| EBF MORNING BRIEF Thursday 26 November 2020 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
CNBC: ECB warns bank profits will ‘remain weak’ throughout next year
European banks will not see profits return to pre-pandemic levels before 2022, the region’s central bank warned Wednesday in its latest financial stability review. In an interview with CNBC, ECB Vice President Luis de Guindos said that “in order to improve the valuation, we have to increase the profitability of European banks.”. Lenders in the eurozone have struggled to make sizeable profits over the last decade following the 2008 global financial crisis, with stronger regulatory scrutiny and low-interest rates, CNBC writes. The recent coronavirus-induced crisis has worsened bottom lines further and that will continue to be felt over the coming months, according to the European Central Bank. Read more Video (€)
FT: UK grip on EU derivatives at risk in fight over post-Brexit rules
European regulators have refused to soften rules on swaps trading by EU banks in the UK, threatening London’s post-Brexit hold on a derivatives market worth €50tn a year, FT reports. The Paris-based European Securities and Markets Authority on Wednesday said EU banks operating in London would continue to be subject to Brussels regulations when the Brexit transition period ends next month. Read more (€)
The Banker: Belgian banks plot platform to share AML data
A group of Belgium’s leading banks have proposed the establishment of a platform to exchange information about suspect transactions with Belgian authorities, as well as each other, in a bid to clamp down on illicit money flows. According to The Banker, the banks — ING Belgium, KBC Bank, Belfius Bank and Insurance and BNP Paribas Fortis — made the proposal at a Belgian parliamentary hearing in November in response to criticism over anti-money laundering (AML) failures following the release of the FinCEN files. Read more |
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MAIN EVENTS today and tomorrow
Thursday 26 November:
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EBIC Plenary Meeting -
EBF Communication & CSR Steering Group virtual meeting
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European Commission Stakeholders Cybersecurity Certification Group. EBF Director Cybersecurity & Innovation Alexandra Maniati attending -
EBF Post-Trading Working Group virtual meeting -
EBF Investment Income Working Group virtual meeting
For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
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FROM THE EBF MEMBERS
Bankenverband: Stay safe when shopping during Black Friday
Black Friday casts its shadows ahead, with special offers and discounts everywhere. The Association of German Banks (Bankenverband), shares six tips to be safe when buying online. Read more (DE)
AEB: Financial education, "Yes, tell me" how to invest? Can't decide between investment products? Have you asked for advice from your bank and you are still unsure? In “Sí, dígame” (Yes, tell me), the Spanish Banking Association (AEB) gives a brief review of everyday economic issues in a simple way. Learn more (ES)
Finance Norway: 101,400 jobs behind the target
Finance Norway's analysis on Q3 2020 shows that Norway had 76,400 fewer employees in the third quarter, compared to 2019. To maintain the level of welfare in Norway, the number of jobs must increase by a net 25,000 every single year forward. Read more (NO)
FFI: All online purchases may soon require strong identification
Strong authentication will be required every time you pay online with a credit or debit card. This ensures that the service providers and the banks diligently adhere to high standards of information security, writes Finance Finland (FFI). Read more
UK Finance: UK legislation and the need for data ethics principles
With no single, coherent legal framework, it makes sense for organisations to establish their own data ethics principles. This would enable organisations to cover all the varying laws under one standard, along with fundamental ethical norms that go beyond legal compliance, UK Finance reports. Data ethics principles could not only be applicable to the development of AAAI but could also be applied to an organisation’s code of conduct. Read more |
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FROM THE INSTITUTIONS
ECB: Financial stability after the coronavirus shock
The pandemic continues to dominate the outlook for financial stability. Near-term risks have been contained by massive policy support, however vulnerabilities have increased and authorities face difficult decisions on the extension of policy schemes and increased debt burdens. Read more ESMA sets out its final view on the derivatives trading obligation (DTO) ESMA released a public statement that clarifies the application of the European Union’s (EU) trading obligation for derivatives (DTO) following the end of the UK’s transition from the EU on 31 December 2020. The statement clarifies that the DTO will continue applying without changes after the end of the transition period. ESMA considers that the continued application of the DTO would not create risks to the stability of the financial system. The statement confirms the approach outlined in ESMA’s previous statement in March 2019. Read more
MEPs call on ending MFF deadlock without giving in on rule of law
EP group leaders and the Commission advise Hungary and Poland to take the EU to Court on rule of law, instead of penalising EU citizens by blocking the budget. In the debate on the European summit of 10-11 December, Commission President Ursula von der Leyen updated MEPs on progress made in Brexit negotiations and on COVID-19. Vaccinations can start before the end of the year if member states get the logistics in place quickly, she said. Read more
Commission proposes measures to boost data sharing
To better exploit the potential of ever-growing data in a trustworthy European framework, the Commission proposes new rules on data governance. The Regulation will facilitate data sharing across the EU and between sectors to create wealth for society, increase control and trust of both citizens and companies regarding their data, and offer an alternative European model to data handling practice of major tech platforms. Read more |
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Join and register for free EFAMA SEMINAR: INVESTOR EDUCATION INITIATIVES Monday, 30 November, 16:00 CET 
Join the European Fund and Asset Management Association (EFAMA) on 30 November at 16:00 CET for its e-seminar Investor Education Initiatives titled "How to ensure effective delivery by the public sector and the financial industry?" Register HERE |
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The European Banking Federation and fTLD Registry Services (fTLD) are partnering to educate the European banking sector about the cybersecurity role .BANK plays in protecting banks against Business Email Compromise (BEC) scams, phishing and spoofing attacks that lead to breaches, identity theft and financial fraud. fTLD administers the .BANK domain and the EBF has served on its Advisory Council since 2013. To learn more about the security benefits of .BANK, visit https://www.register.bank/ebf/ or contact fTLD at EBF@fTLD.com. |
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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. The EBF 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. |
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This newsletter is published by the EBF Mediacentre.
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