EBF MORNING BRIEF Thursday 24 June 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: EU watchdog tells banks to have a 10-year climate plan
A report from the European Banking Authority (EBA) on Wednesday set out recommendations for banks and their supervisors for approaching ESG risks and help the EU meet its goals of cutting carbon emissions by 2050. Banks in the EU must have a 10-year strategic plan to show their resilience to different scenarios, disclose strategic ESG objectives, and assess the need to develop sustainable products, Reuters reports. Read more
Bloomberg: Draghi insists euro-area fiscal pact must change after pandemic
Italian premier Mario Draghi insisted euro-area fiscal rules can’t return to how they were before the pandemic, throwing down a gauntlet to Germany over the future shape of Europe’s post-crisis budget regime. According to Bloomberg, the debate is likely to expose familiar fault lines in the euro area, with Germany and other northern countries calling for balanced budgets while the region’s south, including Italy, say that spending will fuel faster growth which can, in turn, reduce debt burdens. Read more
FT: Illimity: New Italian bank promises loan renaissance
Illimity combines small business loans with servicing bad debts, the Financial Times reports. The bank unveiled ambitious growth plans to double profits and target returns on equity of 20 percent by 2025. Founder and chief executive Corrado Passera, former boss at Intesa Sanpaolo, claims tech enables the bank to target assets that other lenders shy away from. Read more (€) |
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MAIN EVENTS European Council meeting For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
BdB: BDI and banking association - a common framework for sustainable financing
The Federation of German Industries (BDI) and the Association of German Banks (BdB) shed light on how the goals of the EU Green Deal can be financed. In addition to bank financing, state activities are also required to shape structural change. Basically, what is needed is a long-term, reliable and credible climate policy, including instruments that are regulated without contradiction, such as the emissions trading system. Particular attention should be paid to promoting high-risk investments in key technologies. Read more (DE)
UK Finance: Data opportunities in a digital world
Jennifer Clarke, Publications Manager at CUBE discussed with UK Finance the types of opportunities the data evolution present for financial services as a result of the Covid-19 pandemic. 'Data could inevitably be the cure to financial services and operational woes, though for some it remains hard to deal with. The organizations that will be successful are the ones that know what they need to do when they need to do it, and have the resources in place to put data plans into action', she said. Read more
SBA: New models of value creation: do banks need a change?
In a joint study, the Swiss Bankers Association (SBA) and Accenture show new ways in which Swiss banks can generate added value. Future value creation models are based on a foundation of open infrastructures with continuously integrated data and systems, digital capabilities, technical and organizational agility, and collaboration in ecosystems across company boundaries. Read more (DE) |
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FROM THE INSTITUTIONS
ECB: The impact of the COVID-19 crisis on the euro area labour market for men and women
In the euro area, based on data available up to the fourth quarter of 2020, the coronavirus (COVID-19) crisis led to a decline in the labor force, a fall in employment, and an increase in unemployment, with different developments for men and women across time. According to the European Central Bank (ECB)'s Economic Bulletin, while female labor force participation was more affected during the first wave of the pandemic, up to the second quarter of 2020, it recovered at a faster pace during the second half of the year. Read more
EBA: Consultation on amendments to reporting on securitisation, asset encumbrance and G-SIIs
The European Banking Authority (EBA) launched a public consultation to amend its Implementing Technical Standards (ITS) on Supervisory Reporting with regards to COREP and asset encumbrance reporting as well as the reporting for the purposes of identifying global systemically important institutions (G-SIIs). This consultation paper aims to enhance proportionality in the area of asset encumbrance reporting. The consultation runs until 23 September 2021. Read more
SRB: The challenges of resolving mid-sized banks - Pedro Machado at the FRS
Pedro Machado, Director of Resolution Planning and Decision at the Single Resolution Board (SRB) discussed the challenges and the potential solutions for mid-sized banks. This includes defining 'mid-size', applying resolution tools, and delivering on depositor protection and on EU liquidation regime. 'The ultimate goal must be to put in place an EU liquidation regime alongside an EU resolution regime, something akin to a European FDIC', SRB's Machado said. 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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