EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 24 May 2021

An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation

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EBF offices will be closed on Monday 24 May
The EBF Morning Brief will resume on Tuesday 25 May

Joint EC/ECB Conference on European Financial Integration & Stability

The annual joint conference on European Financial Integration and Stability of the European Commission (EC) and the European Central Bank (ECB) will take place online on Thursday 27 May 2021. Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union and Luis de Guindos, Vice-President of the European Central Bank will host the event. This year’s conference will be dedicated to the discussion of two subjects: 1) Implications of COVID-19 for the EU financial system over the medium term and possible policy implications; 2) Climate change and the EU financial system. As in previous years, the European Commission will also take the opportunity to publish its annual edition of the European Financial Integration and Stability Report (EFSIR). The conference will be web streamed live, with the possibility for viewers to ask questions using Twitter. Register here

FINANCIAL REGULATION AGENDA for next week

EBF BLUEPRINT
EBF presents recommendations for a fairer and
more efficient EU tax framework

The European Banking Federation on Thursday presented its blueprint with recommendations for a fairer and more efficient EU tax framework.

The report identifies four priorities that need to be addressed:

• COMPLY with well calibrated tax reporting;

• SIMPLIFY withholding tax procedures;

• NEUTRALISE VAT distortions and other undue tax disincentives;

• RING-FENCE banking activities from other highly digitalized businesses when designing new corporate tax rules.

Based on these four priorities, the EBF has formulated 10 concrete policy recommendations that are elaborated in the 48-page EBF  blueprint ‘Recommendations for a fairer and more efficient EU tax framework’. Please find the full report HERE

FROM THE MEDIA this week
 

FROM EBF MEMBERS this week

CBA: Appointment of Jakub Seidler as Chief Economist 

Jakub Seidler will take up the position of Chief Economist of the Czech Banking Association (CBA) on 1 June 2021. He will replace Miroslav Zámečník, who will become the CBA's chief advisor on the same date. His work will focus primarily on macroeconomic analyses and forecasts, sectoral studies, and assessing the impact of legislative measures on the Czech banking sector. Read more (CE)

NVB: Towards data-driven digital finance

Dutch banks want to actively contribute to the formulation of an Open Finance framework in 2024, as advised by the European Commission. The Dutch Banking Association (NVB) shares proposals on how Open Data and Open Finance can be created in a European context while stressing that data access and sharing of personal data between businesses can and must be structured in a standardized and transparent manner. Read more

ABI: Monthly Report - May 2021

The monthly Report on the evolution of financial and credit markets by the Italian Banking Association (ABI) provides insights on the main credit and financial market variables and economic phenomena. In April 2021, loans to households and non-financial corporations in Italy were up by +4.2% while interest rates on new loans remain at record low levels. Also, the average interest rate on total bank funding from customers is 0.47%. Read more (IT)

Febelfin: Belgians switch massively to digital payments

The Belgian Financial Sector Federation (Febelfin) and its partners are launching the annual Digital Payments Barometer in collaboration with the VUB. After a year of crisis, the figures show some striking trends, including a major breakthrough across all age groups in contactless card payment. Read more (FR)

SBA: Major crises cannot be solved by politics alone

After five years, Herbert J. Scheidt, President of the Swiss Bankers Association (SBA) is stepping down this fall. In this interview with NZZ, he discusses why associations like the SBA are needed, why the industry has become safer despite billion-dollar accidents, and why he sees his ideal successor in former UBS CEO Marcel Rohner. Read more (DE)

FROM THE INSTITUTIONS this week

ECB: Financial Stability Review: Financial stability in the pandemic’s third wave

Vaccinations bring the hope of a way out of the coronavirus crisis, but risks to financial stability remain elevated, and divergence is growing as some countries and sectors are hit harder than others. Well-targeted policy measures are warranted to support the economy. The European Central Bank (ECB) Financial Stability Review provides an overview of potential risks to financial stability in the euro area and aims to promote awareness in the financial industry and among the public of euro area financial stability issues Read more

SRB: Blueprint for the CMDI framework review

The Single Resolution Board (SRB) has published key considerations on the Crisis Management and Deposit Insurance (CMDI) framework review. It notes that without a fully-fledged European Deposit Insurance Scheme (EDIS), the Banking Union will remain incomplete. In addition, it highlights that SRB should act as central authority with powers to manage all bank failures, handling both EDIS and the Single Resolution Fund. Read more

EBA: Plans for the 2021 EU-wide Transparency exercise and EBA Risk Assessment Report

The European Banking Authority (EBA) announces that the annual 2021 EU-wide Transparency exercise will be carried out in autumn and the information on banks’ exposures and asset quality during the crisis will be released to market participants. The exercise will cover the figures from the second half of 2020 and the first half of 2021. The exercise is planned to be launched in September and the results are expected to be published at the beginning of December, along with the EBA Risk Assessment Report. Read more

ESAs' report on the implementation and functioning of the EU Securitisation Regulation

The Joint Committee of the European Supervisory Authorities (ESAs) published its analysis of the implementation and the functioning of the EU Securitisation Regulation (SECR), including recommendations on how to address initial inconsistencies and challenges. The report is meant to provide guidance to the European Commission in the context of its review of the functioning of the SECR. Read more

2021 Edelman Trust Barometer

After a year of unprecedented disaster and turbulence – the Covid-19 pandemic and economic crisis, the global outcry over systemic racism and political instability – the 2021 Edelman Trust Barometer reveals an epidemic of misinformation and widespread mistrust of societal institutions and leaders around the world. Adding to this is a failing trust ecosystem unable to confront the rampant infodemic, leaving the four institutions – business, government, NGOs and media – in an environment of information bankruptcy and a mandate to rebuild trust and chart a new path forward. Read more

FROM THE EUROPEAN BANKING FEDERATION this week

EBF Blueprint: recommendations for a fairer and more efficient EU tax framework

The European Banking Federation (EBF) on Thursday presented its blueprint with recommendations for a fairer and more efficient EU tax framework. Based on four priorities, the EBF has formulated 10 concrete policy recommendations. Read more

ESAs Joint Consultation paper on Taxonomy-related sustainability disclosures (SFDR RTS): EBF response

The European Banking Federation has responded to the ESAs Joint Consultation paper on Taxonomy-related sustainability disclosures (SFDR RTS). Click here to read the EBF full position.

DG FISMA’s Crisis management and Deposit Insurance (CMDI) framework consultation: EBF feedback

A good moment to take stock of the EU Crisis Management and Deposit Insurance (CMDI) framework. DG FISMA’s CMDI review consultation raises important questions. EBF shares thoughts on possible clarifications, improvements, and the next steps. Click ‘here’ to read our detailed feedback to DG FISMA or ‘here’ for a short summary of our main points.

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

European Banking Federation