| EBF MORNING BRIEF Wednesday 30 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
FT: EU bond sales run by four banks previously suspended for antitrust
The Financial Times reports that four of the banks previously suspended from running bond sales for the EU were selected to manage the bloc’s latest transaction on Tuesday, as Brussels sold new 5- and 30-year debt. JPMorgan, Crédit Agricole, Deutsche Bank, and UniCredit were among 10 banks banned from taking part in the inaugural €20bn sale of debt to fund the EU’s recovery fund. Read more (€)
Reuters: Frankfurt banker headcount to drop despite Brexit boost
Banking jobs in the German financial capital of Frankfurt are on the decline despite a boost from Brexit, according to a study by German lender Helaba. Reuters reports predictions according to which headcount at the city’s financial institutions will drop 5% by the end of 2023 to around 62,200 people, a result of cost-cutting measures. Read more PYMNTS: EBA proposes steps to support RegTech adoption In a new report, the European Banking Authority (EBA) outlined proposals to encourage the adoption and use of RegTech in the EU — which, its providers argue, boosts efficiency and effectiveness and lessens the impact of regulatory changes, PYMNTS reports. RegTech is most commonly used for anti-money laundering (AML), countering terrorism financing, fraud prevention, prudential reporting, ICT security and credit assessments, the report noted. While the EBA found that the regulatory framework is not the main obstacle to RegTech adoption, “a lack of common regulatory standards across the Member States could pose barriers for wider market adoption of RegTech solutions across the Single Market,” the EBA said. Read more |
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MAIN EVENTS -
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Afore ‘EU TAXONOMY’ workshop series -
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EBF Secondary Markets Working Group virtual meeting -
EBF AI Expert Group virtual meeting
For a full-year overview of key financial regulation events: click here |
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EBF VIDEO EU implementation of the Basel III standard |
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 | In autumn, the European Commission will present its proposals for the implementation of Basel III into European law. The implementation has already raised many questions in advance: How can the spirit of the framework be maintained without restricting European banks' ability to lend to companies? The latest study by the Copenhagen Institute of Economics shows that the capital requirements of European banks could increase by almost 20%. Such a massive increase would not be without impact on the economy. Credit could become tighter and more expensive. And this at a time when companies are dependent on sufficient liquidity to cope with the Corona crisis as well as with a view to the transformation to a sustainable economy. The banks are already in place to meet this challenge. They have proven this in the Corona crisis. However, regulatory frameworks should not unduly restrict them in doing so. The European Banking Federation has therefore presented proposals on how the implementation of Basel III can succeed without massively restricting the financing power of European banks. EBF top 10 proposals for Basel III in Europe Copenhagen Economics study on the impact of Basel III in Europe |
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FROM THE EBF MEMBERS
BPFI: Mortgage Approvals Report May 2021
Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for May 2021. The number of mortgages approved rose by 7.4% month-on-month and by 149.2% compared with the same period last year. Read more
AEB: Pay as you like
José Luis Martinez Campuzano, spokesperson for the Spanish Banking Association (AEB) says that the digital trend has accelerated in the last year, confirming digitization to be one of the pillars of future growth. Changes in payment habits demonstrate that many users value the comfort, security, and flexibility that financial innovation offers. This does not imply the extinction of cash as there are many factors to take into account and consumers want to keep their power of choice. Read more (ES)
Febelfin: Evolution mortgage credit in May 2021
The number of credit applications increased by almost 65% in May 2021 compared to May 2020. The corresponding total amount of these applications was almost 81.5% higher, Febelfin reports. Figures also show that the number of loans granted increased by approximately 14.5%. Read more (FR) |
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FROM THE INSTITUTIONS
ECA: Special Report on Money Laundering in Banking Sector
The European Court of Auditors (ECA) has published its special report on money laundering in the banking sector. It states that, while the estimated value of suspicious transactions is 1.3% of the EU’s GDP, EU efforts to counter the issue are fragmented and implementation is insufficient. The report also includes recommendations to the European Commission, the European Central Bank (ECB), and the European Banking Authority (EBA). Read more
ECB: Consultation on updates to options and discretions policies
The European Central Bank (ECB) launched a public consultation on updates to its harmonized policies for exercising the options and discretions that it is allowed to exercise under EU law when supervising banks. The consultation relates to many aspects of supervision, including permissions for banks seeking to reduce their capital, the treatment of certain exposures in the calculation of the leverage ratio as well as some exemptions from the large exposures limit. It ends on 23 August 2021. Read more
EBA: Assessment of benefits, challenges, and risks of RegTech use in the EU and steps ahead
The European Banking Authority (EBA) published an analysis of the current RegTech landscape in the EU. The report assesses the overall benefits and challenges faced by financial institutions and RegTech providers in the use of RegTech. It also identifies potential risks and proposes actions to enhance the knowledge and skills of competent authorities. These actions aim to ensure technological neutrality in regulatory and supervisory approaches to RegTech, whilst addressing any inadvertent obstacles within the Single Market to facilitate the adoption of RegTech across the EU. 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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