EBF MORNING BRIEF Thursday 6 January 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 Bloomberg: ECB will act if inflation outlook picks up, Kazaks says No one should be in doubt that the European Central Bank (ECB) stands ready to act if the inflation outlook strengthens, according to ECB Governing Council member Martins Kazaks. Speaking about the need to be able to adapt, he said “flexibility is the name of the game”. But while bond-buying will be gradually phased out, President Christine Lagarde has reiterated that an increase in interest rates is unlikely, Bloomberg reports. Read more
S&P Global: 3 Sustainability trends for European banks in 2022
Considerations about climate and the environment are becoming increasingly important in every banker's day-to-day work. According to S&P Global, this focus will only intensify in 2022. Financial institutions need to teach bankers and relationship managers "to speak climate" if the sector is to be successful in its journey toward carbon neutrality, says Kelly Fisher, HSBC Holdings PLC's Head of corporate sustainability. Read more
Reuters: Asylum seekers shut out of the financial system by some EU banks, watchdog finds
According to Reuters, some European Union banks are shutting out asylum seekers and other types of customers in mishandled efforts to comply with anti-money laundering rules. Research by the European Banking Authority (EBA) found that the so-called de-risking by banks and payment firms takes place across the EU and affects asylum seekers and not-for-profit organizations in particular. Read more |
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MAIN EVENTS
Thursday 6 January
Council Working party on Tax Questions (High Level)
Friday 7 January For a full-year overview of key financial regulation events: click here |
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REGISTRATION OPEN Cloud Computing Transformation in Financial Services: A look at Cloud Migration Strategy and Cloud Security Compliance webinar |
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| | Matt Mould, Partner Storm Reply will explore Cloud Migration and the status of financial service workloads in Cloud Adoption at the upcoming EBF/Reply joint webinar on 19th January. Join him and all our speakers as they discuss the main challenges around Cloud Migration as well as Security and Compliance considerations. |
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FROM THE EBF MEMBERS BdB: Shares are ideal for retirement provision and wealth accumulation The new German government wants to place more emphasis on shares in old-age provision and strengthen the capital cover, the Association of German Banks (BdB) writes. Norbert Kuhn, Deputy Head of Capital Markets Department and Head of Corporate Finance at Deutsches Aktieninstitut explains why this is a good idea and why shares are ideal for asset accumulation. Read more (DE) Finance Finland: Bank prudential regulation is key in green transition Sustainable investments are in high demand in financial markets and the Sustainable Finance Taxonomy will help companies to stand out from the crowd, Finance Finland reports. Jussi Kettunen, the Finnish Financial Services Association (FA) expert has prepared a report on the role of prudential regulation of banks in enabling the green transition. Read more (FI) ABI: As pandemic resumes, guarantee measures need to be confirmed The President of the Italian Banking Association (ABI), Antonio Patuelli, and the General Manager, Giovanni Sabatini, sent a letter to Prime Minister Mario Draghi calling for the importance of reconfirming all measures envisaged to support businesses. The letter also urges European Institutions to restore the flexibilities initially allowed with regard to the treatment of loans subject to "concession" measures. Read more (IT) |
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FROM THE INSTITUTIONS EBA: Detrimental impact of unwarranted de-risking and ineffective management of money laundering and terrorist financing risks The European Banking Authority (EBA) published its opinion on the scale and impact of de-risking in the EU and the steps competent authorities should take to tackle unwarranted de-risking. The EBA’s findings suggest that de-risking has a detrimental impact on the achievement of EU’s objectives, in particular in relation to fighting financial crime and promoting financial inclusion, competition, and stability in the single market. Read more ESMA: Guidelines on delayed disclosure under MAR The European Securities and Markets Authority (ESMA) has published its Final Report on the amendment of the Market Abuse Regulation (MAR) guidelines on delayed disclosure in relation to prudential supervision. The Guidelines are adding certain cases to the list of legitimate interests of issuers for delaying public disclosure of inside information. Read more
ECB: Euro area bank interest rate statistics: November 2021 The European Central Bank (ECB) released statistics on bank interests rates for November 2021, showing the composite cost-of-borrowing indicator for new loans to corporations decreased by 4 basis points to 1.39%, driven by the interest rate effect, with the indicator for new loans to households for house purchase broadly unchanged at 1.32%. Read more |
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FROM THE EBF
Industry Approach to CSDR Settlement Discipline Regime: Joint Associations statement
The Joint Associations welcome clarification from ESMA that national competent authorities are expected not to prioritize supervisory actions in relation to the application of the CSDR buy-in regime. The Joint Associations advocated for a reassessment of this aspect of the settlement discipline regime as part of the broader CSDR Review while supporting a result that achieves the regulatory objectives in an effective and proportionate way, and that avoids significant negative consequences for market liquidity and stability. Read more
Between Old and New Challenges: The Role of the Capital Markets Union in Achieving Inclusive and Sustainable Growth in Europe
The European Commission’s relaunch of the Capital Markets Union (CMU) in 2020 is bound to intersect with a fast-paced revolution in the economic landscape driven by technology as well as political and societal forces pushing for the twin transition. To discuss why completing Europe’s ambitious reforms remains essential to fostering sustainable and inclusive growth in Europe, experts from the public and private sectors gathered at the event co-hosted by the EBF and the Markets4Europe Campaign on Monday 6 December 2021. 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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