EBF MORNING BRIEF Tuesday 1 December 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
DW: Eurozone finance ministers agree on bailout fund reform
The long-awaited reforms come against the backdrop of the second wave of the COVID-19 pandemic, reports Deutsche Welle (DW). The main aim is to ease access to credit lines for member states during times of financial and economic crisis. Read more Cointelegraph: Central bank digital currencies are five years away Several experts from various European banks agreed that even a proof of concept for a digital euro is four or five years away. In a panel on Monday called "Upgrading Money to the Digital Age: Introducing Digital Euro," participants agreed that the current task was primarily one of getting everyone on board with the specifics of a digital euro, putting any real implementation well into the future, Cointelegraph writes. Read more
FT: Friction hampers EU drive to switch clearing from the UK
Since the Brexit referendum four years ago, politicians and policymakers in Europe have worried that responsibility for market stability of the eurozone would lie outside the bloc, FT reports. 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 EBF MEMBERS Bankenverband: Five economic policy proposals to go beyond Covid-19 "Uncertainties for 2021 are great, but we see good chances that the economic engine will start up again next year and that the recovery will pick up speed again,” said Christian Ossig, CEO of the Association of German Banks (Bankenverband). Read more (DE) AEB: Investors and sustainability It will take a lot of money to move towards a more sustainable economy. The Spanish Banking Association (AEB) and its member banks are committed to financing the process and driving the necessary changes in companies. Read more (ES) NVB: Training professionals in syndicated loans The amount of risk of some financing is so great that it is provided by a group of financiers. With such a syndicated loan, the borrower, fortunately, does not have to deal with all financiers, but with one agent in syndicated loans. According to Jeanine Kok (ABN AMRO), initiator of the postgraduate training 'Agent in syndicated loans' at the UvA Academy of Banking and Insurance, this agent has an exceptional position within a bank, the Dutch Banking Association (NVB) reports in its latest post. Read more (NL) CBA: Banking statistics for October 2020 The Czech Banking Association (CBA) comments on the banking statistics for October 2020. The explanatory power of non-performing loans is marked by the deferrals provided in connection with the pandemic. According to the basic stress-test scenario, banks would be able to manage a several-fold increase. Read more (CZ) |
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FROM THE INSTITUTIONS
ECB: The future of money – innovating while retaining trust
Important lessons can be drawn from the past to understand the factors influencing the journey towards the future of money, including the possible introduction of a digital euro. Ensuring the euro meets the needs of European citizens is at the core of the ECB’s mandate says Christine Lagarde, President of the ECB, in an article published in the French magazine L’ENA hors les murs. Read more
Eurogroup reaches agreement on European Stability Mechanism reform
EU finance ministers agreed on the reform of the European Stability Mechanism (ESM) and the early introduction of a common backstop to the Single Resolution Fund in 2022. The agreement is a crucial step towards a stronger and more resilient European banking sector. Read more
BIS: Heads of Supervision endorse direction of Basel Committee work
The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, has endorsed a coordinated approach to mitigating Covid-19 risks to the global banking system. The global banking system entered the Covid-19 crisis with ample capital and liquidity, thanks to the Basel III reforms implemented after the Great Financial Crisis (GFC). A robust regulatory framework underpins confidence in banks' soundness and helps to maintain a level playing field internationally. Read more
EP: Replacement benchmarks for financial benchmarks in cessation
The European Parliament (EP) Think Tank has published a briefing titled "Replacement benchmarks for financial benchmarks in cessation". The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does not provide for mechanisms to organise the orderly discontinuation of systemically important benchmarks in the EU. Read more |
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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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