EBF MORNING BRIEF Monday 12 April 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
Reuters: Greece secures EU okay to extend 'Hercules' bad loan scheme Greece on Friday secured approval from EU competition regulators to extend its “Hercules” bad loan reduction scheme to help banks shed a mountain of impaired credit burdening their balance sheets. Read more
Bloomberg: Carney aims for global banking climate pledge at Biden summit
Dozens of European and U.S. banks are considering throwing their weight behind the White House’s Earth Day summit under plans being drawn up by former Bank of England governor Mark Carney. Carney is expected to unveil the Glasgow Finance Alliance for Net Zero during the climate change summit on April 22 and 23, in his role as adviser to UK Prime Minister Boris Johnson. Read more
S&P Global: Portuguese banks brace for worsening asset quality in 2021 as loan moratoria end
Loan moratoria and other policy measures have protected Portuguese banks' asset quality so far during the COVID-19 pandemic, but this may change in 2021 as many programs are unwound, DBRS Morningstar said in a report April 8. Read more |
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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
APB: Banking sector's profitability decreased by 77% in 2020
According to the latest report of the Association of Portuguese Banks (APB) 'Banking Sector Indicators Overview', in 2020, the Portuguese banking sector’s profitability was severely penalized by the impact of the COVID-19 pandemic, with net income decreasing by 77% year-on-year to 435 million euros. This result is mainly explained by the increase in impairments, which totalled 2.9 billion euros (74% higher than in 2019). Read more
NVB: Strong increase in cybercrime leads to more damage
The total damage due to phishing and telephone number spoofing in payment transactions in 2020, amounts to € 39.5 million, divided into € 12.8 million phishing and € 26.7 million number spoofing. According to the Dutch Banking Association (NVB) in 2019, the damage caused by phishing alone was € 7.9 million; bank telephone number spoofing, also known as bank helpline fraud, barely occurred then. This alarmingly sharp increase in the total damage caused by fraud and scams underlines the need to quickly arrive at an integrated approach, together with government and other parties, to combat these forms of crime. Read more (NL)
AEB: Solvent banks to emerge quickly from the crisis
The past year will go down in history as one of the most complex that the world in general, and Spain in particular, has had to face. Fortunately, the authorisation to begin distributing the first vaccines against Covid-19 and the start of their application to citizens have opened a window of hope: we now know that we are in a position to defeat the pandemic, and that it will most likely be before the end of this year, José María Roldán, President of the Spanish Banking Association (AEB) writes in his latest article. Read more (ES) |
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FROM THE INSTITUTIONS ECB Isabel Schnabel interview with Der Spiegel ECB has published an interview between Isabel Schnabel, Member of the Executive Board of the ECB, and Der Spiegel. When asked about the possibility of a stock market bubble, she stated that high share valuations in the euro area are still justified by higher earnings expectations. However, she notes that the risks of a correction are increasing, especially if the economic recovery falls short of expectations. Read more
ESMA publishes interim templates for sts synthetic securitisation notifications ESMA has published the interim simple, transparent and standardised (STS) notification templates for synthetic securitisations following amendments to the Securitisation Regulation (SECR). Read more Council of the European Union recommendation on the economic policy of the euro area The Council of the European Union has published its recommendation on the economic policy of the euro area. It calls for: 1) a policy stance that supports the recovery from the COVID-19 crisis; 2) the adoption of policy measures that are tailored to country-specific circumstances and timely, temporary and targeted; 3) fiscal policies that aim to achieve prudent medium-term fiscal positions and to ensure debt sustainability, while enhancing investment. Read more
European Commission weekly schedule Find out more about the European Commission's engagement and activities for the upcoming week. Read more European Central Bank weekly schedule Find out more about the ECB's engagements and activities for the upcoming week. Read more
European Parliament weekly schedule Find out more about the Parliament's engagements and activities for the upcoming week. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
Commission’s Inception Impact Assessment on Instant Payments:
EBF response
The EBF has responded to the European Commission’s Have-Your-Say consultation ‘Inception Impact Assessment’ on instant payments. We highlight our support for efforts to increase the uptake of SCT Inst and the view that SCT Inst could facilitate stronger and more integrated homegrown pan-European payment solutions. 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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