EBF MORNING BRIEF Monday 29 March 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 Bloomberg: U.K. and EU reach first post-Brexit deal on financial rules Britain and the European Union took their first step since Brexit to cooperate on financial services, agreeing on a new forum to discuss market regulation, writes Bloomberg. The two sides have agreed a memorandum of understanding on financial services, the U.K. Treasury and European Commission said in separate statements Friday. The content and substance of the deal has been finalized, and the two sides are now working on the formal process of validation. Read more
FT: Bank of England clamps down on Brexit-driven EU relocations
The Bank of England is demanding that lenders seek its approval before relocating UK jobs or operations to the EU, after becoming concerned that European regulators are asking for more to move than is necessary for financial stability after Brexit, FT reports. Read more (€) S&P Global: BoE's likely split from EU over bank capital rules could 'disadvantage' UK banks The BoE is expected to refuse to follow the EU's loosening of bank capital rules in its first significant post-Brexit divergence. The European Banking Authority's move to allow software to count as bank capital has been supported by the European Banking Federation. However, Gonzalo Gasós, EBF senior director of prudential policy and supervision, said: "Nonfinancial assets are weighted upon assumptions set a long time ago. The adjustment made to EU legislation has partially compensated that disproportionate historical difference, so now software requires around 4x more capital than furniture and equipment, which still seems to be a quite conservative assumption for software compared to other assets." Read more |
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MAIN EVENTS today OECD-ITF Webinar: Addressing the Gender Bias in Artificial Intelligence Data For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
Finance Finland: Safe use of digital services for better daily life
Financial literacy and digital literacy are tightly interlinked. Learning digital skills is a lifelong process. Finance Finland (FFI) and members prepared a guide for instructors in the safe use of digital financial services such as online banking, for more information visit the FFI website. Read more
Finance Denmark: Banks have reduced losses through online banking fraud
Banks have reduced losses through online banking fraud. It has succeeded in imposing a number of restrictions on transfers of large sums of money, which have prevented criminals from escaping with as much money as before, for more information visit the Finance Denmark website. Read more ABBL: A new impetus for the Banking Union? In the last year the economic repercussions of the COVID-19 pandemic, the build-up of non-performing loans on banks’ balance sheets, several (national) resolutions of mid-sized banks, low profitability as well as stiff competition from outside the traditional banking sector have once again brought the finalisation of the banking union to the forefront of the debate in Brussels write Luxembourg Bankers Association (ABBL) Antoine Kremer and Gilles Pierre. Read more |
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FROM THE INSTITUTIONS ECB: Stabilising the economic outlook Our commitment to preserving favourable financing conditions acts as a stabilising force and boosts confidence, says ECB Chief Economist Philip R. Lane. We thereby counter the risks of self-fulfilling adverse dynamics that may affect the economic outlook. Read more UK Treasury: EU-UK Financial Services MoU The UK Treasury has confirmed that it has reached agreement on a UK – EU Memorandum of Understanding for financial services. The MoU, once signed, creates the framework for voluntary regulatory cooperation in financial services between the UK and the EU. The MoU will establish the Joint UK-EU Financial Regulatory Forum, which will serve as a platform to facilitate dialogue on financial services issues reports the UK Treasury . Read more
ESAs: Q&As on cross-sectoral aspects of the Securitisation Regulation The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published Questions and Answers (Q&As) on cross-sectoral aspects of the Securitisation Regulation. The Q&As clarify topics in relation to the application of the Securitisation Regulation to help market participants comply with their obligations and to foster cross-sectoral consistency in the implementation of the securitisation requirements in the EU. 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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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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