea that funds integrating environmental, social and governance factors (ESG) charge higher average fees than their non-ESG peers. Several analyses reveal that there is no fee premium built into active or passive ESG funds. Data shows that exchange-traded funds (ETFs) categorized as sustainable in five out of six large fund categories charge lower average annual fees than non-ESG funds in Europe, the Financial Times (FT) reports. Read more |
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MAIN EVENTS
Thursday 28 October
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European Parliament Subcommittee on Tax Matters -
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EBF 9th Primary Markets Working Group online meeting
Friday 29 October Saturday 30 October
For a full-year overview of key financial regulation events: click here
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COMING TODAY! EBF DIGITAL THURSDAYS 2021 |
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 | Today, the first Digital Thursdays dedicated to "Cyber resilience in banking: Regulation, synergies & trust" will showcase the legislative progress on digital operational resilience. As the EU legislator proposes a harmonized approach under the Digital Operational Resilience Act (DORA), regulators and industry experts will discuss this advancing initiative and its effect on digital innovation. Taking place within the European Cybersecurity Month, it showcases also the importance of cyber threat information sharing and other private sector initiatives, including raising awareness on cyber risks. |
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FROM THE EBF MEMBERS
BdB: Christian Ossig on the implementation of Basel IV
"The proposals of the European Commission for the implementation of the new Basel rules show the right way. But they are not yet sufficient", Christian Ossig, General Manager of the Association of German Banks (BdB) said in commenting on the implementation of Basel IV. "The banks' risk management should be geared towards the long term. [...] What lies ahead is not just a risk, but an opportunity for Europe to remain competitive in the long term. To do this, the right course must be set. We need more private capital to transform the economy", he adds. Read more (DE)
SBA: COP26: Sustainability as a strategic issue for banks
Sustainability is a key theme of our time. "The banking industry is increasingly realizing that this is an opportunity," says Hans-Ruedi Mosberger, Head of Asset Management and Sustainability at the Swiss Bankers Association (SBA), in the latest episode of the podcast “Voices of the financial center” with a view to the 26th UN Climate Change Conference (COP26). In conversation with moderator Marie Zeh, he discussed expectations for the conference in Glasgow. Read more (DE)
BPFI: Mortgage Approvals September 2021
The Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Drawdowns Report for Q3 2021 and the BPFI Mortgage Approvals Report for September 2021. A total of 11,479 new mortgages to the value of €2,784 million were drawn down by borrowers during the third quarter of 2021. This represents an increase of 40.9% in volume and 42.3% in value on the corresponding third quarter of 2020. Read more |
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FROM THE INSTITUTIONS
European Commission: Banking Package 2021: New EU rules to strengthen banks' resilience and better prepare for the future
The European Commission has adopted a review of EU banking rules (the Capital Requirements Regulation and the Capital Requirements Directive). The released package finalizes the implementation of the Basel III agreement in the EU. The review consists of the following legislative elements: a legislative proposal to amend the Capital Requirements Directive (Directive 2013/36/EU); a legislative proposal to amend the Capital Requirements Regulation (Regulation 2013/575/EU); a separate legislative proposal to amend the Capital Requirements Regulation in the area of resolution (the so-called “daisy chain” proposal). Read more
ECB: Monetary developments in the euro area: September 2021
The annual growth rate of broad monetary aggregate M3 decreased to 7.4% in September 2021 from 7.9% in August. This is what emerges from the press release published by the European Central Bank (ECB) investigating how the euro area bank lending and money supply has evolved in September. Read more
European Parliament: Results of the ECON voting session
The ECON Committee has published the results of its vote of the Digital Markets Act (DMA) and Digital Services Act (DSA) opinions. The DMA passed with 55 in favor, 0 against, and 2 abstentions. The DSA passed with 52 in favor, 5 against, and 3 abstentions. Read more |
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FROM THE EBF
Basel III package: EBF calls for further dialogue to secure Europe’s economic growth
The European Banking Federation (EBF) takes note of the relevant items outlined in the legislative proposal published by the European Commission and highlights the importance of continued dialogue between banks and policymakers to complete the implementation of the internationally agreed prudential standards of Basel III. While the proposal puts forward several aspects previously identified by the Federation and provides a basis for further discussion, permanent solutions must be adopted to maintain banks’ current capital ratios without reducing their capacity to finance the economic recovery and to fund Europe’s digital transformation and sustainable transition. Read more
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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