📰 EBF Morning Brief - Thursday 9 September: Europe bank chiefs step up integration calls as U.S. gap widens

FROM THE MEDIA

Bloomberg: Europe bank chiefs step up integration calls as U.S. gap widens

Top European bank executives urged lawmakers to move past deadlocks that have held up the bloc’s project for unified banking and capital market and hampered their ability to compete with Wall Street peers, Bloomberg reports. Deutsche Bank AG Chief Executive Officer, Christian Sewing said Europe has made large banks safer after the financial crisis, but failed to create conditions for them to consolidate and grow. His comments were echoed by Banco Santander SA’s Chairman Ana Botin who called for urgent completion of Europe’s banking union, as well as a single capital market. Read more

Reuters: Eurozone banks face a further rise in soured loans

According to Reuters, Eurozone banks are set to face a further deterioration of their loan book and many lenders have failed to adjust their credit control norms to acknowledge the unique nature of the pandemic, European Central Bank supervisory chief Andrea Enria said. "Crucially, credit risk controls at some banks have not been sufficiently tailored to the specificities of this shock, meaning that they do not allow for a timely and proactive assessment of credit risk developments by looking past the public support measures", Enria said. Read more

FXStreet: ECB’s Holzmann: Central bank could be tightening policy quicker than markets expect

"There is the possibility that we may be able to normalize monetary policy sooner than most financial market experts expect," the European Centra Bank (ECB) policymaker Robert Holzmann said in a contribution to the Eurofi Magazine, FX Street reports. Read more

MAIN EVENTS

Governing Council of the ECB: monetary policy meeting in Frankfurt

PIIE ‘The Resilient Society: Lessons from the pandemic for recovering from the next major shock’ event

European Parliament Subcommittee on Tax Matters meeting

For a full-year overview of key financial regulation events: click here

FROM THE EBF MEMBERS

ACB: Speech by Panikos Nikolaou

The Association of Cyprus Banks (ACB) shared the video of the speech by Panikos Nikolaou, CEO of the Bank of Cyprus at the Annual General Meeting of the ACB. "The world is changing and we are changing with it. Demography and technology are creating new facts", he said. Watch it here (EL)

UK Finance: CBDC: A threat or opportunity for the payments industry?

The transition to electronic money continues at a pace and has been accelerated by Covid-19. The Bank of England reports that around 95 percent of the funds that people hold to make payments are now held as bank deposits rather than cash. The Retail Central Bank Digital Currency (CBDC) paper published by UK Finance calls for the UK Taskforce to look at the specific conditions in the domestic market, with one eye on what is working well elsewhere. Read more

BdB: Consumers must be able to pay conveniently and securely at e-charging stations

Paying at charging stations for electric vehicles must also be easy and secure with a card. This calls for a broad alliance of associations from the banking industry, municipal umbrella organizations, and ADAC. The German credit industry, including the Federation of German Banks (Bdb), is working together with the German Payment Systems Initiative to ensure that customers benefit from other banking and credit cards, paying with the girocard (formerly EC card) is now mandatory. Read more (DE)

FROM THE INSTITUTIONS

EIOPA: ESAs Risk Assessment

The three European Supervisory Authorities (EBA, EIOPA, and ESMA - ESAs) have issued their second joint risk assessment report for 2021. The report highlights the increasing vulnerabilities across the financial sector, the rise seen in terms of cyber risk, and the materialization of event-driven risks. Read more

BIS: Carolyn Rogers: Basel III and global cooperation: where do we go from here?

At the Kangaroo Group, Carolyn Rogers, Secretary-General of the Basel Committee on Banking Supervision, discussed Basel III and global cooperation. He included that the Committee will tackle a range of challenges impacting the global banking system, including the impact of prolonged low-interest rates, digitization of finance, cyber threats, and climate change. Read more

European Commission: 2021 Strategic Foresight Report

The European Commission has adopted its second annual Strategic Foresight Report. The communication presents the EU’s perspective on open strategic autonomy in a contested global order. It discussed the impact of Brexit, digital currencies, and instant payments. In the report, the Commission has highlighted 10 “strategic areas” of policy action, including building resilient and future-proof economic and financial systems. Read more

FROM THE EBF

ESMA consultation on amendments to MAR Guidelines on delayed disclosure of inside information: EBF response

The EBF has responded to the consultation of the European Securities and Markets Authority (ESMA) on its Guidelines on delayed disclosure of inside information under the Market Abuse Regulation (MAR) in relation to its interaction with prudential supervision. In its response, the EBF addresses the disclosure of decisions regarding redemptions, reductions and repurchases of own funds instruments as well as the disclosure of draft SREP decisions. Besides, the disclosure of Pillar 2 Requirement (P2R) and of Pillar 2 Guidance (P2G) are also part of the response. 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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