| EBF MORNING BRIEF Tuesday 19 October 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
FT: Brussels vows ‘no cliff edge’ over EU banks’ access to UK clearing
Commissioner Mairead McGuinness said the European Commission would not engage in “any sudden twists and turns” on a decision over the licence that allows European banks to clear deals worth billions in London until the middle of next year. However, she urged market participants to take seriously the commission’s demand that more euro-denominated derivatives business move to the EU over the longer term. “We have to make sure that there is no instability in the short-term, but we also have to look at our long-term interests,” she said in an interview with the Financial Times (FT). Read more
Bloomberg: ESG derivatives triggers greenwash warning from ESMA
The European Securities and Markets Authority (ESMA) says it’s hard to verify the positive impact of derivatives sold under environmental, social and governance (ESG) labels. The watchdog says standardized criteria should be met before firms can add ESG tags to products such as forwards, options and swaps, Bloomberg reports. Read more
Finextra: Dutch digital bank Fibr to power SME lending across Europe
According to Finextra, FIBR has launched with the sole focus of servicing European SMEs by combining the stability of a bank with the agility and technology of a Fintech. In the near future, the FIBR platform plans to offer a fully integrated suite of modular components that lenders can leverage to accelerate their growth, such as payments, loan administration and funding as a service. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN! EBF DIGITAL THURSDAYS 2021 |
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 | The first EBF Digital Thursdays 2021 is dedicated to "Cyber resilience in banking: Regulation, synergies & trust". On 28 October, we will discuss how banks, non-bank actors as well as regulatory and supervisory authorities are striving for a high level of resilience and cybersecurity across the ecosystem. Jose-Manuel Campa, EBA Chair will join us to deliver a keynote speech. Register HERE |
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FROM THE EBF MEMBERS
FBF: The six largest French banks commit to unconventional hydrocarbons
The six largest French banks are making a common commitment focused on unconventional hydrocarbons, the French Banking Federation (FBF) reports. From January 2022, they will no longer finance dedicated projects and companies whose share of unconventional hydrocarbons in exploration and production exceeds 30% of their activity. Read more (FR)
UK Finance: Card spending
Outstanding balances on credit card accounts have contracted by 7.3 per cent over the twelve months to July, as a result of repayments outstripping new borrowing in the year. This is what the latest Card Spending update by UK Finance reveals. Data comparisons are however impacted by the reduction of lockdown restrictions and the economy re-opening from April 2021, resulting in large percentage variations when compared to 2020. Read more
NVB: Corona support package for companies: has it worked or not?
The government's corona measures package was a successful intervention, according to Ester Barendregt, Chief economist at Rabo Research. "The strength was that not only the Netherlands but other countries and the central banks acted simultaneously. Those are the preconditions for a strong recovery", she says in an article published by the Dutch Banking Association (NVB). Read more (NL) |
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FROM THE INSTITUTIONS
ESAs publish sectoral reports the on supervisory independence of competent authorities
The European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and The European Securities and Markets Authority (ESMA)– published their individual reports on the supervisory independence of competent authorities (CAs) in their sectors. Based on the CAs’ self-assessment, the reports highlight that the independence of NCAs is multi-faceted and dependent on a number of legal, institutional, operational and cultural factors. Read more EIOPA welcomes Solvency II proposals from the European Commission on sustainability The European Insurance and Occupational Pensions Authority (EIOPA) welcomes the Solvency II proposals of the European Commission to give mandates to EIOPA for further action on sustainable finance. EIOPA is convinced that these proposals would contribute positively to a transition into a more sustainable economy and that insurers, in their role as investors and risk managers, can facilitate it. Read more ECB: Globalisation after the pandemic Europe reaped the gains of globalisation in the decades prior to the pandemic, says European Central Bank (ECB) President Christine Lagarde at her Per Jacobsson lecture hosted by Guillermo Ortiz. We must now focus on building resilience to the challenges as the course of globalisation becomes more unpredictable. Read more |
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FROM THE EBF
EBA Consultation on draft Guidelines on the limited network exclusion under PSD2: EBF Response
The EBF has responded to the EBA Consultation on draft Guidelines on the limited network exclusion under PSD2. The response highlights that a transparent and clear application of the exemptions is relevant from a consumer protection perspective. When paying with a card that is issued under the limited network exclusions, consumers cannot benefit from those consumer protection rules that apply under PSD2. Also, a harmonised interpretation is also vital in terms of competition reasons, since there is a large cost difference in offering a service exempt from PSD2 compared to services in the scope. A more harmonised application of the exemptions would support a more level playing field. 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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