EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 28 February 2022 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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EBF condemns invasion of Ukraine and expresses support for its people |
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| | The European Banking Federation (EBF) strongly condemns the invasion of Ukraine by Russian forces. Our thoughts are with the Ukrainian people and all those affected. European banks aim to support actions initiated by the European institutions and other authorities to alleviate the suffering caused by this attack.
As part of the global community, European banks will support and implement all appropriate measures to safeguard peace and stability. We recognize the pivotal role of banks in the implementation of financial sanctions. To be effective, regulations need to be clear and self-explanatory. To help achieve that, we are ready to engage in an active dialogue with European policymakers. This process is likely to require continuous follow-up, monitoring and adjustment. We will make every effort to secure this important work.
European banks will continue to remain vigilant against cyber threats.
As the banking sector representative, the EBF intends to fully fulfill its role by actively cooperating with European authorities throughout this crisis. |
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FROM THE MEDIA
EURACTIV: With Kyiv under siege, EU leaders pledge to hold the Kremlin accountable
As Russian tanks roll toward Kyiv, EU agrees on the second package of sanctions. EU leaders also “discussed the next steps,” namely options for a third package of punitive measures against Moscow. According to EURACTIV, it remains unclear what would be the trigger for a third package, which could include actions that have so far been left out, like cutting Russia out of the international SWIFT bank payment system, which Ukraine has specifically asked for. Germany, Italy, and Cyprus have been reluctant to put restrictions on SWIFT. Read more FT: UK imposes package of sanctions on Russia Boris Johnson has outlined a severe package of sanctions in response to Vladimir Putin’s full-scale military invasion of Ukraine. The measures include an asset freeze on all major Russian banks, with immediate action against Kremlin-controlled VTB, Russia’s second-biggest lender, the Financial Times (FT) reports. Legislation will be introduced to prohibit Russian companies from raising finance on UK markets and to stop Russia from issuing sovereign debt on the London market. Besides, Russian citizens will face limits on the deposits they can hold in UK bank accounts, high-tech exports to Russia will be curbed. Read more
Reuters: Ukraine crisis complicates ECB's path to higher rates
European Central Bank (ECB) policymakers are gathering for a crisis meeting as Russia's invasion of Ukraine threatens to derail economic growth in the eurozone and complicate the ECB's path out of negative interest rates. As reported by Reuters, analysts concurred that the ECB is now likely to slow down the withdrawal of its support measures. Eurozone banks can tap the central bank for unlimited liquidity against collateral under a facility created during the last financial crisis. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 28 February
Council Working party on Tax Questions (High Level) Tuesday 1 March Council Horizontal Working Party on Cyber Issues French Council presidency conference on the circular economy Wednesday 2 March Thursday 3 March French Council presidency informal meeting of the High Level Working Party on Tax Questions Friday 4 March Global Coalition to Fight Financial Crime ‘Making the fight against financial crime more effective – a European opportunity’ virtual workshop For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS Finance Finland: Ukraine's crisis increases risks of cyber warfare After the escalation of the crisis in Ukraine, cyber-attacks are feared to accelerate to new proportions throughout the West. In Finland, the financial sector is exceptionally well prepared for various cyber attacks, writes Mika Horelli for Finance Finland. Read more (FI) NVB: Dutch banks implement European sanctions The Dutch Banking Association (NVB) said that Dutch banks are implementing the EU sanctions in response to the situation in Ukraine. The sanctions entail cutting off economic relations with the Donetsk and Luhansk regions and blocking the access of the Russian Government and the Russian Central Bank to European financial markets, which cover loans, credits, securities, and other money market instruments. Read more (NL)
BdB: Christian Sewing on the attack on Ukraine
The Association of German Banks (BdB) published President Christian Sewing's statement on the situation in Ukraine: "The German banking industry strongly condemns Russia's attack on Ukraine. [...] We stand united alongside the German government and the European Union when it comes to sanctions. People have a right to live in freedom and democracy. Our thoughts are with the people of Ukraine." Read more (DE) |
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FROM THE INSTITUTIONS EBA: Final Guidelines on the limited network exclusion under PSD2 The European Banking Authority (EBA) published its final Guidelines on the limited network exclusion under the Payment Service Directive (PSD2), clarifying how national competent authorities should assess whether a network of service providers or a range of goods and services qualify as ‘limited’ and are, therefore, not subject to the Directive. Read more
ECB: Finding the right sequence
Inflationary pressures have become broader and more persistent, says European Central Bank (ECB) Executive Board member Isabel Schnabel. For inflation to stabilize at the 2% target over the medium term, a gradual and data-dependent normalization is needed that respects the communicated sequence. Read more
ESMA: Verena Ross at EUROFI High-Level Seminar 2022
Verena Ross, the European Securities and Markets Authority (ESMA) Chair has delivered a speech at the EUROFI High-Level Seminar. She discussed digitalization and sustainability as well as the need to safeguard financial stability. "At such a critical time, securities regulators must remain focused on our duties to monitor, understand, and assess the risks not only to investors but also to markets," she said. Read more |
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FROM THE EBF this week EBF condemns invasion of Ukraine and expresses support for its people The European Banking Federation (EBF) strongly condemns the invasion of Ukraine by Russian forces. Our thoughts are with the Ukrainian people and all those affected. European banks aim to support actions initiated by the European institutions and other authorities to alleviate the suffering caused by this attack. 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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