EBF MORNING BRIEF Tuesday 11 February 2020 Good morning, these are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the mediacentre of the European Banking Federation in Brussels.
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FROM THE MEDIA
European banks in the news: UniCredit, EuroBic, Commerzbank According to Bloomberg UniCredit SpA expects to cut 6,000 jobs and close 450 branches in Italy as CEO Jean Pierre Mustier sets his three year-efficiency plan in motion. In another story, the European Central Bank has called on Commerzbank to cut costs further, reports Handelsblatt. Reuters says that Spanish lender Abanca has agreed to buy 95% of the shares in Portugal’s EuroBic, in which Angolan billionaire Isabel dos Santos has been trying to sell a 42.5% stake. Germany largest bank, Deutsche Bank, has won backing of regulators for the plan of simplifying its complex corporate structure, reports the FT. UniCredit Commerzbank EuroBic Deutsche Bank(€)
Law360: EU data privacy laws pose disclosure risks in fraud probes According to Law360, the EU's data protection laws, such as GDPR, have created challenges for companies, including banks, facing demands for employee communications as part of fraud or criminal investigations, leaving lawyers to balance the risk of privacy fines against the potential ire of government enforcers. Read more (€) FT: Mastercard chief speaks out against nationalism and Facebook Few companies have more to gain from the march of globalisation and digitisation than Mastercard, according to the FT. The payment network’s strength is its worldwide reach, and its growth is driven by the move from cash to electronic transactions. So chief executive Ajay Banga is unequivocal about governments’ attempts to break the global payments system into national fiefdoms. Read more (€)
FT: UK's Javid to push for ‘permanent equivalence’ for London The British government is demanding the EU sign up to a “permanent equivalence” regime for financial services that will last for “decades to come” to ensure the City of London can maintain access to the European market after Brexit, says the FT. The UK’s “opening position” in the equivalence negotiations was revealed in a photograph taken by long-lens camera of an unreleased briefing paper carried into Downing Street on Monday. Read more (€) Bloomberg |
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MAIN EVENTS today Start of the two-day: Welcome to the European Committee of the Regions. Inaugural plenary Banking & Payments Federation Ireland: Future of Capital Markets in the EU. EBF Director of Financing Growth Burcak Inel speaking, Dublin *All events take place in Brussels unless stated otherwise |
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FROM THE INSTITUTIONS
EBA: Opinion on measures to address macroprudential risk
The European Banking Authority published an Opinion following the notification by the Central Bank of the Netherlands of its intention to modify capital requirements in order to address an increase in macroprudential risk. Based on the evidence submitted by the DNB, the EBA does not object to the adoption of the proposed measure, which is based on Article 458 (2) of the Capital Requirements Regulation (CRR). Read more ESMA issues latest double volume CAP data The European Securities and Markets Authority has updated its public register with the latest set of double volume cap data under the Markets in Financial Instruments Directive (MiFID II). Read more ECB: Monetary financial institution balance sheet statistics The European Central Bank is launching a public consultation on a draft Regulation amending the Regulation on monetary financial institution (MFI) balance sheet statistics. The Regulation has been reviewed with the aim of keeping the ECB’s statistics fit for purpose. The review also takes into account an assessment of the relative merits of new requirements against the potential costs to reporting agents. Read more |
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EBF MEMBERS IN THE NEWS
Ireland: Future of Capital Markets in the EU
The BPFI Future of Capital Markets in the EU conference will take place today from 16.00pm – 18.00pm in the BPFI Conference Centre. The Conference will provide delegates with a unique opportunity to discuss the future of Capital Markets in the EU. Burcak Inel, Director of the Financing Growth at the European Banking Federation and Representative of the Markets4Europe Campaign, will be one of the key speakers, along withMaria-Luis Albuquerque, sub-chair of the European Commission High-Level Forum on Capital Markets Union; Nick Collier, Managing Director of City of London Office in Brussels and other panellists.
Sweden: New Basel rules affect Swedish companies
The new Basel rules may mean that capital requirements will be three to five times as high as today for many Swedish companies. With the current interest rate situation, this would correspond to a doubling of the interest rate. This is one of the conclusions of the analysis that the analysis company Copenhagen Economics has made of how the banks, the banks' customers and the Swedish economy are affected by the Basel 4 rules. Read more (SV)
Spain: Freedom of choice in finance
Feeling safe is being able to choose, argues the AEB in an article. When performing any financial operation and being able to choose who carries it out and how, in person or through digital media. The fundamental thing for the financial client is to be able to control their decisions and do so with total confidence and security. According to the latest Funcas and Finnovating Financial Innovation Barometer corresponding to the second quarter of last year, the majority of users (81%) perform three out of four operations with the same credit institution. Read more (ES) |
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Breakfast event
Wednesday 19 February, 8:00am to 9:30am
European Parliament Money laundering and financial crime
Better addressing the threats to European security
The new European Commission, European Parliament and Council have put combating money laundering high on their agendas. While the Commission reports released in July give some indicative hints, it remains to be seen which reforms the Commission will finally propose. Therefore we would like to present and discuss the respective proposals of: Sebastian Fiedler, Chair of the Federation of German Police Officers (BDK), Wim Mijs, Chief Executive Officer, European Banking Federation (EBF) Sven Giegold, Economic and Financial Spokesperson of Greens/EFA Registration: If you want to participate in the breakfast event at the European Parliament in Brussels, please register by 17 February indicating your name, organisation and contact details at sven.giegold@ep.europa.eu |
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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 45 countries. 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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European Banking Federation
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