EBF BOARD COMMUNIQUÉx
EU agenda holds opportunity of leveraging banking for global competitiveness and sustainable finance
- Banks encourage appropriate implementation of the Finalisation of Basel III
- EBF supports specific incentives as catalysts for sustainable finance
- EU builds momentum for more effectively tackling financial crime, laundering
VADUZ, Liechtenstein, 21 November 2019 – The Board of the European Banking Federation on Thursday called on the European Union to leverage its fresh regulatory agenda for the financial sector to boost the global competitiveness of the European economy while more effectively engaging banks in financing the transition towards a sustainable society and in fighting financial crime.
Board members of the federation, which brings together leading bank sector representatives from all 28 EU member states and four countries in the European Free Trade Association (EFTA), met for their 129th meeting at the invitation of the Liechtenstein Bankers’ Association, which marks its 50th anniversary this week.
The Board urged policy makers in Brussels and EU Member states to demonstrate political leadership and provide transparency and better visibility on upcoming regulatory initiatives involving European banks. Completing Banking Union and building an effective Capital Markets Union both are essential steps if banks are to deliver on their full potential of funding the EU economy.
Says Jean Pierre Mustier, President of the EBF Board:
“Financing businesses and households in Europe requires a consistent policy framework that gives certainty on regulatory requirements going forward. That is the basis for a financial ecosystem in which European banks can attract capital and contribute to economic growth and prosperity.”
The EBF Board reiterated its support for the Finalisation of the Basel III bank capital requirements with no significant adverse impact on any jurisdiction while respecting the international level playing field in banking and taking into consideration the European specificities. The EBF believes that an appropriate implementation of the Finalisation of Basel III in the EU is essential in order to prevent potential growth risks to the European economy.
As part of its deliberation on Basel III, the Board exchanged views on a new study carried out by Copenhagen Economics, a leading economic consultancy, about the impact of the additional Basel III measures. The study shows that the Basel III Finalisation risks reducing the investment potential of European businesses while increasing costs for households and businesses with bank loans. It is the first time that the full economic impact of Basel III has been calculated.
The Board of the EBF underlined the importance for banks to serve as enablers of the future by demonstrating leadership in Europe on the challenge of climate change and in financing the transition towards a sustainable society. Members took note of ongoing work in the banking sector on sustainable finance and on the joint initiative under the leadership of the Institute of International Finance (IIF) to enhance banks’ climate finance tracking practices. The EU legislative and regulatory agenda is expected to stimulate investments into sustainable activities.
The Board was updated on the upcoming EBF incentives report that will outline a number of concrete proposals to stimulate and contribute to the debate of the European institutions, regulators and banks on how to scale up sustainable activities, mobilize and redirect private financial flows to support such activities, develop new instruments and increase the number of eligible projects.
On diversity and inclusion, banks and institutions must evolve to reflect emerging social dynamics. Today, diversity and inclusion are key concepts for all companies, in all industries, which are looking to succeed. They bring higher team member engagement and motivation as well as enhanced risk mitigation and management, which bring more sustainable organisations and profitability. Creating a positive and inclusive workplace is key to innovation and growth, also by strengthening the reputation of companies, helping them to attract and retain key talents.
“This concept calls for a dedicated commitment, to ensure its full adoption,” said Mr Mustier. “We should consider a Diversity and Inclusion Initiative for the European banking sector to set and monitor specific objectives so that banks increase the proportion of women and minorities – this applies equally to their workforce, clients and key stakeholders – including internal sponsorship initiatives. Including different perspectives helps improve processes and behaviours in our sector.”
Regarding anti-money laundering (AML), board members of the EBF agreed on the need for a more effective EU approach. Although compliance and administrative requirements have been imposed on financial institutions, the current EU AML framework has proved to be insufficient to effectively tackle financial crime.
There is a momentum for the ECOFIN and the Commission to make the right decisions in order to review the supervisory architecture and to enhance the consistency of the framework through a Regulatory harmonisation. Better information sharing and cooperation between all interested parties, public and private, would also greatly help improve the effectiveness of the framework. We support the use of new technologies to build future-proof tools and encourage supervisors to do so as well. The EBF is determined to play an active role and mobilise forces to support and encourage this dynamic and to engage with all stakeholders.
On the topic of Brexit, the Board noted that European financial service firms are more prepared than before to handle a possible no-deal Brexit scenario. The EBF continues to advocate in favour of a managed Brexit that is based on an official Withdrawal Agreement between the EU and the UK. Although a separation in the EU membership may have an impact on trade and the economy, the EBF remains confident that the banking sector will continue to support European economies and serve its customers in the event of a no-deal.
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF 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
Media contact:
Raymond Frenken, Head of Communications, +32 496 52 59 47, r.frenken@ebf.eu
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]]>EBF PRESS RELEASE
EBF statement on the Brexit withdrawal agreement
BRUSSELS, 15 November 2018 – Following the agreement on the withdrawal of the United Kingdom from the European Union reached late Wednesday between EU negotiators and the UK government, and following the publication of the proposed outline for the future EU-UK relationship, Wim Mijs, Chief Executive Officer of the European Banking Federation, said:
“The Brexit withdrawal agreement between the UK and the EU is a late but necessary step that would avoid a hard Brexit cliff-edge scenario once it is endorsed under the democratic process in the UK and in the EU. The transition period will help resolve most – but not all – of the immediate risks of Brexit in the short run; further public action will be needed to address other specific risks to complement the financial sector’s own preparation.
“For the long term, the agreement opens the door to further discussions on the future relationship between the UK and the EU. We gladly note that the outline for that future relationship also recognizes the importance of financial services, underlining the need to maintain financial stability, market integrity, investor protection and fair competition. As banking sector, we call on the European Council and all other stakeholders to create further clarity as soon as possible.”
Media contact:
Raymond Frenken, Head of Communications
r.frenken@ebf.eu +32 496 52 59 47
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF 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 Twitter: @EBFeu
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]]>EBF advisors: Pauline Guérin, Sergio Tringali, Jacopo Borgognone
Publication date: 29 May 2020
The ongoing Brexit negotiations on the future relationship will have a major impact on customers, businesses and citizens on both sides of the Channel. Irrespective of the outcome, the impact will not mean business as usual as the current situation where the UK is still part of the Single Market. Equivalence in the financial sector will most probably be a major tool for regulating interactions with third countries but will not replicate the benefits of Single Market membership. Against this background, the European banking sector calls on both sides to enable the development of the closest possible third-country relationship with the UK, to ensure a level playing field and fair competition, to provide legal clarity, and to build the trust that is needed to maintain a mutually beneficial bilateral relationship.
The purpose of the current paper is to outline the banking sector’s expectations for the future relationship in financial services, as well as providing views on how an equivalence regime could accommodate a mutually beneficial bilateral relationship between the EU and the UK, by preserving financial stability, market integrity, investor and consumer protection and fair competition based on a level playing field. While it is covered to a lesser extent in the paper, the UK’s assessment of the EU’s framework is as important as the EU regime. The following analysis presupposes a deal, the absence of which would raise a separate set of significant risks, which we analysed in 2019. In this context, with the chance of a no-deal scenario still very high, we urge both parties to agree to an extension of the transitional arrangement before the end-June 2020 deadline to give all parties more time to reach a satisfactory agreement, especially considering the exceptional circumstances arising from the ongoing health crisis. In any case, the European Banking Federation calls on all its members and on banks to finalize preparations for the end of the transition period and to envisage all the scenarios possible
Find the EBF document by clicking the button below:
Have a look at the EBF Brexit web page. It brings together information to help bank customers prepare for Brexit
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]]>EBF STATEMENT
Brexit: Statement on UK departure from the EU
BRUSSELS, 30 January 2020 – The European Banking Federation issued the following statement on the upcoming departure of the United Kingdom from the European Union.
The departure has been made possible by last week’s approval of the Withdrawal Agreement by both the Houses of Parliament in the UK and yesterday’s vote of the European Parliament in plenary session. This paves the way for an orderly Brexit on Friday 31 January 2020, as advocated by the EBF since the beginning of the withdrawal process.
Says Wim Mijs, Chief Executive Officer of the European Banking Federation:
“We are sure that shared values will continue to unite the two sides of the Channel and will drive the negotiations on the future trade agreement. Although a separation in the EU membership will affect trade and the economy, we are confident that our sector will continue to meet the needs of customers in providing banking services – payments – and access to financial markets.
Now that the transition period is about to start, it will be fundamental to define the future trade relationship between the EU and the UK. The EBF stands ready to contribute to the trade talks and will continue engaging with EU institutions and ESAs.
Banks on both sides of the Channel want to be able to continue to serve businesses and households with as little friction as possible. This, as well as maintaining financial stability and ensuring consumer protection, should be a key objective for financial services in the upcoming trade talks.”
On its website, the EBF has brought together a wide range of Brexit service pages from its members as well as EU bodies: https://www.ebf.eu/brexit/
Media contact:
Raymond Frenken, Director of Communications, +32 496 52 59 47, r.frenken@ebf.eu
EBF Mediacentre: +32 2 508 3732
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF 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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]]>EBF STATEMENT
Brexit: financial services are better prepared
BRUSSELS, 5 November 2019 – European financial service firms are more prepared than before to handle a possible no-deal Brexit scenario. According to an internal consultation among members of the European Banking Federation, many financial service firms have continued to step up their contingency planning in recent months.
The European Banking Federation, which brings together national banking associations from 32 European countries, continues to advocate in favour of a managed Brexit that is based on an official Withdrawal Agreement between the EU and the UK. This would enable a short transition period that would give financial service firms, and other stakeholders in the economy, more time to prepare for a future agreement which still needs to be negotiated.
Although a separation in the membership of the European Union may have an impact on trade and the economy, the EBF remains confident that the banking sector will continue to support European economies and serve its customers in the event of a no-deal.
Says Wim Mijs, Chief Executive Officer of the EBF:
“Thanks to the ‘flextension’ until the end of January there is more time to facilitate the UK leaving the EU with an agreement. The clock has been reset but continues to tick fast. We hope that the UK will find a way forward soon. Meanwhile our banks and other financial service firms across Europe are even more prepared and continue to implement their Brexit contingency plans.”
If they have not already done so, businesses and retail customers whose finances involve the UK and the EU are advised to contact their bank to make sure that they won’t face problems that can be prevented. On its website, the EBF has brought together a wide range of Brexit service pages from its members as well as EU bodies: https://www.ebf.eu/brexit/
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]]>EBF FACT SHEET ON BREXIT
Brexit: WTO implications for banks in case of no-deal
BRUSSELS, 28 October 2019 – The European Banking Federation has published a new fact sheet that explains which global trade rules will apply to European banks in the event of a no-deal Brexit. In the case of such a scenario, all trade between the EU and UK will be governed by the international rules agreed at the level of the World Trade Organisation, known as WTO. The fact sheet specifically addresses the WTO implications for banks.
Although the risks of the UK leaving the EU without an agreement in place to regulate its trade relations with the EU are not as high as they used to be, the paper addresses which rules will be applicable to regulate the future relationship between EU banks and the UK. In such hypothesis, the WTO rules will certainly apply from day one.
In particular, the following consequences are expected to occur:
- First of all, the General Agreement on Trade in Services (“GATS”), considered the WTO basic agreement on trade, including also the banking sector, will come into force.
- While the GATS does not replicate EU membership, it will still play an important role in case of a no-deal Brexit. GATS rules will be helpful to handle the absence of agreements:
1) The GATS will provide a baseline of protection: in principle, it will not allow the EU (or the UK) to discriminate against EU/UK banking services and service suppliers as compared to like services and services suppliers from other WTO members.
2) The GATS establishes key rules on recognition of prudential requirements: The WTO does not require its members to recognise the prudential requirements of other members. However, where it does, it must offer adequate opportunity to other WTO members for similar treatment.
3) It is important to distinguish between Member States opting for Mode 1 (supply of service from the territory of one Member into the territory of any other Member) and those opting for Mode 2 (supply of a service in the territory of one member to the service consumer of any other member state).
WTO banking commitments for (at least) the EU-12 Member States subscribing to the Understanding (BE, DE, DK, ES, FR, GR, IE, IT, LU, NL, PT, UK) are wide in relation to Mode 2, but not for Mode 1. The lack of market access commitments for Mode 1 has led to the prevailing view that the WTO cannot provide any basis for a right in principle to be able to provide banking services from the UK into the EU (or vice-versa).
The fact sheet was produced in cooperation with Herbert Smith Freehills LLP and with support of the Dutch banking association NVB .
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]]>EBF BOARD COMMUNIQUÉ – NOVEMBER 2018 BRUSSELS MEETING
EBF asks EU to renew momentum towards completing
financial services framework to support growth, jobs
BRUSSELS, 23 November 2018 – Board members of the European Banking Federation on Friday called on the European Union to renew its momentum for progressively completing the EU regulatory and supervisory framework for financial services so that banks can continue to foster growth and support job creation.
If Europe is to carry on moving forward with its ambitious sustainable growth agenda, it will be essential to consider the completion of Banking Union and to reinvigorate Capital Markets Union. At the same time, the EU needs to carefully calibrate the range of EU and international – ‘Basel4’ – regulatory measures that are nearly final.
“Completing Banking Union and creating a CMU needs to feature prominently on the agenda for the next EU term,” said EBF President Frédéric Oudéa. “We live in an age of potential disruption so if banks are to deliver in a bank-financed economy like ours and support the EU’s growth and jobs agenda it is all the more important to reduce regulatory uncertainty and remove unnecessary burdens for our industry.”
The Board approved the 2019 EBF strategy, ‘Building trust in an age of disruption’. The next year will see many changes and transitions, including the European elections that will determine the EU policy agenda for 2019-2024, and leadership changes at the EU’s financial regulation and supervision bodies. The EBF is to remain a trusted partner in the dialogue needed with all relevant European authorities, with a focus on key issues such as the digital transformation and compliance and conduct in the banking sector.
On sustainable finance, the Board noted that swift steps are being taken at the EU level, with the banking sector – including the EBF – being constructively engaged in these discussions. Banks play an essential and pivotal role in financing the global transition towards a sustainable low-carbon economy and recognize this as part of their purpose and role in society.
Addressing EU Risk Reduction Measures, the Board urged EU co-legislators to get the package right by carefully considering the threshold level under the Minimum Requirement for own funds and Eligible Liabilities (MREL). Setting a threshold level that is too high will harm the capacity of banks to finance. The EBF also calls for a balanced approach to the prudential backstop currently considered for non-performing exposures arising from new loans. An adequate treatment of software in the prudential framework is necessary to support innovation and strengthen the competitiveness of the banking sector, and thereby enable banks to foster growth.
While banks across Europe continue to implement their Brexit contingency plans, board members expressed their hopes that the recent agreement reached on the United Kingdom’s withdrawal from the EU will help avoid a hard Brexit cliff-edge scenario. Significant Brexit risks are to be considered where it concerns cleared and uncleared derivatives. Regardless the final outcome of the Brexit processes the EBF remains hopeful that all relevant public actions will be taken in order to avoid negative consequences for the users of these markets. The EBF stands ready to contribute technical recommendations to help avoid undue disruptions. In this context, the Board also underlined the importance of maintaining a level playing field between banks and other actors in financial services such as investment firms.
Media contact:
Raymond Frenken, Head of Communications & CSR
+32 496 52 59 47, r.frenken@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF 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 Twitter: @EBFeu.
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]]>BRUSSELS, 1 March 2019 — The European Banking Federation has launched a dedicated page on its website that brings together information from across Europe needed to support preparations for the withdrawal of the United Kingdom from the European Union at the end of March.
On Friday 29 March 2019 the UK will leave the EU. A hard, cliff-edge Brexit has become a very real scenario because the transition arrangement between the UK and EU remains to be approved by the British parliament. As long as this approval is pending, bank sector clients whose finances involve the UK and the EU face uncertainty. Both businesses and retail customers are advised to contact their bank to make sure that they won’t encounter problems that could have been prevented.
Like banks across Europe, many companies have already taken contingency measures to ensure that their business continues to run after 29 March. However, many of Europe’s small and medium-sized companies are not yet ready. The European Banking Authority is encouraging banks to communicate to customers over Brexit. The European Central Bank also has underlined the need for banks to inform clients.
Key EU institutions such as the European Commission, the European Central Bank, the European Banking Authority have information available for companies and consumers. A number of national banking associations in Europe – members of the European Banking Federation – also have created dedicated national campaigns to support customers, both business and retail.
The links to these websites , and also to other relevant sources of information that can help clients prepare for Brexit, are available at www.ebf.eu/brexit.
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]]>EBF PRESS RELEASE
EBF statement on UK parliament’s Brexit vote
BRUSSELS, 16 January 2019 – Following Tuesday’s vote in the UK Parliament on the Brexit deal agreed in November between the European Union and the UK government, Wim Mijs, Chief Executive Officer of the European Banking Federation, said:
“We deeply regret that the United Kingdom is not able to provide clarity on its Brexit course. Courageous leadership decisions now are essential. It is still not too late to avoid a hard Brexit cliff-edge, but the clock is ticking fast. We hope that the UK will find a way forward, and it’s vital that policymakers and regulators across the EU and UK manage the risks from a no-deal exit. In the meantime, banks across Europe are well prepared and continue to implement their Brexit contingency plans.”
Media contact:
Raymond Frenken, Head of Communications
r.frenken@ebf.eu +32 496 52 59 47
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF 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 Twitter: @EBFeu
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
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]]>From the European Banking Federation:
EBF endorses UN Responsible Banking Principles initiative
- EBF, UNEPFI plan event in Brussels to engage on the PRB on 5 February
BRUSSELS, 3 December 2018 – The European Banking Federation is endorsing the initiative for Principles for Responsible Banking, presented last week by UNEP FI, the Finance Initiative of the United Nations Environment Programme, and has committed itself to promote this initiative in the banking sector in Europe.
Banks play an essential and pivotal role in financing the global transition towards a sustainable low-carbon economy and recognize this as part of their purpose and role in society. To encourage European banks to adopt the Responsible Banking Principles, EBF and UNEP FI, with the participation of European Commission Vice-President Valdis Dombrovskis, will organize a European event in Brussels on 5 February where banks and other stakeholders can learn more about the principles. This event will be complemented by events organized by EBF members at national level.
Says Wim Mijs, Chief Executive Officer of the EBF:
“Sustainability should be an integral part of everyday culture, processes and decision-making. Supporting a sustainable future is about achieving long-term business benefits and prosperity. Our goal is a financial system that embraces financial benefits as well as societal and environmental benefits. Once that’s achieved all finance will be sustainable. We will no longer need to speak about ‘sustainable finance’ as such.”
The draft principles are developed in cooperation with 28 leading banks from around the globe, including nine from Europe. They represent a first comprehensive global framework for integration of sustainability across all business areas of banks and are a catalyst for continuously increasing positive impact actions while reducing actions with a negative impact on people and environment.
The presentation in Paris launched a global consultation on the draft principles that will run until end of May 2019. The principles will then be finalized by September. Signatories of the final principles will commit themselves to aligning their strategies with society goals. Using products, services and relationships to accompany clients in their transition towards more sustainable business models, technologies and way of living, banks will support and accelerate the fundamental changes in economies and lifestyles necessary to achieve shared prosperity for current and future generations.
By signing the principles, banks will set public targets in the areas of most significant impact, in terms of scale and ambition and will be held responsible for progress. Public accountability and full transparency will not only enable peers’ comparison and increase trust, the competition is expected to fuel the transformation further towards a sustainable economy. While it will take time, and different banks will find themselves at different levels of the scale, adopting a different pace and approach, the trend is clearly set.
For more about the Principles for Responsible Banking:
http://www.unepfi.org/banking/bankingprinciples/
Media contact:
Raymond Frenken, Head of Communications & CSR
+32 496 52 59 47, r.frenken@ebf.eu
Burçak Inel, Head of Financing Growth
+32 2 508 37 33, b.inel@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF 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 Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
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