EBF MORNING BRIEF Wednesday 17 March 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 FT: ECB offers banks more leeway to clean up pandemic-hit balance sheets Europe’s top banking supervisor has said lenders could be given more time to benefit from capital relief if they speed up their recognition of loans that are likely to turn sour, reports the FT. Read more (€) Reuters: Brexit won't mean lower capital buffers for insurers, says Bank of England A review of the UK’s insurance capital rules will not lead to any “radical departure” or a reduction in requirements, but it will take time to complete, Bank of England Deputy Governor Sam Woods said to Reuters on Tuesday. Read more Risk.net: At 40% of EU banks, credit risk own-funds deviate from benchmarks European supervisors judged that two in five banks used credit risk models that produced own-funds requirements out of kilter with expectations in 2019, data from a European Banking Authority (EBA) study shows. One in five used models that underestimated their capital requirements without justification. Read more |
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EVENT SERIES ON FINANCIAL LITERACY IN EUROPE
DAY 1: Financial security at an older age: What do we need to prepare for? Tuesday 23 March, 16:00 CET
Longer life expectancy together with evolving pension and social welfare systems means Europeans today must consider different things when planning their retirement than the previous generations. New study on retirement and debt in the US by professors Olivia S. Mitchell and Annamaria Lusardi reveals worrying new patterns for those near or in retirement. In particular, debt appears to follow individuals way past their working years. READ MORE |
Do not miss DAY 2 DAY 3 events! |
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MAIN EVENTS today For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS AEB: Digitalization has ceased to be our future, it is our present The trend towards digitization has accelerated during the health crisis confirming a process that has no turning back and needs important resources that must be profitable. "Digitization has long ceased to be the future, it is our present", says JosĂ© Luis MartĂnez Campuzano, Spokesperson for the Spanish Banking Association (AEB). Read more (ES)
Swedish Bankers' Association: Fraud and information security
While bank and cash-in-transit robberies are down to a few annually, the number of frauds has doubled in ten years. Raising consumers' digital security awareness and strengthening the identification process are priority issues for the Swedish Bankers' Association (SBA) and the banks. Read more (SE) ACB: "Spending Smartly" implemented digitally in 2021 "Spending Smartly" is a financial education programme organised by the Association of Cyprus Banks (ACB). Volunteers from Cypriot banks leave their usual work to hold interactive games, discussion and dissemination of basic knowledge on key financial concepts to students of primary schools. Read more (HL) |
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FROM THE INSTITUTIONS
ECB: Philip R. Lane: Interview with the Financial Times
A pandemic recession is unique because a lot of the decline in output results from public health measures. When these measures are lifted and the virus is contained, you should expect to see a very large recovery. We saw glimpses of that last year, especially in the third quarter says ECB Chief Eonomist Philip R. Lane to Financial Times. As the economy was unlocked and while infection rates were at a relatively low level, there was a strong recovery above what we had predicted. Read more
EBA will make its Basel III monitoring exercise mandatory
The European Banking Authority (EBA) published a decision, which will change the Basel III monitoring exercise from its current voluntary nature to a mandatory exercise from December 2021. This change stems from the need to expand the sample to more jurisdictions and credit institutions, making it more representative, as well as to reach a stable sample over time by providing authorities with a sound legal basis that frames institutions’ participation. Read more
Informal video conference of economic and finance ministers: Main results Ministers exchanged views on the state of play and way forward on tax challenges arising from the digitalisation of the economy. The discussion took place ahead of the European Council meeting in March, where EU leaders are also expected to discuss this issue. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
Counting Everyone In: Ensuring Access to Financial Education for All Europeans
As Europe embarks on a path to a more digital and green future, boosting citizens’ financial skills is more important than ever. This transformation presents us with a key opportunity to make sure we are #CountingEveryoneIn when it comes to financial literacy. There is no one-size-fits-all solution to challenges faced by individuals from diverse backgrounds and with different life experiences, so more tailored approaches are needed to build financial skills. That’s why we decided to dedicate this European Money Week to exploring key barriers to, and best practices in promoting financial wellness among different social groups, EBF CEO Wim Mijs says in its latest post. Read more European Banking Federation is hiring! The European Banking Federation is looking for two trainees to join the Communications and Events team and the Financing Growth team. 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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