| EBF MORNING BRIEF Wednesday 7 October 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 FT: Billionaire fortunes hit record levels in pandemic The Financial Times, citing a widely followed annual study from Swiss bank UBS and PWC, reports that the world’s billionaires have seen their fortunes soar to record levels during the Covid-19 pandemic, as many doubled down on risk in choppy financial markets and profited from the tech boom. Their collective wealth hit $10.2 trillion this summer, exceeding the previous high set in 2017. The total number of billionaires reached 2,189, up from 2,158 in 2017. Read more (€) Billionaires Insights 2020 Bloomberg: Europe’s Banks Get Serious About Work From Home After Pandemic As some Wall Street executives warn of the perils of working from home for too long, Europe’s biggest lenders are getting serious about using lessons learned in the pandemic to lower costs and afford employees a better work-life balance. Bloomberg reports that they’re changing a culture that has seen few disruptions of this magnitude since modern office buildings were created. Read more
Reuters: Share trade archive would slash investor costs, EC study says
A pan-European Union record of stock and bond trades would cost 11 million euros to build and save investors billions, a study commissioned by the bloc said on Wednesday, reports Reuters. A record, known as a “consolidated tape” or CT, would collate prices and volumes of shares and bonds traded on multiple platforms to help investors make better decisions, and provide regulators with improved data to spot market abuses. Read more
Bloomberg: ECB Study Finds Signs of Eroding Central Bank Independence
Central banks’ iron-clad independence appears to be waning due to attacks from politicians, according to a European Central Bank working paper reported by Bloomberg. That’s according to a study that looked at 13 monetary authorities, accounting for 75% of global economic output, in the 2018-2019 period. Read more |
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MAIN EVENTS today -
ECB: Governing Council — non-monetary policy meeting, Frankfurt -
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EBF Communications & CSR Steering Group virtual meeting -
ECB: BIRD Steering Group virtual meeting. Two-day event in Frankfurt
For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise |
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FROM THE EUROPEAN BANKING FEDERATION
EC consultation on the New Consumer Agenda: EBF response
EBF has responded to the European Commission consultation on the New Consumer Agenda. Full position available here
Joint Letter: Impact of CJEU Schrems II ruling on data transfers
EBF, together with five other financial industry associations, has co-signed a letter calling attention to the impact of the CJEU Schrems II ruling on the framework for international data transfers. Read more
EBF: ESCB report on integrated reporting system is a timely step EBF notes the report published by EU’s central banks regarding an integrated data reporting system as envisaged in Art. 430c of the CRR2. EBF appreciates this initiative as a step to trigger discussion among EU authorities & the banking industry. Read more EVENT HIGHLIGHTS: EBF High-Level Public Dialogue On Thursday 1 October, the European Banking Federation hosted the online EBF High-Level Public Dialogue: EUROPEAN BANKING BEYOND THE PANDEMIC. The High-Level Dialogue sought to outline how European banking will look like beyond the pandemic by bringing together leading industry representatives with top supervisors and regulators. Did you miss it? No worries! Click HERE to watch the event highlights. ECB Enria keynote speech ECB consultation on banking sector consolidation: EBF response The EBF fully supports the intention of the ECB to achieve clarification and transparency on its supervisory approach to notifications of proposed acquisitions and applications for permission for a business combination. As the ECB rightfully indicates, decisions for consolidation belong to market participants. Nevertheless, the ensuing supervisory examination is a crucial step in the success of such transactions. The publication of an ECB guide should add clarity to the process. Read more |
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FROM THE EBF MEMBERS
Bankenverband: Covid-19: Online banking, wiatch out for phishing!
The danger of becoming the victim of a cyber-attack is increasing. 15% more cases than last year according to the German Federal Criminal Police Office. Criminals adapt to current events, for example with phishing emails around Corona. The Association of German Banks (Bankenverband) shares a few tips to avoid this kind of risks. Read more (DE)
NVB: A diverse & inclusive culture ensures every human being matters
Also a bank like Rabobank makes structured work of diversity and inclusiveness. Not only because the organization wants to be a good reflection of society. In an interview with the Dutch Banking Association (NVB) Rabia Azdad of Rabobank said: A diverse organization has better decision-making, more innovation and higher profits. A win-win-win situation. Read more (NL)
AEB: From education to financial skills Citizens need to have the ability to participate in economic and social decisions that affect their well-being in exchange for responsible behavior in the society in which they live. However, many of them will remain on the margins of what should be an inalienable right if they do not achieve adequate training in economic and financial issues said Juan Carlos Delrieu, Director of Strategy and Sustainability of the Spanish Banking Association in an interview published by the Spanish newspaper El Economista. Read more (ES)
Finanssiala: Banks cooperate in the fight against money laundering
The Money Laundering Investigation Center under the Central Criminal Police (KRP) is deepening cooperation with banks to combat money laundering. Among other things, this cooperation in accordance with the Public-Private Partnership model develops information exchange and control processes. The co-operation is related to the Government's action program for the fight against the grey economy and financial crime reported Finance Finland (Finanssiala) in its latest post. Read more (FI)
UK Finance: The lending market: time to adapt to the 'new normal'
Charles Berry, Senior Director at SSC Technologies, discussed with UK Finance how the lending market has used technology to adapt to the ‘new normal’ during the Covid-19 pandemic. Read more |
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Join and register for free EBF INNOVATION & CYBER THURSDAYS ONLINE, each Thursday between 22 October - 19 November
 Join us and interact with European and international experts, policymakers and stakeholders: How can European banks remain competitive in the EU and globally? What can regulators, supervisors and industry do together to foster innovation, security and resilience in financial services? What lies in the way from agile and cybersecure banks to an innovative and resilient financial ecosystem?
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FROM THE INSTITUTIONS
ECB releases detailed statistics on the 112 banks it directly supervises
The European Central Bank on Tuesday released its second-quarter statistics on the 112 European banks that it directly supervises as part of the Single Supervisory Mechanism for the EU. The report included a country-by-country breakdown of bank assets and net profits and losses for all the eurozone countries. Read more
Remarks by Executive VP Dombrovskis at the ECOFIN press conference
Executive Vice-President Dombrovskis has given remarks at the ECOFIN press conference. He expressed his approval of the endorsed General Approach on the Recovery and Resilient Facility and stated that the Council has temporarily adjusted the European Semester cycle for next year. The group also discussed digital finance, stating that they want to make it easier for consumers and businesses to pay across borders in the EU, and to make euro payments between the EU and other jurisdictions. Read more Main results of the video conference of the economics and finance ministers (ECOFIN)
Eurogroup Work programme until June 2021
The Eurogroup has published its Work programme until June 2021. Its priority policy areas are: economic and fiscal policies to support recovery and long-term growth, strengthening the Banking Union, the euro as a digital currency, the international role of the euro, and strengthen the connection with European citizens as well as increasing their sense of ownership of the euro and of the Economic and Monetary Union. Read more
ECON: Committee on Economic and Monetary Affairs agenda
The ECON Committee has published the updated agenda for its meeting on 12 October 2020. The meeting will vote on the economic policies of the euro area in 2020 followed by hearings with Jose Manuel Campa, Steven Maijoor, and Gabriel Bernardino who are chairmen of the EBA, ESMA, and EIOPA respectively. Read more
ECB: A new monetary policy challenge
The pandemic represents a significant monetary policy challenge, says Chief Economist Philip R. Lane. Weak demand and rising economic slack have added to disinflationary pressures in an environment that is already characterised by low inflation. Read more
OECD: Developing sustainable finance definitions and taxonomies
The OECD published the report Developing Sustainable Finance Definitions and Taxonomies. It lays out preliminary considerations for good design of taxonomies, which can support policy makers to develop and grow sustainable finance markets to help achieve environmental and sustainable development goals. Read more |
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UNEP FI Global Roundtable FINANCING A RESILIENT FUTURE Virtual event, 13-14 October, 14.00 CEST
 UN Environment Programme Finance Initiative (UNEP FI) is hosting its 16th Global Roundtable virtually on 13–14 October 2020, in collaboration with Responsible Investor. UNEP FI’s biennial Global Roundtable (GRT) is a major global agenda-setting event on sustainable finance. Held under the theme of “Financing a Resilient Future”, the GRT will bring together decision-makers, experts and thought leaders on a virtual event platform, and help shape approaches to integrating environmental, social and governance (ESG) issues and accelerating sustainable banking, insurance and investment. To find out more and register please visit: unepfi.org/grt2020 |
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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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This newsletter is published by the EBF Mediacentre.
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