EBF MORNING BRIEF Tuesday 17 November 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
Bloomberg: Deutsche Bank CEO urges to use a room for more relief
Deutsche Bank AG Chief Executive Officer Christian Sewing urged regulators to provide more relief to Europe’s banks to keep loans flowing as the pandemic’s second wave engulfs the region. While regulators were quick to respond to the crisis at the onset, they have “additional potential” to aid the flow of credit, Sewing said Monday at a conference, Bloomberg reports. He suggested that some of the money banks are required to pay into a fund for winding down failed lenders should be used instead to grant credit, and called for lawmakers to reassess the consequences of a planned update of the Basel capital rules. Read more FT: EU regulators seek solution to post-Brexit derivatives rule clash European regulators are racing to avoid London branches of EU banks having to route derivatives trades through New York, if Brussels fails to deem the City’s regulatory standards robust enough after Brexit, FT reports. Officials are working on emergency tweaks to rules in the event the UK and the EU do not grant sufficient access rights to each other’s financial services markets, in a set of so-called equivalence decisions, before Britain leaves the bloc on December 31. Read more (€)
Bloomberg: Europe is planning its very own e-currency
The European Central Bank appears serious about a digital euro. Barely a month after the central bank issued a major report on the topic, and opened a public consultation, President Christine Lagarde said “her hunch” is that the euro zone could have its own electronic currency within two to four years, Bloomberg reports. Provided the rest of the institution’s governing council agrees with her, this could put the ECB well ahead of other major western central banks — above all the U.S. Federal Reserve. Read more
Reuters: ECB should increase monetary accommodation
The European Central Bank’s governing council should further increase monetary accommodation to potentially avoid problems of market fragmentation given a worsening outlook for both economic activity and inflation, ECB policymaker Pablo Hernandez de Cos said on Monday, Reuters reports. Read more
FT: The bank dividend ban has failed and should be lifted
Back when the British government imposed colonial rule over India, its leaders wanted to cut down on the population of deadly cobras in Delhi, FT writes. So the government offered a bounty for every cobra carcass. Delhi residents responded rationally — they began breeding cobras to claim the rewards. Read more (€) |
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Join and register for free EU PAYMENTS AT CROSS-ROADS:
WHAT STRATEGY FOR THE FUTURE? ONLINE/ Thursday, 19 November, 15:00 CET
Join us on Thursday, 19 November at 15:00 CET for the last conference of the EBF Innovation and Cybersecurity Thursdays' series titled EU payments at cross-roads: what strategy for the future?. |
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MAIN EVENTS today EBF Business Lending Working Group virtual meeting EBF KYC & RBA Task Force virtual meeting 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 AEB: The team defending the interests of the banking sector Few institutions have been recognized as powerful in Spain as the Spanish Banking Association (AEB), which groups together all the Spanish and foreign banks operating in our country. In turn, the AEB belongs to the International Banking Federation and is a highly influential member of the CEOE. Read more (ES)
Finance Denmark: How do Danes invest? How do Danes invest? Is there a difference between how men and women invest? What does age mean for how we invest? And what about young people? Finans Danmark, Economist, Christian Heebøll Hammer talks about the investor culture in Denmark. Read more (DK) FFI: Zaldo is the key to Finnish pupils' financial education Finnish primary and middle school students have the chance to test their financial skills in competition with cash prizes. Finance Finland (FFI) also offers the additional chance of winning a place in the European Money Quiz finals. The key to all this is Zaldo, a gamified environment that offers free learning materials on personal finances. Read more
UK Finance: Bargain or a scam?
UK Finance, Sarah Sinden and Pavi Kathiravel discuss a recent rise in purchase scams during the lockdown, and how customers can protect themselves as Black Friday and Cyber Monday approach. Read more |
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FROM THE INSTITUTIONS
European Parliament: Report on the appointment of Elderson to ECB
The consolidated report on the Council recommendation on the appointment of a Member of the Executive Board of the ECB has been published. It delivers a favourable opinion on the Council recommendation to appoint Frank Elderson as Member of the Executive Board of the European Central Bank and instructs its President to forward this decision to the European Council, the Council and the governments of the Member States. Read more
ESMA: EU derivative clearing showed strong growth in 2019
ESMA published its third Annual Statistical Report (Report) analysing the European Union’s (EU) derivatives markets. It provides a comprehensive market-level view of the EU’s derivatives markets in 2019, which had a total size of €681tn gross notional amount outstanding, a decrease of 5% on 2018. The Report is based on data submitted under the European Markets and Infrastructure Regulation (EMIR). Read more
FSB: Guidance on CCP financial resources for resolution
The Financial Stability Board (FSB) published final guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. The guidance will support resolution authorities and crisis management groups in assessing the adequacy of financial resources for CCP resolution and provides guidance on approaches to the treatment of CCP equity in resolution. Read more
ECB: Euro area financial sector in pandemic crisis
The coronavirus crisis amplified vulnerabilities in the euro area financial system, says Vice-President Luis de Guindos who discusses policy implications for banks and non-banks. Read more
IMF: Annual Report: Year like no other
The International Money Found (IFM) published the Annual Report: Year like no other. It reflects the policy advice, lending, and capacity development work of the Executive Board and staff to help member countries before and during the pandemic—with a focus on policies for people that recognize the impact of macroeconomic policies on individuals. Read more |
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Join and register for free Banking Essentials Webinar: SME FINANCE IN THE 2020s Powering up the economy engines ONLINE/ Tuesday, 24 November, 15:30 CET
Small and medium-sized companies, especially those in services, are essential to create the new sustainable and digital jobs required to fuel the economic recovery from the Covid-19 pandemic. SMEs are the backbone of Europe’s economy, representing 99% of all businesses in the EU and employing around 100 million people. They account for more than half of Europe’s GDP and play a key role in adding value in every sector of the economy. Encouraging growth in SMEs can deliver the innovation required for a successful twin transition to a sustainable and digital economy. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
EBF CBF & IBM guide stakeholders for Cloud Exit Strategy Testing
EBF Cloud Banking Forum (CBF) and IBM discuss the necessity for clear guidance on when and how to test exit plans, looking at appropriateness and sufficiency of testing, according to the Forum's technical paper on "Cloud Exit Strategy - testing of exit plans.” Read more Cloud Banking at EBF |
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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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