| EBF MORNING BRIEF Thursday 8 October 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
IT: McGuinness approved as commissioner in European Parliament
Mairead McGuinness has been approved by the European Parliament to be Ireland’s commissioner, taking up the brief of financial services, writes Naomi O’Leary in the Irish Times (IT). In a vote on Wednesday, MEPs approved the appointment of the long time Fine Gael representative with a decisive vote of 583 in favour and 75 against. Read more
Reuters: Unicaja & Liberbank would create Spain’s fifth-biggest lender
Spanish lenders Unicaja and Liberbank, which called off merger talks last year, confirmed on Monday they were in conversations about a potential tie-up to create the country’s fifth-biggest lender with over 100 billion euros in total assets, reports Reuters. Read more
Bloomberg: UK plans to quit Brexit talks if no clear deal next week
Brexit negotiations are at risk of breaking down within days after the U.K. government warned it will pull out of trade talks with the European Union if there is no clear deal in sight next week, reports Bloomberg. Read more
Reuters: ECB hires Proissl as communications chief from ESM The European Central Bank has hired European Stability Mechanism spokesperson Wolfgang Proissl as its head of communication, replacing Christine Graeff, who joined Credit Suisse earlier this year, the bank said on Wednesday, reports Reuters. Read more
Bloomberg: Fragile EU banks bracing for Covid-era distressed loans
As 2020 dawned, bankers throughout Europe were still digging out of the last crisis, with weak lenders in Greece and Italy peddling soured loans and policymakers channeling public funds to frail institutions, reports Bloomberg. Read more |
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MAIN EVENTS today For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise |
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FROM THE EUROPEAN BANKING FEDERATION
EC consultation on the New Consumer Agenda: EBF response
EBF has responded to the European Commission consultation on the New Consumer Agenda. Full position available here
Joint Letter: Impact of CJEU Schrems II ruling on data transfers
EBF, together with five other financial industry associations, has co-signed a letter calling attention to the impact of the CJEU Schrems II ruling on the framework for international data transfers. Read more
EBF: ESCB report on integrated reporting system is a timely step EBF notes the report published by EU’s central banks regarding an integrated data reporting system as envisaged in Art. 430c of the CRR2. EBF appreciates this initiative as a step to trigger discussion among EU authorities & the banking industry. Read more EVENT HIGHLIGHTS: EBF High-Level Public Dialogue On Thursday 1 October, the European Banking Federation hosted the online EBF High-Level Public Dialogue: EUROPEAN BANKING BEYOND THE PANDEMIC. The High-Level Dialogue sought to outline how European banking will look like beyond the pandemic by bringing together leading industry representatives with top supervisors and regulators. Did you miss it? No worries! Click HERE to watch the event highlights. ECB Enria keynote speech |
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FROM THE EBF MEMBERS
NVB calls into question law review economy and national security
The Dutch Banking Association (NVB) still has many questions about the role that banks should play in new rules for managing risks to national security when investing in companies that are part of the vital infrastructure or that develop sensitive technology. The NVB writes this in response to the consultation on the Economic and Safety Assessment Act. Read more (NL)
AEB: The banking sector, vital to emerging from the crisis
"Spanish banks want to help transform the economy and channel European aid for recovery from the pandemic". This is what the Spanish Banking Association President, José María Roldán, said in an article published by the Spanish newspaper El Confidencial. Read more (ES) El Confidencial
FBF: «J’invite un banquier(e) dans ma classe» awarded by the BdF
After just over 5 years of existence, the FBF's financial education programme "J'invite un banquier(e) dans ma classe" has been awarded by the Banque de France (BdF), operator of the national economic, budgetary and financial education strategy. Read more (FR)
UK Finance: The CMU Action Plan – September 2020 edition
Michael Jefferson, Principal, Capital Markets and Wholesale at UK Finance, discussed the Capital Markets Union (CMU) Action Plan launched by the European Commission. Read more |
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Join and register for free EBF INNOVATION & CYBER THURSDAYS ONLINE, each Thursday between 22 October - 19 November
 Join us and interact with European and international experts, policymakers and stakeholders: How can European banks remain competitive in the EU and globally? What can regulators, supervisors and industry do together to foster innovation, security and resilience in financial services? What lies in the way from agile and cybersecure banks to an innovative and resilient financial ecosystem?
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FROM THE INSTITUTIONS
Parliament: MEPs approve changes in the European Commission Mairead McGuinness (Ireland), currently Vice-President of the European Parliament, will be Commissioner in charge of Financial Services, Financial Stability and Capital Markets. Her appointment was approved with 583 in favour, 75 against and 37 abstentions. The change of portfolio for Commission Executive Vice-President Valdis Dombrovskis (Latvia) was approved with 515 in favour, 110 against and 70 abstentions. He is now in charge of Trade. Both candidates had to undergo three-hour public hearings in the European Parliament on 2 October so that MEPs could evaluate their competencies with regard to their respective portfolios. Read more
ECB: Lagarde: A written interview with Harvard International Review In a written interview with Harvard International Review, ECB President Christine Lagarde said the pandemic is a “common global shock” but the “local impact is going to be uneven”. Output losses in H1 ranged from less than -11.5% in Germany to more than -22.7% in Spain. These differences “reflect both the severity of the outbreak, the design of the national response – itself a function of diverse fiscal positions –, the economic structure, the sectoral activity, the fiscal absorption capacity and the resilience of the corporate and financial sectors.” Read more
FSB and IMF publish 2020 Progress Report on G20 Data Gaps Initiative The Financial Stability Board (FSB) and International Monetary Fund (IMF) published the Fifth Progress Report – Countdown to 2021 in light of COVID-19 on the implementation of the second phase of the G20 Data Gaps Initiative (DGI-2). The report will be submitted to the G20 Finance Ministers and Central Bank Governors ahead of their meetings in Washington D.C. in mid-October. Read more BIS: Recent economic developments and the challenges ahead On Tuesday 6 October, the Federal Reserve chair, Jerome H. Powell, urged the government to take action to address the economic pain the pandemic has inflicted on millions of households. “Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Mr. Powell said in remarks before the National Association for Business Economics, reported the Bank for International Settlements (BIS). Read more NYT |
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UNEP FI Global Roundtable FINANCING A RESILIENT FUTURE Virtual event, 13-14 October, 14.00 CEST
 UN Environment Programme Finance Initiative (UNEP FI) is hosting its 16th Global Roundtable virtually on 13–14 October 2020, in collaboration with Responsible Investor. UNEP FI’s biennial Global Roundtable (GRT) is a major global agenda-setting event on sustainable finance. Held under the theme of “Financing a Resilient Future”, the GRT will bring together decision-makers, experts and thought leaders on a virtual event platform, and help shape approaches to integrating environmental, social and governance (ESG) issues and accelerating sustainable banking, insurance and investment. To find out more and register please visit: unepfi.org/grt2020 |
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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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