EBF MORNING BRIEF Wednesday 12 May 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: Brexit market fragmentation leaves some banks struggling, says report
The fragmentation of Europe's capital market due to Brexit has increased operating costs for banks to the point where some struggle to make their UK and EU hubs viable, a report showed on Tuesday. Many banks that used London as a base for serving the European Union have opened hubs in the bloc after Britain's departure from the EU left the City of London largely cut off from the continent, Reuters Huw Jones writes. Read more
Bloomberg: ECB’s Schnabel sees german inflation climbing above 3%
German inflation could climb above 3% as the economy recovers from the pandemic, but it won’t last and the ECB will look beyond such volatility, Isabel Schnabel, Executive Board member at the European Central Bank (ECB) said in an interview. In addition, there is no sign accelerating inflation is becoming entrenched in the euro area, but if it did, the ECB would react carefully by adjusting its measures, Bloomberg reports. Read more
IPE: DNB’s Petra Hielkema recommended as the new chair of EIOPA
Petra Hielkema, director for insurance supervision at the Dutch Central Bank (DNB), has been recommended as the new chair of the European Insurance and Occupational Pensions Authority (EIOPA). Members of the European Parliament's Committee on Economic and Monetary Affairs (ECON) voted in favor of her appointment with 54 votes in favor, none against, and four abstentions, Investment and Pensions Europe (IPE) reports. Read more
AML Intelligence: How to ramp up Europe’s fight against money laundering
Banks today consider money laundering not only as a compliance problem but as a societal challenge, Wim Mijs, CEO of the European Banking Federation (EBF) tells AML Intelligence. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
ACB: Digital is the new black
The pandemic had brought significant changes in the behavior of Cypriots, including a dramatic increase in the use of digital payments. "Cypriot banks are corresponding to the new digital era, by providing solutions and services to fulfill their consumer’s new needs", Marios Nicolaou, Senior Advisor at the Association of Cyprus Banks (ACB) writes. Read more
Finance Denmark: Rising house prices and falling sales times
The latest figures show that the housing market in Denmark is booming with relatively few houses still for sale. "When the demand for houses is greater than the supply, prices rise. In many ways, it is a seller's market right now, and sellers are setting prices almost ten percent higher than a year ago", says Ane Arnth Jensen, Deputy CEO of Finance Denmark. Read more (DK)
UK Finance: Mental health and money
Managing finances and dealing with banks can sometimes be frustrating and the potential impact of these challenges, in terms of creating barriers for people accessing banking services, can be huge both in terms of someone’s wellbeing and the financial situation it can contribute to. If banks want to improve the fair treatment of vulnerable customers, they need to think about accessibility needs. UK Finance developed a set of Mental Health Accessible Standards and works with banks to help them adopt it. Read more |
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FROM THE INSTITUTIONS
ECB: A global accord for sustainable finance
Climate change and sustainability are global challenges that require global solutions, especially in the financial sector, writes Executive Board member of the European Central Bank (ECB), Fabio Panetta. International disclosure standards and principles are needed to categorize sustainable activities. Read more
European Commission: Consultation on EU strategy for retail investors
The European Commission is launching a public consultation to prepare the future retail investment strategy for Europe. The aim is to ensure that a legal framework for retail investments is suitably adapted to the profile and needs of consumers, helps ensure improved market outcomes, empowers retail investors, and enhances their participation in the capital markets. Open until 3 August 2021. Read more
BIS: How to improve funding of bank resolution in the banking union: the role of deposit insurance
Fernando Restoy, Chairman, Financial Stability Institute, Bank for International Settlements (BIS) discusses the role of deposit insurance in correcting financial deficiencies. "In crisis situations, sufficient funds are required to protect the public interest when resolving banks. In addition, they may be needed to preserve banks' net asset value and therefore protect the interest of the deposit guarantee scheme (DGS) and other creditors under insolvency", he says. 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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