EBF MORNING BRIEF Thursday 20 May 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
Finextra: ECB castigates banks over instant payment fees
The European Central Bank (ECB) has warned that the charges levied by banks for instant payments are proving a barrier to uptake and must change. Prices should be neither excessive nor hidden to consumers, ECB board member Fabio Panetta says. While instant payments are sometimes offered to consumers for €1 per transaction, the cost for service providers of using Target instant payments settlement service (TIPS) is 0.20 Eurocent (€0.002) per instant payment transaction. Read more
EU Observer: MEPs give roaring approval to EU green fund
The European Parliament has voted to spend €17.5 billion on making the EU economy more green by a majority of 615 against 35. The so-called Just Transition Fund still needs unanimous approval by EU states in a move expected in June. The Greens praised the fact it cannot be spent on fossil fuels or nuclear energy. But "it's just too small", German Green MEP Niklas Nienass said, EU Observer reports. Read more
Reuters: Property bubbles, corporate debt among Europe's top risks
High debt levels and a property bubble are among Europe’s biggest economic vulnerabilities, weighing on its recovery from a pandemic-induced recession, the European Central Bank (ECB) said in a biannual stability review on Wednesday. However, the Bank said the risks from higher sovereign debt in the near term were low, given low interest rates and a recent trend for issuing ultra long-term debt, Reuters reports. Read more |
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EBF BLUEPRINT
EBF presents recommendations for a fairer and
more efficient EU tax framework
The European Banking Federation today presents 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
EBF's Roger Kaiser today will deliver a keynote speech at the EY Romania Tax Forum "Transformation of financial services in 2021". Roger will provide an overview of the EBF Tax Blueprint. For more information click HERE (RO) |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
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
ABBL: The rocky relationship between FinTechs and Banks – what are the challenges?
For both banks and FinTechs, the collaboration potential looks great in theory but seems to be largely under-exploited in reality. The Association of Banks and Bankers of Luxembourg (ABBL), in collaboration with Arendt Business Advisory, carried out a study to investigate and shed new light on the dynamics of Bank-FinTech interaction. The resulting recommendations by banks and FinTechs for Luxembourg, the banking sector and the FinTech sector will help to unleash the untapped potential. Read more
BPFI: Dublin student takes top ten spot in European finals of financial education competition
Alice McCall claimed a top ten spot in Europe when she represented Ireland in the finals of the 2021 European Money Quiz, a European-wide competition to promote financial literacy among students coordinated by the European Banking Federation (EBF). To gain her place in the European finals, Alice took first place in the Irish heats of the quiz hosted by the Banking & Payments Federation Ireland (BPFI). Read more |
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FROM THE INSTITUTIONS
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 ECB: Fabio Panetta: At the edge of tomorrow: preparing the future of European retail payments "We want to promote digital and instant retail payment solutions that are developed in Europe and can be used by everyone, everywhere", says the European Central Bank (ECB) Executive Board member Fabio Panetta. In addition, he opens to a possible digital euro highlighting the work that is ongoing between the ECB and the national central banks. Read more
European Parliament: ESMA and EIOPA Positions Confirmed
The European Parliament has confirmed Natasha Cazenave as Executive Director of the European Security and Markets Authority (ESMA) by 635 votes for, 17 against and 44 abstentions, and Petra Hielkema as the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA) by 643 votes for, 6 against and 47 abstentions. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
European Commission’s DORA proposal (2020): EBF position
The EBF welcomes the European Commission’s aim to enhance operational resilience in Europe. The financial industry’s own considerations will benefit from more harmonized ICT-related rules at the European level, aligned with the existing supervisory framework today. 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. |
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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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