| EBF MORNING BRIEF Wednesday 2 March 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.
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FROM THE MEDIA POLITICO: EU considers cutting 7 Russian banks from SWIFT, but some big names missing The EU is considering cutting off seven Russian banks, including its second-largest lender VTB, from the international SWIFT messaging system used to process payments, according to documents seen by POLITICO. A point that is still open is the grace period, said a diplomat. Currently the text says that “it shall be prohibited as of [10 days after entry into force of the Regulation] to provide specialised financial messaging services.” Read more
Bloomberg: ECB shouldn’t exit stimulus before gauging war impact
The European Central Bank (ECB) should take time to properly assess the implications of Russia’s war in Ukraine before continuing its exit from pandemic-era support for the euro-zone economy, according to ECB Governing Council member Olli Rehn. “The direction of normalization is still, in my view, appropriate,” Rehn told Bloomberg. Read more
CNBC: Visa and Mastercard block Russian banks from their networks
Visa and Mastercard have blocked financial institutions from their networks in response to sanctions targeting Russia after its invasion of Ukraine. According to CNBC, Bitcoin and other digital currencies could become a way for Russians to circumvent sanctions, as cryptocurrencies are not owned or controlled by a single entity like a central bank. Binance has said it will block the accounts of Russian individuals who have been sanctioned but it will not “unilaterally” freeze the accounts of all Russian users. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN! AML Masterclasses 2022 |
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 | The European Banking Federation (EBF) and SAS have partnered to help banks fight financial crime with innovative technologies and shared solutions. This collaboration resulted in the launch of a virtual AML Masterclass series to spotlight how artificial intelligence (AI) and machine learning can boost the effectiveness of banks’ efforts in fighting financial crime. Debuting on 31 March 2022, the inaugural session will examine how AI and machine learning technology for AML works. It will also explore shared transaction monitoring facilities as an opportunity for enhancing AML transaction monitoring and how it fits into the current regulatory framework. Read more |
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FROM THE EBF MEMBERS Finance Finland: How the Ukranian situation affects the financial sector The impact of Russia's military actions in Ukraine on Finns and the Finnish financial sector raise many questions. Finance Finland has compiled answers to frequently asked questions about banking, insurance, payment, and occupational pension issues, as well as questions about financial markets in general. Read more (FI)
SBA: Taxation and sustainable development
All facets of the economy are now scrutinized and categorized according to the ESG (environmental, social, and governance) criteria, and this is increasingly affecting the world of taxation. The ongoing developments in sustainable finance hold considerable potential, writes the Swiss Banking Association (SBA), as sustainability opens up new opportunities for banks in all relevant business areas. Read more (FR) NVB: A digitally safe Netherlands Banks work closely with public parties to combat and prevent cybercrime such as hacks and ransomware. Being able to share information quickly through close collaborations is crucial to keeping the Netherlands digitally secure, underlines Hans de Vries, Director of the National Cyber Security Centre (NCSC), an important partner of the banking sector and the Dutch Banking Association (NVB). Read more (NL) |
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FROM THE INSTITUTIONS ECB: Euro money market statistics The European Central Bank (ECB) has released the Euro money market statistics for the eighth maintenance period of 2021. Daily average borrowing turnover in the unsecured segment increased from €120 billion in the seventh maintenance period of 2021 to €127 billion in the eighth. Read more ESMA: Results of the annual transparency calculations for equity and equity-like instruments The European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 1 April 2022. Currently, there are 1,200 liquid shares and 976 liquid equity-like instruments other than shares, subject to MiFID II/MiFIR transparency requirements. Read more
BIS: A global Europe to meet global financial stability challenges
Klaas Knot, President to the Netherlands Bank and Chair of the Financial Stability Board (FSB), delivered a speech at the EUROFI High Level Seminar in Paris, published by the Bank for International Settlements (BIS). "Many financial stability risks we face today are not only common across Europe, but are global in nature. And these global issues require global cooperation, which is why they are at the top of the FSB's agenda", he said. Read more |
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FROM THE EBF
The EBF on the latest developments in the legislative process of the proposal for a corporate sustainability reporting directive
The EBF reiterates its support for the proposal for the Corporate Sustainability Reporting Directive, which will be a key enabler in ensuring financial institutions are able to assess the sustainability profile of their portfolios and allocate capital effectively to serve the goals of the European Green Deal. Read more
EBF Vacancies: Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. 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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