EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 13 December 2021 An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation Recommend the EBF newsletters to a colleague. Click here to sign up! |
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BIS Innovation Hub Eurosystem Centre: Setting the stage |
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 | The stage is set for new Bank for International Settlements (BIS) Innovation Hub offices to open in Paris and Frankfurt. This event organized by the BIS sets the stage for the BIS Innovation Hub (BISIH) Eurosystem Centre while previewing the themes on which the Eurosystem Centre will work in cooperation with leaders in the innovation ecosystem. To mark the occasion, European Central Bank (ECB) President Lagarde joins a panel discussion with Deutsche Bundesbank’s Weidmann, Banque de France’s Villeroy de Galhau, and BIS’ Carstens and Cœuré. Watch the event |
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FINANCIAL REGULATION AGENDA for next week Monday 13 December Tuesday 14 December Wednesday 15 December
Thursday 16 December
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EFRAG General Assembly meeting -
EBF Sustainable Finance Working Group Digital Meeting
Friday 17 December For a full-year overview of key financial regulation events: click here |
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FROM THE MEDIA
Bloomberg: ECB studies pandemic tool tweak to use in bond-market stress
The European Central Bank (ECB) is studying whether to tweak how it reinvests its emergency bond purchases to help countries weather future moments of market turmoil. The Governing Council could expand the period of time in which it rolls over maturing securities and applies more flexibility to the geographic allocation of such buying in the so-called PEPP measure, said the people, who spoke on condition of anonymity to Bloomberg as such discussions are confidential. They added that no decisions have been taken. Read more
Reuters: EU passes first chunk of green investment rules, contentious sectors still to come
The EU has passed the first part of its rulebook on climate-friendly investments, which from next year will define which activities can be labeled as green in sectors including transport and buildings. Reuters reports that the first section of the EU's sustainable finance taxonomy will apply from January 1, 2022. Read more
Finextra: Irish banks’ mobile payments plan hits roadblock
According to Finextra, a payments app developed by Ireland’s high street banks to compete with digital banks has hit a snag after it was announced that the Competition and Consumer Protection Commission (CCPC) would launch an investigation. The money-transfer app, called Yippay, was developed by a joint venture, Synch Payments, set up by AIB, Bank of Ireland, KBC Ireland, and Permanent TSB. Read more |
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FROM EBF MEMBERS
SBA: We hardly have any time, we have to hurry
The transition to a sustainable economy must be quick. That is a key point of the podcast “Voices of the financial center” of the Swiss Bankers Association (SBA). Together with Jörg Gasser, SBA CEO; Catherine McGuinness, Chair of the Policy and Resources Committee of the City of London, and Christian Ossig, CEO of the Association of German Banks (BdB), SBA discussed key issues on how EU banks can contribute to sustainability. Listen now
BPFI: Housing Market Monitor Q3 2021
The median deposit amount for a first-time buyer (FTB) in the first half of 2021 was almost €52,100 and €135,000 for a mover purchaser, according to the Housing Market Monitor for Q3 2021 published by Banking & Payments Federation Ireland (BPFI). Looking at the source of those deposits the Monitor shows that even though gifts play a role, the main source of the deposits is from purchasers’ own savings. Read more
BdB: Private banks adopt comprehensive reform of deposit insurance
With comprehensive reform, the private banks are fundamentally reorganizing deposit insurance. The aim is to make the security system permanently efficient and to concentrate on its core task: the protection of savers and companies. This will be accompanied by security limits based on the needs of the depositor. In practice, nothing changes for 98 percent of private savers, the Association of German Banks (BdB) reports. Read more (DE) |
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FROM THE INSTITUTIONS
EBA reports highlights shortcomings in the application of its Guidelines on the remuneration of sales staff
The European Banking Authority (EBA) published a Report on the application of its Guidelines on the remuneration of sales staff in force since 2016. The EBA’s assessment revealed that financial institutions focus more on prudential requirements and commercial interests than on meeting the interests of consumers. However, the EBA also identified good practices that are considered to be compliant with the Guidelines. Read more
BIS: Successful cross-border wholesale CBDC experiment
Central bank digital currencies (CBDCs) can be used effectively for international settlements between financial institutions, as shown in the newest wholesale CBDC experiment concluded by the Bank for International Settlements (BIS), the Bank of France (BdF), and the Swiss National Bank (SNB). The recently completed Project Jura explored settling foreign exchange (FX) transactions in euro and Swiss franc wholesale CBDCs as well as issuing, transferring, and redeeming a tokenized euro-denominated French commercial paper between French and Swiss financial institutions. Read more
ECB: The present and future of money in the digital age
The digital euro is an ambitious goal that can improve the efficiency of the economic and financial system. The European Central Bank (ECB) aims to make it a driver of stability and inclusive progress, says ECB Executive Board member Fabio Panetta. Read more |
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FROM THE EBF this week
European Banking Social Partners Commit to a Common Understanding on Remote Work
The European Banking Social Partners signed a Joint Declaration on Remote Work and New Technologies. The spread of the Covid-19 pandemic and the constantly increasing use of digitalised systems and processes led the Social Partners to reassess and appropriately update the approach to remote work in the European Banking sector. Read more
EBF response to CR 03/2021: Application of the Principles for Financial Market Infrastructures to Stablecoin Arrangements
The European Banking Federation (EBF) has responded to the joint consultation from the Committee on Payments and Markets Infrastructure (CPMI) and the International Organisation of Securities Commissions (IOSCO) on the Application of the Principles for Financial Markets. 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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact v.barbieri@ebf.eu
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