EBF MORNING BRIEF Thursday 25 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 Reuters: UK stands pat on Brexit swaps trading as EU banks hurt Britain’s Financial Conduct Authority said on Wednesday it will not change its open stance on cross-border derivatives trading with the European Union, introduced following Brexit. Read more
CNBC: Crypto is a ‘speculative vehicle’ and should be regulated, says boss of central bank group BIS
Cryptocurrencies are used to evade laws and should face more regulation, according to the general manager of the Bank for International Settlements (BIS). Many digital coins are “used to do some arbitrage, or to circumvent some regulations,” Agustin Carstens told CNBC’s Jourmanna Bercetche in an interview aired Wednesday. Read more FT: Global banks’ $750bn in fossil fuels finance conflicts with green pledges Global banks provided $750bn in financing to coal, oil and gas companies last year, despite many having pledged to back the Paris climate accord and cut their funding for fossil fuels, according to a new study by an activist group. Read more (€) |
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HAPPENING TODAY! LAST CHANCE TO REGISTER
DAY 3: Financial literacy for young Europeans: Joining forces to help build a future-proof skill set Thursday 25 March, 15:30 CET
Interested in ways to boost financial education among young Europeans? Register and hear global experts' take on ways to equip youngsters with a future-proof financial literacy skillset. READ MORE
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MAIN EVENTS today and tomorrow
Thursday 25 March:
European Parliament Committee on Women’s Rights and Gender Equality EBF Digital Strategy Group virtual meeting Friday 26 March: EBF Benchmark Reform Task Force virtual meeting EBF VAT Working Group virtual meeting For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS CBA: Commentary on the amendment to the CNB Act Based on the amendment approved today by the Chamber of Deputies, the Czech National Bank (CNB) is to acquire the legal power to set the conditions for obtaining housing loans. The Czech Banking Association (CBA) believes that this amendment will not have an immediate impact on assessing the creditworthiness of mortgage applicants. Read more (CZ)
Finance Finland: Risk reduction needed before completion of Banking Union
Finance Finland states that now is not the time to expand risk sharing. Finalisation of the Banking Union is now on the table in the EU but the financial sector wants substantial risk reduction before completion of the Banking Union. Read more (FI) Febelfin: Phishing increased in 2020, taking advantage of the corona crisis Febelfin reports that in 2020 there were approximately 67,000 fraudulent transactions in Belgium for a total amount of 34 million euros. More than 75% of all fraudulent transfers were detected by the banks and blocked or recovered. Read more (NL) |
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FROM THE INSTITUTIONS
ECB: The role of profit margins in the adjustment to the COVID-19 shock
While corporate sector profits fell during the crisis, profit margins have been particularly resilient relative to the depth of the recession. Job retention schemes likely played an important role in making this so, the ECB reports. Read more BIS Research on Asset managers, market liquidity and bank regulation The Bank of International Settlements (BIS) has published a working paper on asset managers, market liquidity and bank regulation. Focusing on banks' role as market-makers, the paper examines the implications of their regulatory constraints on asset managers' risk-taking behaviour. Read more
ESMA updates BMR Brexit statement
The European Securities and Markets Authority (ESMA) has updated its statement on the application of key provisions of the Benchmark Regulation (BMR). The latest update specifies the EU's regulatory approach towards UK-based third country benchmarks as well as the UK endorsed and recognised benchmarks. 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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