| EBF MORNING BRIEF Tuesday 13 July 2021 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
Reuters: Yellen urges EU to back global tax deal and consider more fiscal support
As Reuter reports, the U.S. Treasury Secretary Janet Yellen urged European Union countries to sign on to a global deal to revamp corporate taxation, keep fiscal support through 2022 and consider more spending in the face of COVID-19 uncertainty. The European Commission delayed its planned levy on digital services to focus on the global tax deal, final details of which have to be agreed in October. Read more
Bloomberg: ECB’s Lagarde foresees July policy shift, 2022 ‘Transition’
European Central Bank President Christine Lagarde told investors to prepare for new guidance on monetary stimulus in 10 days, and signaled that fresh measures might be brought in next year to support the euro-area economy after the current emergency bond program ends. Speaking to Bloomberg Television days after the ECB raised its inflation goal to 2%, Lagarde said the July 22 Governing Council session will have “some interesting variations and changes”. Read more
Finextra: Nordic challenger Lunar raises €210 million
Danish digital challenger bank Lunar has raised €210 million in a Series D funding round led by family-owned investment company Heartland, alongside European growth investor Kinnevik and Chinese tech giant Tencent, Finextra reports. With operations in Denmark, Sweden and Norway, Lunar now serves more than 325,000 users on its platform. Read more |
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MAIN EVENTS -
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EBF Exco Financial Crime Strategy Group virtual meeting
For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
BdB: Equity relief necessary for green loans
In a guest article in the Börsen-Zeitung, Torsten Jäger, Head of the sustainability group at the Associations of German Banks (BdB) deals with green loans. "Change will not come free of charge. If banks offer sustainable products, this is accompanied by higher regulatory and administrative requirements and thus higher costs", he says. The presented solution calls for policymakers to give supervisory privileges to loans that serve to finance sustainable economic activities and introduce corresponding "green capital relief". Read more (DE)
Finance Denmark: Danes get more and bigger loan offers
Danes last month obtained the highest number of loan offers for new construction and home purchases for a June in four years. Besides, Danes' average borrowing needs for home purchases and new builds have increased in four out of five regions. This is shown by the latest figures from Finance Denmark. Read more
UK Finance: 7 lenders to cover cost of making cladding forms public UK Finance announces that seven mortgage lenders will cover the cost of making existing EWS1 forms publicly available through the Fire Industry Association (FIA) Building Safety Information Portal. EWS1 forms are used for mortgage valuation purposes for flats and determine if a property needs cladding remediation work. They were introduced in 2019 following government guidance to address the Grenfell Tower fire. Read more |
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FROM THE INSTITUTIONS
ECON: DMA Draft Opinion
The Committee on Economic and Monetary Affairs (ECON) has published a draft opinion for the Committee on the Internal Market and Consumer Protection (IMCO) on the Digital Markets Act (DMA); a total of 110 amendments were proposed. The DMA should apply to core platform services provided by gatekeepers to business users established in the EU or end-users established or located in the Union, irrespective of the place of establishment or residence of the gatekeepers and irrespective of the law otherwise applicable to the provision of service. Read more
ESMA: Launch of public consultations on CCP recovery regime
The European Securities and Markets Authority (ESMA) launched seven public consultations to gather stakeholder feedback on how to implement its central counterparty (CCP) recovery mandates. The consultation papers contain, among others, proposals for Draft Regulatory Technical Standards (RTS) on the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources, and Guidelines on CCP recovery plan indicators and scenarios. Read more
ESRB: 2021 Ieke van den Burg Prize for research on systemic risk
Following a highly competitive selection process involving peer reviews conducted by members of the Advisory Scientific Committee (ASC), the 2021 Ieke van den Burg Prize for research on systemic risk was awarded to Karsten Müller and Emil Verner for their paper entitled “Credit allocation and macroeconomic fluctuations”. The paper, together with four additional ones, will be published on the European Systemic Risk Board (ESRB) website. Read more |
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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 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 |
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