EBF MORNING BRIEF Tuesday 8 June 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
Bloomberg: ECB canât match the Fedâs jobs-for-all push
When the European Central Bank unveils the results of its grand strategy review this year, there will be at least one stark contrast with the U.S. Federal Reserveâs own exercise. Inequality in the labor market, a hot-button topic of the 2020s and a core part of the Fedâs conclusions, looks likely to get much more subdued treatment in Frankfurt, Bloomberg reports. Read more
FN: JPMorgan hires ex-Bank of America boss Elfring for vice chair role
The former European head of corporate and investment banking at Bank of America in Europe has come out of retirement after nearly three years to join JPMorgan. Bob Elfring, one of the best-known dealmakers in the City, is set to join JPMorgan as vice chair of investment banking for Europe, the Middle East and Africa, according to an internal memo seen by Financial News (FN) and confirmed by a bank spokesperson. Read more
S&P Global: EU's major banks link exec pay to diversity targets as trend gains momentum
Nearly all of Europe's major banks are now linking executive pay to diversity and inclusion targets, which experts hail as an important move but warn that banks need to go further to diversify their workforces. Of the 13 European lenders categorized as global systemically important banks, or G-SIBs, 11 confirmed to S&P Global Market Intelligence that they have incorporated diversity and inclusion metrics into executive pay decisions. Read more |
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MAIN EVENTS EBF Basel IV Task Force online meeting
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
BdB presents demands to strengthen the financial centre
The Association of German Banks (BdB) presented its position paper on strengthening Germany as a financial centre. "Germany's economy needs an internationally competitive financial centre. Our goal is to expand Germany's leading position as a financial centre in Europe and, in doing so, to advance the integration of the European Single Financial Market," said Christian Ossig, Chief Executive Officer of the Association of German Banks. Read more (DE)
AEB: Discipline, service and professionalism
Banking activity is taking place in a very complex and changing environment marked by the economic situation, but especially by Covid, which has accelerated trends that were already taking hold. Digitalisation, the demographic challenge of an ageing population, and the energy transition are already integrated into banks' decision-making. They are the keys to improving the economy over the coming years, and their relevance to our lives has multiplied after the experience of confinement and interpersonal distance measures, JosĂ© Luis MartĂnez Campuzano, spokesperson of the Spanish Banking Association (AEB) said. Read more (ES)
UK Finance: Financial inclusion and access to banking services
Ensuring financial inclusion and access to banking services is at the heart of UK Finance's work. Whilst the transition to digital banking will continue to be driven by customer demand, the banking and finance sector is committed to making sure that transition does not leave people financially excluded. âAccess has a particular bearing on and resonance with banking and financial services. The aim is to widen access in as many ways to as many customers as possible and in that way help society with managing their money said Peter Tyler, Director, Personal Banking at UK Finance. Read more |
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FROM THE INSTITUTIONS
European Commission: NPLs: Co-legislators agree on new rules in order to improve market transparency
The Commission welcomed the political agreement between the European Parliament and the Council on the proposal for a Directive on credit servicers and credit purchasers to improve the access and transparency of secondary markets for Non-Performing Loans (NPLs). "The new rules will strengthen and improve market transparency and consumer protection and help ensure that the current crisis and the potential rise of NPLs will not affect financial stability in the EUâ, Mairead McGuinness, Commissioner responsible for financial services, financial stability and Capital Markets Union said. Read more
ESMA: 2021 Central Counterparties Stress Test
ESMA published the framework for its fourth Stress Test for Central Counterparties (CCPs). ESMA, as required by the European Markets Infrastructure Regulation (EMIR), initiates and coordinates this exercise to assess the resilience and safety of recognized European Union (EU) and Tier 2 Third Country CCPs (TC-CCPs) to adverse market developments and to identify any potential shortcomings. The 2021 Stress Test addresses credit and concentration risks and for the first time, in line with ESMAâs mandate, the exercise also covers the operational risk. Read more
EBA: Updates in the list of risk indicators and analysis tools
EBA published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide. This guidance, which describes how risk indicators are computed in EBA publications, allows competent authorities and users of EBA data to interpret key bank figures in a consistent fashion when conducting their risk assessments and analyses. Updates include additional indicators on the topics of COVID-19, funding plans, resolution, and remuneration, as well as updates to other indicators, which are used to better understand institutions' profitability, exposures to sovereign counterparties, and own funds requirements for operational risk, among other things. 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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