EBF MORNING BRIEF Thursday 23 November 2023 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 threatens banks with fines after climate-risk warning
The European Central Bank (ECB) has warned 20 lenders that it will impose fines unless they address shortcomings in their management of climate risk, according to people familiar with the matter. As reported by Bloomberg, the fines now threatened by the ECB would rack up every day and can amount to 5% of their daily average revenue. Read more
Reuters: Eurozone's shadow banks face risk of margin calls
Eurozone shadow banks face the risk of receiving large margin calls or client redemptions they cannot meet because they do not have enough cash on hand, the European Central Bank (ECB) said. According to Reuters, the ECB found many bond funds did not have enough liquid assets to withstand 30 days of severe outflows, with the proportion highest among high-yield and emerging-markets funds. Read more
CoinDesk: Digital Euro isn't pressing, but work should continue
There is no pressing need for a digital euro, given Europe's "highly efficient" payment systems, as well as financial and social concerns raised about issuing one. "That doesn't mean work on a digital euro should stop," Bank of Spain Governor Pablo Hernández de Cos added in a speech heard by CoinDesk. Read more |
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MAIN EVENTS
Thursday 23 November
Friday 24 November
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Launch of the Report of the
C-ESG Risk Roundtable Data Workstream
Wednesday 29 November 2023 10 am CET - ONLINE
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 | Banks do recognize that environmental factors could be a source of financial risk.
While some will need to be addressed at the level of individual organisations, others
will benefit from collaborative approaches.
To further strengthen the dialogue within the banking sector and to facilitate the discussion with the European Central Bank (ECB), a high level Environmental, Social, and Governance Risk Roundtable (C-ESG Risk RT) was set up by the European Banking Federation (EBF) with the participation of 13 European banks. The EBF and ECB are acting in observing capacity. On 29 November 2023, we will be launching the first report
resulting from the discussions and deliberations of the C-ESG Roundtable Data Workstream. |
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FROM EBF MEMBERS
ABI: The eight edition of the payments fair kicks off
What impact will new emerging trends in the global market have on the future of payments? Starting today, the eighth edition of the Payments Fair by the Italian Banking Association (ABI) will bring together representatives from institutions, banks, technology companies, and Fintechs to discuss these and other topics. Read more (IT)
UK Finance: A guide for financial firms adopting sustainable practices
The financial services sector holds immense potential to drive global sustainability efforts. As UK Finance points out, beyond encouraging sustainable practices among their customers, financial institutions can leverage sustainability criteria in their investment decisions and collaborate with portfolio clients to reduce financed emissions. Read more
SFF: At a red light? – Business Environment Day
The Business Environment Day 2023 will be held on Wednesday 29 November. The event is dedicated to the Climate Roadmaps for Business, a guide provided by Iceland's Minister of Environment, Energy and Climate earlier this year. It includes a section on financial companies prepared by the Icelandic Financial Services Association (SFF). Read more (IS) |
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FROM THE INSTITUTIONS
ECB: Preserving a culture of stability
Preserving price stability means preserving climate and nature stability, says European Central Bank (ECB) Executive Board member Frank Elderson. Climate and nature-related risks can bring severe consequences for monetary policy, so a timely and smooth green transition will best help preserve price stability. Read more ESMA: Explanatory notes on the Sustainable Finance Framework The European Securities and Markets Authority (ESMA) published three explanatory notes covering the key topics of Sustainable Finance's framework: the definition of sustainable investments; the application of do no significant harm (DNSH) requirements; and the use of estimates. The notes aim to help stakeholders to navigate and better understand the Sustainable Finance legislative framework. Read more
EC: Eurobarometer: Support for the Euro
Public support for the euro remains strong, according to the European Commission (EC)'s latest Eurobarometer survey. 79% of respondents believe that having the euro is a good thing for the EU while 69% believe it is a good thing for their own country. Read more |
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FROM THE EBF
Industry statement calls for removing sovereignty requirements from European Cybersecurity Certification Scheme for Cloud Services (EUCS)
The European Banking Federation (EBF) co-signed a joint statement on the ongoing process of developing a cybersecurity certification scheme for cloud services (EUCS). While the industry welcomes the objective of establishing a minimum set of security and trust criteria for cloud services, the drafting of EUCS should be a purely technical process detailing the technical requirements for such certification. Read more
New 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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact v.barbieri@ebf.eu
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