| EBF MORNING BRIEF Wednesday 6 October 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
Finextra: EBF calls for regulatory clarity on proposed EU-level AI rules
The European Banking Federation (EBF) welcomes the opportunity to comment on the European Commission’s proposal for a Regulation laying down harmonized rules on Artificial Intelligence (AI Act), Finextra reports. These rules should strike a balance between regulating high-risk AI use cases and supporting innovation, including proportionate requirements, no unjustified barriers or restrictions, and no duplication. Coherence with existing, sectoral regulation and horizontal regulation is also crucial. Read more
FT: EU insurance resolution plan criticised over potential policyholder losses
The proposed European rules to deal with failing insurance companies have been criticised for potentially exposing policyholders to losses, according to the Financial Times (FT). The objective of the proposal is to transfer the insurance portfolios safely to a viable insurer. But the powers include an option to “convert to equity or reduce the principal amount of claims, including insurance claims”. Consumer groups have raised concerns. Read more
Reuters: 'Please put a price on carbon', says Europe's biggest utility
Countries need to put a price on carbon to help the world cut greenhouse gas emissions and limit climate warming to agreed targets, the head of Europe's biggest utility said. "Please put a price on carbon," Enel Chief Executive Francesco Starace said in an interview at Reuters Impact conference. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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REPLAYS AVAILABLE!
European Banking Summit 2021:
BANKING ON THE FUTURE
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 | The fifth European Banking Summit dedicated to 'Banking on the future' brought together 450 experts, senior policymakers, and key stakeholders to discuss the future of the banking industry and the role of banks in society. Topics included regulation, the green transition, and digital transformation, with panels taking deep dives into the detail.
Have you miss it? The replays of the event are now available. Watch NOW |
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FROM THE EBF MEMBERS
BdB: Security and use of online banking
Online and mobile banking are very popular and more and more users consider them to be secure. The Association of German Banks (BdB) presented the results of its survey study. Figures show that even 4 out of 10 of the over-60s do their banking online with an overall increase in trust towards security. Read more (DE)
Finance Denmark: Invitation to press conference: Launch of MitID
The Danish Digitization Agency and Finance Denmark will organize a press conference on Wednesday 6 October, 2021 to launch Denmark's new digital ID and officially mark the switch from NemID to MitID. At the press conference, Deputy Director of the Danish Digitization Agency, Adam Lebech, and Director of Digitization at Finance Denmark, Michael Busk-Jepsen will present the new tool. Read more (DK)
CBA: Economic commentary: Offer prices of flats have accelerated
In Q3, offer prices of flats in the Czech Republic accelerated their year-on-year growth from 8% to 9.3%. Weaker dynamics was recorded in the offer prices of flats in Prague, which accelerated from 4.5% to 6.2%, while the growth of offer prices outside Prague reached 13.3%, which is the highest dynamics since the end of 2008. This emerges from the economic commentary by the Czech Banking Association (CBA). Read more (CZ) |
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FROM THE INSTITUTIONS
ECB: Banking Supervision’s post-pandemic priorities
Banks should recognize climate risks, address structural challenges to their business models, and not underestimate credit risk in the wake of the pandemic, European Central Bank (ECB) Supervisory Board member Edouard Fernandez-Bollo warns in a speech about the challenges ahead. Read more
EIOPA: Monthly update of the symmetric adjustment of the equity capital charge for Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of September 2021. Read more
ECOFIN Council conclusions on climate finance
The ECOFIN published its conclusions on climate finance following the meeting on 5th October, 2021. Ministers call for partners to achieve the long-term goals of the Paris Agreement including making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. Carbon pricing and phasing out environmentally harmful fossil fuel subsidies are key in this. Read more |
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FROM THE EBF
Proposal for a regulation laying down harmonised rules on AI act: EBF response
The European Banking Federation (EBF) welcomes the opportunity to comment on the European Commission’s proposal for a Regulation laying down harmonized rules on Artificial Intelligence (AI Act). The Act aims to develop an ecosystem of trust for AI in the EU, which encourages investment, aims to strengthen competitiveness, and ensures that AI systems respect fundamental rights and EU values. It is essential for these rules to strike a balance between regulating high-risk AI use cases and supporting innovation, including proportionate requirements, no unjustified barriers or restrictions, and no duplication. 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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