| EBF MORNING BRIEF Tuesday 25 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
Reuters: Top EU banks to publish 'pioneering' climate data
Large banks in the EU will have to show how they help or hinder the bloc from meeting climate goals by publishing "pioneering" indicators from 2024, the EU's banking watchdog said. The European Banking Authority (EBA) set out environmental, social, and governance (ESG) templates for the top 150 banks such as Deutsche Bank, SocGen, and UniCredit to complete each year. According to Reuters, the templates will cover core banking books which include loans. Read more
Bloomberg: ECB wipes 45% off home prices in bank climate test
European banks have been told to assume that real-estate assets exposed to flood risk could lose almost half their value, as the sector’s resilience to climate change is stress-tested over the coming months. The European Central Bank (ECB) is factoring in a 45% slump over a single year for property values in areas that are likely to experience bad flooding, Fernando de la Mora, Alvarez & Marsal Managing director told Bloomberg. Read more
FT: EU faces threat of legal challenge over sustainable finance rules
Brussels is facing the threat of legal action and the potential sidelining of its landmark sustainable finance rules by EU governments that do not want nuclear power or natural gas to be labeled as green. Energy ministers from Austria and Luxembourg told the Financial Times (FT) that they would pursue a lawsuit against the European Commission over its so-called green “taxonomy” rules, while a Spanish deputy prime minister said Madrid could opt to use its own green framework, excluding nuclear power and natural gas. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS AEB: Financial repression In Spain, more than 40% of the financial assets of families are in cash and deposits. The rest of the distribution of financial assets of Spanish households are shares in the capital of companies, insurance, pension funds, and shares in investment funds. "It is key for investors to design a fund portfolio that is appropriate to their risk profile. For this, financial education is essential", José Luis Martínez Campuzano, spokesman for the Spanish Banking Association (AEB) says. Read more (ES)
Finance Norway: Fintech companies to Finance Norway
Finance Norway wants to make it easier for fintech to drive technological innovation and launch new services. Since opening membership to fintech in 2018, the number of fintech members has been growing to a total of 14 companies. Most recently, Lunar, Clinsj, Fixrate, and Neonomics joined. Read more (NO) SBA: Reporting template for taxonomy information 2022 As disclosures will start to be provided under the EU Green Taxonomy Regulation, the Swedish Bankers' Association (SBA) has developed a template of how banks can report in 2022 to comply with the legal reporting requirements. The template is optional and aims to make the reporting comprehensible. Read more (SV) |
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FROM THE INSTITUTIONS
EBA: Binding standards on Pillar 3 disclosures on ESG risks
The European Banking Authority (EBA) published its final draft implementing technical standards (ITS) on Pillar 3 disclosures on Environmental, Social and Governance (ESG) risks. The final draft ITS put forward comparable disclosures to show how climate change may exacerbate other risks within institutions’ balance sheets, how institutions are mitigating those risks, and their ratios, including the GAR, on exposures financing taxonomy-aligned activities, such as those consistent with the Paris agreement goals. Read more
EIOPA: Consumer Trends Report 2021
The European Insurance and Occupational Pensions Authority (EIOPA) published its Consumer Trends Report, which identifies an acceleration in digitalization. This brings opportunities but also concerns for consumers, such as frauds and possible new forms of exclusion from access to financial products. Read more
BIS: François Villeroy de Galhau: Rising temperatures - inflation, climate change and digital transformation
François Villeroy de Galhau, Governor of the Bank of France discussed inflation by making a comparison between the different situations in Europe, the United States, and Japan. In his speech, published by the Bank for International Settlements (BIS), he also touched upon the ecological and digital transformations. "Inflation and climate change share a common feature: rising temperatures", he said. Read more |
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FROM THE EBF
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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