EBF MORNING BRIEF Tuesday 11 January 2022 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.
Recommend the EBF newsletters to a colleague. Click here to sign up!
|
|
|
FROM THE MEDIA
FT: UK financial regulators step up scrutiny of cloud computing giants
According to the Financial Times (FT), UK financial regulators are preparing to step up their scrutiny of cloud computing providers amid growing fears that an outage or hack of their services could severely disrupt a banking system increasingly reliant on them. The Prudential Regulation Authority is exploring ways to access more data from cloud providers Amazon, Microsoft, and Google, including on the operational resilience of their services, according to people familiar with the matter. Read more
Reuters: Germany's new finance minister open to EU reforms
Germany's new Finance Minister Christian Lindner underlined Berlin's readiness to reform the European Union's fiscal rules and find ways to strengthen the bloc's finance sector by completing its banking union. Speaking to Reuters, Lindner said he wanted the EU to focus on the recovery from the pandemic by implementing its debt-financed, 750 billion euro recovery fund, called Next Generation EU. Read more
Bloomberg: Greenflation is a crucial step in the energy transition
The energy transition debate has been largely dominated by this line of argument: Green energy is needed to address climate change, and households and businesses will benefit from it via lower prices. Isabel Schnabel, a member of the executive board of the European Central Bank (ECB), articulated another line of thought: the transition is needed, but’s likely to prove inflationary. The comments signal a re-think among policymakers about the energy transition, Bloomberg points out. Read more |
|
MAIN EVENTS Council Horizontal Working Party on Cyber Issues
For a full-year overview of key financial regulation events: click here
|
|
FROM THE EBF MEMBERS
Febelfin: New Card Stop number
The new Card Stop number 078 170 170 came into effect on Monday. However, the old number will remain active for the next few years to ensure a smooth transition. "As it's a key factor in the fight against fraud, it is important that the new number reaches as many people as possible", Karel Baert, CEO of Febelfin says. Read more (FR)
BdB: Six questions and answers on the EU taxonomy for sustainable investments
Ann-Ulrike Henning, Associate Director at the Association of German Banks (BdB) has worked on recommendations that are as practical as possible to create a “Guide to the EU Taxonomy for Sustainable Investments: Six Questions and Answers for Credit Institutions”. Read more (DE)
Finance Denmark: Consultation response on state guarantee for housing purchases in rural areas
Finance Denmark recognizes the good intentions behind the government's proposal for a state guarantee on lending in rural areas, but the proposed model is very complex. Besides, it will only cover a few cases with risks being unusable for both customers and banks and mortgage banks. This is clear from the consultation response by Finance Denmark on the establishment of a state guarantee on loans in rural areas. Read more (DK) |
|
FROM THE INSTITUTIONS
ECB: Monetary policy and the green transition
The green transition may put upward pressure on consumer price inflation, says European Central Bank (ECB) Executive Board member Isabel Schnabel. Monetary policy cannot afford to look through higher energy prices if they pose a risk to price stability over the medium term. Read more
EBA: Asset quality has further improved, but cyber risk remains a source of concern for EU banks
The European Banking Authority (EBA) published its quarterly Risk Dashboard together with the results of the autumn edition of the Risk Assessment Questionnaire (RAQ). The NPL ratio declined to 2.1% and the stage 2 ratio contracted to 8.7%. Return on equity (RoE) was reported higher than pre-pandemic levels at 7.7%. RAQ results show that around 50% of banks cover their cost of equity (CoE) with more than 70% of banks estimating a CoE range between 8% and 12%. Read more
SRB: Priorities for 2022
Elke König, Chair at Single Resolution Board (SRB) highlights 3 key priorities for the year ahead. The first one is liquidity and funding in resolution followed by separability and reorganization plans. The third area is Management Information Systems, including IT, cyber risks, and their management. Read more |
|
FROM THE EBF
EBF feedback to the European Commission’s proposed AML Package
The EBF has provided feedback to the European Commission’s proposed AML Package. The EBF is fully supportive of the Commission’s overarching objective to address the ineffectiveness of the current EU AML framework. Bearing in mind the necessary lead-time and efforts to get the AML Package adopted and implemented, this momentum is a unique opportunity to improve the framework. Read more
EBF Response to Public Consultation on Guidance on the Rules Applicable to the Use of Public-Private Partnerships in The Framework of Preventing and Fighting Money Laundering and Terrorist Financing
The EBF has responded to the Commission consultation on guidance on rules for Public-Private Partnerships in the AML/CFT domain. The EBF stresses that information sharing in the context of fighting financial crime is critical in ensuring the effectiveness of the AML/CFT rules. Weaknesses in information sharing between obliged entities, financial intelligence units, and law enforcement authorities may inadvertently facilitate the activities of criminals who operate nationally or across borders. Read more
EBF Vacancies: Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. Read more |
|
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 |
|
|
This newsletter is published by the EBF Mediacentre. If you do not want to receive the EBF Morning Brief click here.
For questions or suggestions contact [email protected]
European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
|
|
|
