| EBF MORNING BRIEF Wednesday 22 September 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
Reuters: Regulators not up to speed on banks' digital marketplaces, EU watchdog says
Regulators have little understanding of risks from banks creating digital marketplaces with tech companies and a framework is needed to spot potential contagion if things go wrong, the European Union's banking watchdog said. According to Reuters, the European Banking Authority's warning is the latest sign that financial regulators are starting to pay more attention to Big Tech's increasing links with finance, such as in cloud computing. Read more
S&P Global: Domestic deals fuel bank M&A wave in Europe
The number of mergers and acquisitions among banks in Europe in 2021 may outstrip the total in 2020, with deals where buyer and seller are based in the same country making up the lion's share, according to an analysis by S&P Global Market Intelligence. Read more
Finextra: EU banks say it may take over a decade to realize Open Banking objectives
New research, published by Europe’s leading open banking platform Tink, reveals that in spite of growing positivity, the complete implementation of open banking will take financial institutions many years to realize. The survey of 308 executives across 12 countries found that four in ten (40%) believe it will take their institution between 5-10 years to realize its open banking objectives, and a further 37% believe it could take over a decade. Executives in Spain (37%), Italy (34%), and France (30%) were most optimistic about their open banking timescales, Finextra reports. Read more |
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MAIN EVENTS -
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EBF ExCo Governance Taskforce virtual meeting
For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
Febelfin: The banks on the path of the diversity and of inclusion
An inclusive and diverse workplace benefits both staff and employer as well as meeting the social needs of a changing society. Febelfin launched its "#InclusionInFinance" to bring concrete and positive change in the workplace. In a humorous tone, the campaign presents bold perspectives articulated around four themes: unconscious bias, inclusive work culture, inclusive leadership, and micro-aggression. Read more (FR)
AEB: Spanish banks obtain a profit of 7,190 million until June
Spanish banks have obtained an attributable result of 7,190 million euros in the first half of 2021, compared to the losses of 11,531 million in the same period of the previous year due to the provisions and write-offs made in 2020 to anticipate the possible effects of the crisis arising from the pandemic. Besides, figures from the Spanish Banking Association (AEB) show that NPLs are at a minimum of 3.7%, with coverage of 71.9%. Read more (ES)
SBA: OECD project on global minimum tax
The OECD is currently working on new rules for the redistribution of global tax revenue. As an export-oriented country with a moderate tax level and a small domestic market, Switzerland will be clearly affected. The high level of complexity and the ambitious time schedule of the OECD requires a great deal of attention from politics and business. The Swiss Bankers Association (SBA) is committed to maintaining the Swiss model of success on behalf of its members. Read more (DE) |
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FROM THE INSTITUTIONS
EBA: Rapid growth in the use of digital platforms in the EU’s banking and payments sector
The European Banking Authority (EBA) published a Report on the platformisation of the EU banking and payments sector. The EBA identifies a rapid growth in the use of digital platforms to ‘bridge’ customers and financial institutions, a trend expected to accelerate in line with the wider trend toward the digitization of the EU financial sector. Platformisation presents a range of potential opportunities for both EU customers and financial institutions. However, new forms of financial, operational, and reputational interdependencies are emerging and the EBA identifies steps to strengthen supervisory capacity to monitor market developments. Read more
BIS: François Villeroy de Galhau: International Conference on Statistics for Sustainable Finance
François Villeroy de Galhau, Governor of the Banque de France discussed the development of sound climate-related data at the first International Conference on Statistics for Sustainable Finance. "There is a great challenge for data providers: the opposition between the urgency to provide climate-relevant data, and the inevitable step-by-step process required to achieve this in a reliable, comparable, and comprehensive way. To overcome this, I suggest a two-pillar approach. In the short term, strengthen actions to solve technical difficulties while, in the longer run, achieve consistency at the international level", he said. Read more
ECB: Comparing recent inflation developments in the United States and the euro area
Recent euro area and US inflation spikes are mainly driven by only a few items, with energy prices playing a key role. Excluding energy and food prices, inflation in the euro area still remains below its pre-pandemic levels, this result from the European Central Bank (ECB) Economic Bulletin. 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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