EBF MORNING BRIEF Thursday 28 April 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 POLITICO: EU banks must give Ukrainian refugees access to bank accounts European banks can apply lighter anti-money laundering checks on Ukrainian refugees to ensure they can open basic bank accounts, the European Banking Authority (EBA) said in a statement. According to POLITICO, banks don't have to require a passport to open an account with basic features and can rely on other documentation to prove that a prospective customer is a Ukrainian refugee. Read more
Bloomberg: Inequality threatens trust in central bankers
Rising inequality inside the eurozone risks fueling discontent not only with politicians but also with the European Central Bank (ECB). Researchers at the ECB found that trust in the central bank tends to be lower in countries with higher income inequality. Income disparities are also affecting Europeans’ perceptions of the institution, Bloomberg reports. Read more
FT: UK banks need pushing to recover Covid business loans
MPs have urged ministers to use legal, regulatory, and contractual means to ensure banks do their utmost to minimize taxpayer losses under one of the government’s flagship Covid-19 loan schemes for small companies. As reported by the Financial Times (FT), banks were encouraged by the government to provide debt at speed, with few checks on borrowers so as to allow easy access to up to £50,000 of credit. Read more |
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MAIN EVENTS Thursday 28 April French Council presidency informal meeting of the Working Party on Tax Questions (attachés) French Council presidency meeting of tax attachés Friday 29 April
For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS SBA: Swedish champions in financial literacy Over 1,500 secondary school students from all over Sweden participated in the national finals of the European Money Quiz, organized by the European Banking Federation (EBF). It is important that all young people have the same basic knowledge of personal finance regardless of their education and the help they can get from home, says Jessie Cargill-Ek, Head of Consumer Affairs at the Swedish Bankers' Association (SBA). Read more (SE)
Finance Latvia: 55% of people received a fraudulent phone call in the last year
According to the latest research by Mastercard and Finance Latvia, more than half of the population (55%) have received a scam phone call in the last year. A total of €4,950,333 in scams were detected in the four largest banks in Latvia in 2021. In response, industry experts have compiled key tips on identifying and preventing potential fraud attempts and what to do if it happens. Read more (LV)
Finance Norway: Enforcement of sanctions against Russia
The main goal of the EU's new comprehensive and powerful sanctions against Russia is to hit Russia's war machinery. Norway has fully joined the EU sanctions regime, but the implementation of sanctions against Russia also entails several challenges, writes Tom Staavi, Information Director at Finance Norway in a blog post. Read more (NO) |
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FROM THE INSTITUTIONS ECB: Statistical implications of the monetary policy strategy review Fully accounting for housing in the calculation of inflation and integrating climate-related factors into the macroeconomic and financial analysis are major challenges, says European Central Bank (ECB) Chief Economist Philip R. Lane. There is a clear need to develop new statistical indicators to support economic analysis on climate change, he adds. Read more
EBA: Financial institutions and supervisors to provide access to the EU’s financial system
The European Banking Authority (EBA) published a statement addressed to both financial institutions and supervisors to ensure they make every effort to provide access for Ukrainian refugees to basic financial products and services. The EBA sets out how its anti-money laundering and counter-terrorist financing guidelines apply in the current context. Besides, it clarifies what financial institutions and supervisors can do to protect vulnerable persons from abuse by criminals, and calls on financial institutions to ensure that compliance with the EU’s restrictive measures regime does not lead to unwarranted de-risking. Read more
BIS: City Week Panel 2022
The global banking system has largely weathered the pandemic without any major issues, says Pablo Hernández de Cos, Chair of the Basel Committee on Banking Supervision and Governor of the Bank of Spain in a speech published by the Bank for International Settlements (BIS). This is in no small part thanks to the initial Basel III reforms which were aimed at improving the quality and quantity of banks' capital and liquidity resources, he adds. Read more |
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FROM THE EBF
EBF response to ESMA consultation on the review of MIFID II suitability guidelines
While the EBF welcomes the ultimate objective of the European legislators and supervisors of promoting sustainable development, EBF would like to stress that the new regulation gives rise to a number of inconsistencies, concerns, and doubts which we believe will hinder its implementation. Read more
EBF Position on MIFIR Review
The review presented by the European Commission is of critical importance to increase the competitiveness of financial market actors operating in the EU and the attractiveness of the Union’s regulatory framework. With these objectives in mind, the EBF finds it regrettable that several of the MiFIR reform proposals both for the equity and the non-equity transparency regimes are based on expected benefits that were neither subject to an in-depth analysis nor to a comprehensive impact assessment. 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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