EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 6 September 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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The Eurofi Financial Forum 2021 takes place in Ljubljana |
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On 8, 9, 10 September, European and international public authorities and representatives from the financial industry will gather in Ljubljana for the Eurofi Financial Forum 2021. The challenges and conditions for relaunching growth in the Covid context as well as the major ongoing trends, including the global fragmentation, AML, ESG, the Digital Finance Strategy, and the Digital Euro will be part of the Forum agenda. Eurofi was created in 2000 to contribute to the strengthening and integration of European financial markets and organizes two events per year in association with the EU Presidencies. The next seminar will take place in Paris (23, 24 & 25 February 2022) when France will succeed Slovenia in the presidency of the Council of the European Union. Read more |
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Economic and financial affairs ministers to meet in Slovenia on 10-11 September 2021 |
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On 10-11 September, ministers for economic and financial affairs will join governors of national central banks and other participants in Kranj, Slovenia, to exchange views on ongoing affairs related to the economic and financial fields. On the first day of the meeting, two working sessions will be held. The first session will be dedicated to the regulation of the financial sector and the balance between financial stability and sustainable financing of the economy. The second working session will focus on the options for channeling IMF special drawing rights to vulnerable countries. The second day of the meeting will also feature two working sessions. At the first working session, the ministers will discuss simulations of fiscal scenarios to ensure a resilient recovery and sufficient space for future investment. The second working session will be devoted to a discussion on the future of taxation. A Eurogroup meeting will also be held on 10 September. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 6 September Tuesday 7 September Eurostat: GDP and main aggregates/Employment (second quarter 2021) EBF Communications & CSR Steering Group online meeting Wednesday 8 September Thursday 9 September Friday 10 September For a full-year overview of key financial regulation events: click here |
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REGISTRATION IS OPEN! European Banking Summit 2021:
BANKING ON THE FUTURE |
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| | Even as the Covid-19 recovery gathers pace, Europeâs financial future remains uncertain. The green and digital transitions will test banksâ agility and bring opportunities and challenges to the EUâs banking sector. The EBF President and Chairman at Banco Santander, Ana BotĂn will address the role of European banks in the economic recovery, sustainable transition, and digital transformation at the European Banking Summit 2021. Register HERE |
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FROM THE MEDIA
International Banker: The digital euro is gaining momentum
About 20 years after introducing the euro, the European Central Bank (ECB) is approaching the next phase of its project to develop a Digital Euro. While this phase has been officially called a âformal investigation phaseâ by Fabio Panetta, member of the ECB board of directors and first vice president of Banca dâItalia, there is little doubt that the Digital Euro will become a reality soon, International Banker reports. Read more
CNBC: European Central Bank to announce tapering in December, analysts say
The European Central Bank will announce the reduction of its Covid-related stimulus in December, four analysts told CNBC amid an economic improvement in the eurozone. In the United States, the Federal Reserve has already signaled it is likely to start tapering before the end of the year. Chairman Jerome Powell said last week that the U.S. economy is at a point where it does not need as much policy support as had been the case in the wake of the pandemic, though the pace at which asset purchases will be reduced is yet to be decided. Read more S&P Market Intelligence: Spanish banks boost fee income, cut costs amid low-rate environment Amid the persistent low-rate environment, Spanish banks have boosted fee income and cut costs to alleviate pressure on interest income. Santander's net fee income rose to âŹ2.62 billion in the second quarter, while BBVA's net fees and commissions increased by 26.3%. "Increasing fee income is a priority for them, [as it is for] all European banks", Johann Scholtz, a banking equity analyst at Morningstar told S&P Global Market Intelligence. Read more |
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FROM EBF MEMBERS
BPFI: Housing Market Monitor â Q2 2021
The latest Housing Market Monitor Q2 2021 published by Banking & Payments Federation Ireland (BPFI) shows housing activity is increasing with a healthy pipeline of housing supply and mortgage demand pointing to strong growth potential with Q2 housing completions now on a par with 2019 levels. Read more
FBF: Nicolas Théry takes the presidency of FBF
Nicolas Théry, the atypical boss of Crédit Mutuel, succeeds Philippe Brassac and takes the presidency of the French Banking Federation (FBF). Representing the 357 banks operating in the territory and, "above all, the 354,000 employees of this beautiful industry", he said, will be his priority. Read more (FR)
UK Finance: My experience as a banking customer
How could banks improve experiences for customers with a disability? Jamil Hoque, UK Finance intern, Personal Finance, discusses his experience as a banking customer and a wheelchair user in the latest blog post. Read more |
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FROM THE INSTITUTIONS
ECB: Tackling the fallout from the pandemic
Some of the immediate economic fallout from the pandemic has been successfully dampened, says European Central Bank (ECB) Vice-President Luis de Guindos. Minimizing its longer-term structural impact in areas such as public debt and labor markets will be key in the short and medium-term. Read more
ESMA sees risk of market corrections in uneven recovery
The European Securities and Markets Authority (ESMA) publishes its second Trends, Risks and Vulnerabilities (TRV) Report of 2021. The Report highlights the continued rise in valuations across asset classes in an environment of economic recovery and low-interest rates, the increased risk-taking of investors, and the materialization of event risks such as GameStop, Archegos, and Greensill. Read more
Irelandâs Finance (European Stability Mechanism and Single Resolution Fund) Bill
Ireland's Department for Finance has published the Finance (European Stability Mechanism and Single Resolution Fund) Bill 2021. The Bill seeks Oireachtas approval to ratify amending agreements to the European Stability Mechanism (ESM) Treaty and the Single Resolution Fund (SRF) Intergovernmental Agreement (IGA). All Euro Area Member States are required to ratify both amending agreements in order to implement the Eurogroup agreement of November 2020 relating to ESM Treaty reform and the introduction of the Common Backstop to the SRF. Read more |
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FROM THE EBF this week
ECSAs: Banking sector calls for participation in development of EU e-ID Toolbox
The European Credit Sector Associations (ECSAs), submitted joint feedback on 30 August to the European Commissionâs initiative for an EU digital ID scheme for online transactions across the Member States. The ECSAs include the European Banking Federation (EBF), the European Savings and Retail Banking Group (ESBG) and the European Association of Co-operative Banks (EACB). The organisations welcome the Commissionâs proposal, announced on 3 June, for a regulation establishing a framework for a European Digital Identity, as well as the high ambitions outlined in the initiative, which represent a positive development in the creation of a future-proof EU single digital market. Read more European Commission consultation on CHF LIBOR: EBF response The EBF supports the Commissionâs initiative to exercise the power to designate a statutory replacement rate for LIBOR CHF. Such a solution is urgently needed to safeguard counterparties from the risk of contracts discontinuity. The form of regulation guarantees direct and uniform application in all Member States, being immediately binding. The EBF supports the choice of replacing LIBOR CHF with a Swiss Average Rate Overnight (SARON) Compound Rate plus a tenor specific spread adjustment (Spread Adjustment Value). Such replacement will maintain the characteristics of the contracts and instruments, especially in the case of loans, thus guaranteeing continuity of contracts and providing legal certainty with the highest level of consumer protection. Read more
European Commission consultation on EONIA: EBF response
The EBF has stressed in various opportunities the need to find a legal solution and assess the potential terms by which a replacement benchmark would be nominated for EONIA, as well as for LIBOR (in all its currencies). The EBF, therefore, fully supports the Commissionâs initiative to designate a statutory replacement rate for EONIA as part of a comprehensive solution for cash and derivative products, as this will provide legal certainty to the transition from EONIA to âŹSTR. 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 f.indaco@ebf.eu
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