EBF MORNING BRIEF Thursday 17 February 2022 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: ECB warns about vulnerable property market in eurozone As reported by Reuters, central bankers have been ringing alarm bells about the euro zone's booming property market that a decade of ultra-low interest rates and light-touch prudential regulation has helped to create. The European Central Bank (ECB)'s supervisors planned to take a closer look at banks' exposure to it. Read more
FT: Finance watchdog urges to ‘think twice’ about Russia sanctions
Klaas Knot, chair of the Financial Stability Board (FSB), told the Financial Times (FT) that suspending Russia’s access to the Swift international payments system could result in a risk of undermining global financial stability. Such a move might spur Russia to step up efforts to develop alternative systems. Read more
Bloomberg: ECB Kazaks says interest-rate hike is ‘quite likely’ in 2022
The European Central Bank (ECB) is “quite likely” to lift interest rates in 2022 to combat an unprecedented surge in euro-area prices but mustn’t “rock the boat” as it tightens monetary policy, according to Governing Council member Martins Kazaks. As reported by Bloomberg, he added that the March meeting is unlikely to result in a full policy blueprint. Read more |
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MAIN EVENTS Microsoft Roundtable Series on Cloud Computing Law 'Part 1: What is Cloud?' event
For a full-year overview of key financial regulation events: click here
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COMING TOMORROW! 'Access to better technology for (supervisory) reporting' workshop |
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| | The EBF together with the EACB, EAPB, and ESBG is organizing a workshop on the ‘Access to better technology for (supervisory) reporting’, as a follow-up to the EBA study on the cost of compliance published in 2021. In this report, the EBA made a series of recommendations aimed at improving the access to better technology for supervisory reporting and RegTech. The goal of this workshop is to enable participants to learn from each other and explore the technologies that FinTech/RegTech providers have developed, and banks have been using for their supervisory reporting. Register now |
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FROM THE EBF MEMBERS LBA: Applying the EU sustainability taxonomy to bank lending In a joint report, the European Banking Federation (EBF) and UNEP FI have outlined practical approaches to applying the EU taxonomy to bank lending. Supported by EY, 24 European banks and 12 banking associations, including the Liechtenstein Bankers Association (LBA), collaborated in a process lasting several months to prepare the report. Read more (DE) Febelfin: Deconstructing a persistent myth about contactless payments Contactless payments are very convenient but are sometimes described as insecure. This is completely unjustified, says Febelfin. A myth surrounding contactless payments is that criminals could easily buy a payment terminal and use it to steal money from cards with contactless technology, but no such cases have been reported in Belgium. Read more (FR)
UK Finance: Consumer Duty: A force for good if done right
UK Finance has supported the intent behind the Financial Conduct Authority’s (FCA) proposed new Consumer Duty as it could enable the FCA to identify harmful practices more quickly and intervene by time. However, UK Finance's response to the FCA’s first consultation expressed major concerns that its proposals were unclear with regards to the products and services to which the Duty would apply, the harms the Duty was intended to address and the steps firms were expected to take to prevent their occurring. Read more |
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FROM THE INSTITUTIONS ECB: Emerging risks Ana Botín, President of the European Banking Federation (EBF) and Chair of Santander Group, talks about post-pandemic risks for Europe’s banks, whether “too big to fail” is a concept of the past, and what stands in the way of greater consolidation and competitiveness. "In 2008 banks were part of the problem. In 2020 banks were part of the solution", she said in the interview with the European Central Bank (ECB) Banking Supervision newsletter. Read more FSB: Assessment of risks to financial stability from crypto-assets The Financial Stability Board (FSB) published its assessment of risks to financial stability from crypto-assets. FSB says that crypto-asset markets are fast evolving and could reach a point where they represent a threat to global financial stability due to their scale, structural vulnerabilities, and interconnectedness with the traditional financial system. Read more
ESMA: Reforms to improve resilience of Money Market Funds
The European Securities and Markets Authority (ESMA) is issuing an Opinion on proposed reforms to the regulatory framework for EU Money Market Funds (MMFs) under the Money Market Funds Regulation (MMFR). Proposals will improve MMFs resilience by addressing liquidity issues and threshold effects for constant net asset value (CNAV) MMFs. Read more |
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FROM THE EBF
EBF response to BCBS Consultation ‘Principles for the effective management and supervision of climate-related financial risks’
The EBF has responded to the BCBS Consultation on the ‘Principles for the effective management and supervision of climate-related financial risks’. Read more
EBF and UNEP FI outline practical approaches to applying EU Taxonomy to bank lending
The European Banking Federation (EBF), together with the United Nations Environment Programme Finance Initiative (UNEP FI), has launched a report, “Practical approaches to applying the EU Taxonomy to bank lending”, that explores practical approaches for banks who wish to use the EU Taxonomy. This initiative, supported by EY, follows a joint project that tested the application of the EU Taxonomy to core banking products. 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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