EBF MORNING BRIEF Thursday 8 July 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
EU Reporter: EU economy set to rebound faster than expected
The European economy is forecast to rebound faster than previously expected, at 4.8% this year and 4.5% in 2022. Real GDP is set to return to pre-crisis levels by the end of the year, EU Reporter writes. For the euro area, this is one quarter earlier than expected in the Spring Forecast. Read more
FT: Brussels plans new agency to fight money laundering
Brussels wants to set up a new anti-money-laundering authority with direct supervisory powers as it seeks to crack down on illicit finance following a series of scandals. The European Commission will this month table legislation to create the Anti-Money Laundering Authority (AMLA) according to draft proposals seen by the Financial Times (FT). It should set up operations in 2024. Read more (€)
Bloomberg: ECB to tweak bank capital demands to boost link to stress test
The European Central Bank (ECB) will take greater account of stress tests when setting buffers that lenders should hold on top of the minimum requirements for financial strength, Bloomberg reports. Starting this year, the regulator will split banks into four groups based on how hard they were hit in upcoming tests when calculating the buffer known as Pillar 2 Guidance, ECB Supervisory Board Chair Andrea Enria said. Read more |
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MAIN EVENTS
Thursday 8 July
EBF Sustainable Finance Working Group virtual meeting EBF Financing Growth Steering Committee virtual meeting EBF Cloud Banking Forum virtual meeting Friday 9 July For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
NVB: Corona Monitor: guidance in a crisis situation
The Corona Monitor of the Dutch Banking Association (NVB) provides insights on the type and extent of the support that banks have provided in times of crisis. The monitor also provides management information in a crisis situation to the government, stakeholders but also to the sector itself. Read more (NL)
AEB: Banking is key for modernization of the Spanish productive fabric
The Spanish Banking Association (AEB) organized with the Spanish Confederation of Savings Banks (CECA) an event to analyze the role of the banking sector in Spain's recovery plan and in the current international context. "The economy must be modernized, with digitization and energy transformation. Spanish banks can, want, and must be part of the development of the Next Generation EU program in our country and must do so in an orderly and structured way”, said Carlos Bastarreche, an external advisor to both associations for European affairs. Read more (ES)
ABI: Visco: Speech at the ABI Assembly
Ignazio Visco, Governor of the Bank of Italy addressed the opportunities and risks associated with digitalization, sustainable finance, Final Basel III as well as the overall banks' conditions and credit quality in Italy. "In the coming years, banks will be engaged on several fronts, all of which are very challenging, the Italian Banking Association (ABI) reports. The Bank of Italy will work to establish supervisory rules and practices that reconcile the need to ensure the stability of individual intermediaries and the system as a whole. We pay close attention to both the costs and proportionality of regulation", he said. Read more (IT) |
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FROM THE INSTITUTIONS
European Commission: Summer 2021 Economic Forecast
The European economy is forecast to rebound faster than previously expected, as activity in the first quarter of the year exceeded expectations and the improved health situation prompted a swifter easing of pandemic control restrictions in the second quarter. Indeed, according to the Summer 2021 interim Economic Forecast, the economy in the EU and the euro area is set to expand by 4.8% this year and 4.5% in 2022. Read more
EBA: Phase 2 of its 3.1 reporting framework
The European Banking Authority (EBA) published phase 2 of its 3.1 reporting framework. The technical package supports the implementation of the reporting framework by providing standard specifications and includes the validation rules, the Data Point Model (DPM) and the XBRL taxonomies for version 3.1. Read more
BIS: Basel Committee's reforms cushioned Covid-19's impact on banks
The Basel Committee on Banking Supervision published an interim evaluation report assessing the impact of the implemented Basel reforms in light of the Covid-19 pandemic. The report provides a preliminary assessment of whether the reforms implemented to date have functioned as intended in light of the pandemic in terms of resilience of the banking system, the usability of capital buffers, liquidity buffers, the impact of the leverage ratio on financial intermediation, and the cyclicality of specific Basel capital requirements. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
Strategy for Financing the Transition to a Sustainable Economy: EBF comments
The European Banking Federation (EBF) welcomes the publication of the Strategy for Financing the Transition to a Sustainable Economy by the European Commission. It strikes the right balance between acceleration towards reaching the goals of the Paris Agreement, as well as the SDGs, and consolidation of the previous regulatory structure. Having achieved the development of well-defined frameworks for disclosure, including through the existing Taxonomy Regulation, the emphasis is now on better defining the underlying incentives and substantive duties to accompany these disclosure requirements. 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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