EBF MORNING BRIEF Thursday 5 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
Law360: EU finance watchdogs urged to swap bank AML data
The European Banking Authority urged financial regulators on Wednesday to exchange information about how banks handle money laundering risks as it works to strengthen the fight against the flow of dirty money. Money laundering and terrorist financing can damage the financial stability of a bank and the integrity of the financial system in which it operates, the EBA said as it published in an opinion, Law360 reports. Regulators can step in if they fear a lender is not being run properly and must ensure that they have sufficient resources to face the risks they take. Read more (€)
Finextra: Brexit & payments: The impact of a 'no deal' on the industry At the time of writing, we are in the home stretch of the UK’s transition period with the European Union, with new rules for UK businesses that deal with Europe set to come into force on 1 January 2021, Finextra reports. Read more
FT: UK fires warning shot at Brussels over post-transition share trading
UK regulators have threatened to deviate from EU rules on share trading if Brussels does not deliver market-access permissions to the City of London, FT reports. The move on Wednesday by the Financial Conduct Authority is a sign of UK frustration over the EU’s silence on post-January 1 arrangements. Read more (€)
TP: FCA announces changes open banking identification requirements
The FCA has announced changes to limit the risk of disruption to open banking services after Brexit. The FCA’s changes will permit UK-based third-party providers (TPPs) to use an alternative to eIDAS certificates to access customer account information from account providers, or initiate payments, after Brexit, The Paypers (TP) reports. Firms must act to ensure they can continue to provide open banking services. Read more
FT: Lloyds to cut another 1,040 jobs as earnings outlook darkens
Lloyds Banking Group has unveiled a second round of job cuts, taking the number of reductions it has made since the pandemic began to more than 1,900, in a sign of the pressure coronavirus is piling on retail lenders, FT reports. Read more (€) |
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MAIN EVENTS today European Securities and Markets Authority board of supervisors meeting EBF Brexit Task Force online meeting 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 TECH MEETS FINANCE: NEWCOMERS IN THE FINANCIAL ECOSYSTEM ONLINE conference, Thursday 5 November, 15:00 CET Join us today at 15:00 CET, and hear from our panel "Innovation in finance – digital platform solutions" as part of the 'Tech meets finance: newcomers in the financial ecosystem' online conference. Register and find out more HERE |
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FROM THE EBF MEMBERS
BPFI endorses UN Principles for Responsible Banking
Banking & Payments Federation Ireland (BPFI) has announced its endorsement of the United Nations Principles for Responsible Banking which provide a framework for a sustainable banking system. The Principles embed sustainability at the strategic, portfolio and transactional levels, and across all business areas. Read more Finance Norway: Sustainable finance and new business opportunities Leif Arne Jensen, CEO of PwC Norway and BjornK Haugland, CEO of Skift Norway, have been invited by Jan Erik Faane and Tom Staav to join Finance Lunch, a Finance Norway (FN) podcast. Speakers have shared views on the unique opportunities in the green economy for new and old companies. Read more (NO)
UK Finance: FCA proposals on support for consumer credit borrowers
Responding to the Financial Conduct Authority’s consultation on proposals to support credit card and personal loan borrowers impacted by coronavirus, Eric Leenders, Managing Director of Personal Finance at UK Finance, said: Lenders continue to provide unprecedented support to borrowers impacted by the Covid-19 crisis and are working closely with the FCA to ensure customers continue to receive the help they need. Read more
Bankeverband: Bdb President Hans-Walter Peters on US election
"The international community looks with concern to the US. Unfortunately, the elections have not yet produced a clear result. We sincerely hope that clarity will soon prevail and that the new US administration will be able to take office in these difficult times of the Corona crisis. It is important that both winners and losers accept the outcome of these democratic elections and try to unite the country afterwards. Prolonged uncertainty is poison for the economy, capital markets and banks" writes Bankenverband (Bdb) President Hans-Walter Peters on US election. Read more (DE)
FFI: Finnish financial sector is a top taxpayer
​The financial sector was again one of the biggest taxpayers in Finland according to 2019 tax data released by the Tax Administration, Finance Finland (FFI) reports. The top six payers of corporate tax in Finland included three financial sector companies: OP Financial Group (ranking 3rd), Nordea (5th), and Sampo Group (6th). In total, the sector paid €654 million in corporate tax, amounting to about 11.2% of all corporate tax in Finland. This was €25 million less than in 2018. Read more |
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FROM THE INSTITUTIONS
Council: ECOFIN main results
Ministers discussed Council conclusions on anti-money laundering and countering the financing of terrorism, giving them broad support. They also exchanged views on non-performing loans, the European Semester and EU statistics, and heard a presentation on the 2020 annual report of the European Fiscal Board. Read more Dombrovskis remarks at the ECOFIN press conference
ECB: The two sides of the (stable) coin
Global stablecoins signal the need for change, but they can pose serious risks, says Executive Board member Fabio Panetta. We should remain open to global competition to foster innovation, but we should first ensure that we are prepared to make the most of it. Read more Pymnts
EBA: Opinion on how to take into account ML/TF risks in SREP The European Banking Authority (EBA) published an Opinion setting out how prudential supervisors should consider money laundering and terrorist financing (ML/TF) risks in the context of the Supervisory Review and Evaluation Process (SREP). This Opinion forms part of the EBA’s ongoing work to strengthen the fight against money laundering and terrorist financing in Europe. Read more
BIS: Payments go (even more) digital
The digital revolution is reshaping payments. Consumers are increasingly shifting from physical to digital instruments. The shift is promoting efficient, faster and more convenient payments. To investigate these trends, this commentary looks at the payments landscape through the lens of the BIS Committee on Payments and Market Infrastructures (CPMI) Red Book statistics. Read more
Council: Eurogroup statement on Covid-19
The Eurogroup has published a statement on Covid-19 developments. It finds that states that coordinated responses have cushioned the economic impact of containment measures on citizens and companies. It also notes that Europe is more prepared to weather an economic storm then the initial phrase of Covid-19 and that the fiscal measures implemented at the national level in 2020 amount to 4% of GDP. Lastly, it underlines the importance of rapidly submitting ambitious Recovery and Resilience Plans. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
EBF Publishes Financial Literacy Playbook for Europe
On Tuesday, the European Banking Federation presented its Financial Literacy Playbook for Europe. This playbook is the result of the common efforts of national banking associations across Europe and the European Banking Federation. It provides a valuable snapshot of the banking industry’s financial education initiatives across Europe and can be used as a country-by-country reference guide. 35 countries actively worked through the EBF’s financial education committee to produce the playbook. It allows readers to explore what the banking sector – together with governments and leading NGOs – does to boost financial education and financial literacy. Read more Financial Literacy Playbook for Europe (PDF) |
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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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This newsletter is published by the EBF Mediacentre.
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