EBF Position paper – Corporate Sustainability Due Diligence Directive (CSDD)
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Brussels, 20 June 2022 – The EBF position on Corporate Sustainability Due Diligence Proposal
Key issues
- The directive should clarify whether it is asking financial entities to identify the adverse impact just once during the onboarding of the client or for each new product/service contract a company is selling to a same client.
- The EBF position is that the obligations of this Directive should apply at the consolidated group level and subsidiaries should be expressly exempted.
- The notion of “directors” should be clarified. The proposal does not seem to distinguish between executive and non-executive directors, or even between members of the board of directors or senior managers.
- We strongly oppose the inclusion of the proposed provisions on civil liability (article 22) and the payment of damages to affected groups (article 8) in the Directive. They go against the established principles of national civil law and create an unaccountable and uncertain legal risk for companies.
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For more information:
Denisa Avermaete, Senior Policy Adviser, Financing Sustainable Growth, d.avermaete@ebf.eu
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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.
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]]>EBF BOARD COMMUNIQUÉ
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Banks stand by their customers in the second wave of Covid-19
- Unprecedented action from banks and authorities to help mitigate the economic impact of the Covid-19
- Further measures to be considered to free up additional lending capacity
- New capital regulation to be delayed or amended until pandemic situation has stabilised
BRUSSELS, 20 November 2020 – European banks stand ready to keep up their support for businesses and households amid growing uncertainty around the speed and strength of the recovery.
While it is too early to assess the full impact of the second ongoing wave of Covid-19 on the economy, it is clear that extraordinary support will still be needed in the next months to help the European economy to regain its full strength. Board members of the European Banking Federation (EBF), bringing together national banking associations from 32 countries, met on Friday by video conference. They reviewed recent actions taken by banks, supervisors and regulators and renewed their commitment to continuing playing a constructive role in the crisis.
Board members welcomed, in particular, the combined measures adopted by the EU institutions, as the Banking package to facilitate banks’ lending to households and businesses in the EU. They would also welcome a quick adoption of the Capital Market Recovery package to make it easier for capital markets to support European businesses to recover from the crisis.
Still, as the health situation is worsening again, the Board urges lawmakers to consider further measures to free additional lending capacity, such as adopting a cap of the Single Resolution Fund target level. The idea of the EU legislators was to have a fund of around 55bn Euro. Due to the dynamic calculation method, the fund has grown up to more than 70bn Euro – an increase which does not correspond with the underlying risks.
Also, new tools to deal with non-performing loans resulting from this crisis without major economic disruptions should be considered, including a review of the NPL backstop regulation, a more pragmatic securitisation framework to stimulate the NPLs secondary market and a consistent framework for Asset Management Companies.
Despite the fact that the post-financial crisis regulatory architecture has greatly increased the resilience of the sector, it appears opportune to proceed with an in-depth review of the current regulatory framework in light of its effect during the pandemic crisis. European lawmakers should first postpone the timetable for implementation of Basel IV until the economic impact of the Covid-19 pandemic is sufficiently clear. Importantly, the transposition of the outstanding parts of the Basel IV agreement into EU law should be done taking European specificities into account and with a view to allow banks to support the recovery of the EU economy.
European banks are part of the solution to this crisis. They are serving their clients and the economy at large. At the same time, banks need to be able to attract capital in the same way as in other parts of the world such as in the US.
“European banks are strong and face the crisis generated by Covid-19 with high capital levels. The sector is making a tremendous effort to encourage recovery while putting in place pre-emptive actions to manage loan loss provisions. The focus must remain on supporting the real economy, ensuring that clients and communities are equally successful in facing these unprecedented challenges. The role of the EBF is key in making sure that the regulatory environment continues to allow banks to remain an important part of the solution.” says Jean Pierre Mustier, President of the EBF”
Furthermore, the EBF Board encouraged ongoing efforts by the European Union and the United Kingdom to reach a free trade agreement as soon as possible. Starting next year, UK Finance will cease to be a full member of the EBF. However, members unanimously and amicably agreed to create a new category of membership in order to allow the UK association to continue to engage in the work of the EBF.
Finally, the EBF Board stressed that as a result of the pandemic, deep structural changes such as digitalisation and the so-called greening of the economy, have been accelerated and need to be properly managed in order to reap the full benefits. In order to manage this transition, Europe will need deep and liquid capital markets as well as a complete Banking Union. European banks encourage regulators to pursue those goals with renewed ambition.
“To create a single banking and capital market, EU rules and regulations must be further harmonised. In particular, in new fields, such as digitalisation or the market for sustainable products, we need to ensure from the outset that we do not end up with a patchwork regime. A completed single market will make European banks stronger and only strong banks guarantee a long-term reliable supply of credit.”, says Christian Ossig, Chairman of the EBF Executive Committee.
Media contact:
EBF Media Centre, press@ebf.eu, +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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Brussels, 12 November 2019
Joint Business Statement on the Proposal on Representative Actions
The European business community is following with interest and concern the progress of the Proposal for a Directive on Representative Actions before the Council.
The members of our organisations support simple, balanced and efficient civil justice systems. This Proposal presents an opportunity to achieve an EU framework which offers consumers appropriate redress while facilitating trade between Member States by reducing the divergences between Member State’s private enforcement systems. It also presents an opportunity to minimize the risk of abuse, especially the risk that consumers harmed by a breach of consumer protection laws may be re-victimized by unscrupulous actors while trying to enforce their rights.
Contact:
Blazej Blasikiewicz, B.Blasikiewicz@ebf.eu
Nahuel Mercedes, +32 (0)2 508 3748, n.mercedes@ebf.eu
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]]>EBF advisor: Blazej Blasikiewicz
Publication date: 19 September 2017
With regard to the development of the secondary market for NPLs, EBF believes that the most important way is to enhance creditors’ recovery tools, reducing the complexity, time and cost of recovery procedures. Giving investors an efficient and stable recovery framework reduces uncertainty and, consequently, the risk premium incorporated in the price. Prices and depth of secondary markets for NPLs could be significantly higher if these kinds of measures are introduced.
Moreover, EBF and its Members are not certain that measures at the EU level (Directive or Regulation) are the most efficient tools to help reduce the significant levels of NPLs some banks in several member states have on their balance sheet. The implementation of reforms needed to promote the development of secondary markets should aim at the level of the Member States. However, the EU could play an important role in the process of identification of significant obstacles and in ensuring that those EU Member States, which do not have a workable framework for the development of the secondary market for NPLs, implement necessary reforms, if that is considered needed due to the high level of NPLs in those Member States.
With regards to the establishment of a new kind of loan security, labelled “accelerated loan security”, EBF believes that there would be benefits in creating such a form of collateral / security primarily in the case that such s type of collateral remains valid / enforceable in the insolvency / pre-insolvency processes. In case it is not valid / enforceable and insolvency may be opened in a swifter manner at the request of the debtor / third parties, such an “accelerated loan security” becomes a common type of collateral without additional practical use.
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]]>A centralized register for ESG data in the EU:
EACB, EBF, EFAMA, ESBG, IE, PE Joint Letter
BRUSSELS, 10 June 2020 – The European Banking Federation, together with five other financial industry associations, is calling for the European Commission to establish a common ESG data register in the European Union to enhance the availability of relevant and reliable ESG data, facilitate disclosure and scale-up sustainable funding.
- The data register should focus on ESG disclosure in line with Non-Financial Reporting Directive and EU taxonomy, starting with climate change adaptation and mitigation objectives, as well as ESG data necessary to financial market participants to comply with the Sustainable Finance Disclosure Regulation.
- The register should also include relevant ESG information already collected by European and national institutions such as governments, central banks, statistical bodies, etc. The EU should open up its databases that collect environmental reporting data and make those re-usable to users of non-financial information.
- Such data should be gathered and made available digitally to users of non-financial information, not only investors but also lenders, academia, researchers, authorities and others.
Subscribe to the EBF Weekly + FinReg Agenda
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]]>Recommendations for Improving the Flow of Credit to SMEs
by SMEunited and the European Banking Federation
BRUSSELS, 27 May 2020 – SMEunited and the European Banking Federation have agreed on joint recommendations for improving the scope and effectiveness of the current funding flows to SMEs in need.
SMEunited and the EBF represent the Crafts and SMEs and the banks – large and small, wholesale and retail, local and international – in Europe, respectively. The two associations are joined by their common interest in ensuring an adequate, speedy, smooth credit flow and provision of other critical services to Europe’s SMEs at a time of extraordinary challenges for small companies in Europe. SMEunited and EBF have come together to make recommendations for improving the scope and effectiveness of the current funding flows to SMEs in need.
It is important to stress that this current statement is focused on the rescue/stabilisation phase of the crisis, rather than the recovery, which will involve its own set of challenges and priorities.
Both organisations agreed in the importance of an adequate, speedy, smooth credit flow and provision of other critical services to Europe’s SMEs at a time of extraordinary challenges for small companies in Europe. SMEunited and EBF believe that several actions could, and should be taken to coordinate practical solutions and best practices that can improve the lending processes and the terms of funding available to SMEs.
In this statement, they argue for an improved dialogue for SME and Banking Associations at a national level to identify specific problems. They need also to get in contact with the providers of public schemes to ensure that the support reaches out to SMEs as fast as possible and without unnecessary burdens.
Finally, the statement has been published ahead of a Roundtable meeting Executive Vice President Valdis Dombrovskis has organised for the 28 May to discuss with the financial sector, business and consumer organisation the situation as regards access to finance in times of COVID-19.
Subscribe to the EBF Weekly + FinReg Agenda
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Brussels, 30 March 2020
Joint Finance Sector Social Partners Statement on COVID-19
The European social partners in the financial services sector – UNI Europa Finance, the Banking Committee for European Social Affairs of the European Banking Federation (EBF BCESA), the European Savings and Retail Banking Group (ESBG), the European Association of Cooperative Banks (EACB), Insurance Europe, the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), and the European Federation of Insurance Intermediaries (BIPAR) – would like to express their sincere sympathy to everyone directly suffering because of the COVID-19 pandemic and to profoundly thank all those risking their own health to save lives. As social partners, we are fully committed to ensuring that the European banking and insurance sectors continue to assist their customers and support European economic activities to the best of our abilities during this unprecedented pandemic crisis. This requires close and intense coordination with public authorities and for the European institutions, regulatory and supervisory authorities and the financial services sector to work together to try to neutralise as much as possible and to the best of our abilities the effects of COVID-19 on the economy. Important measures have already been taken to help the banking sector in supporting the economy. As this is a rapidly evolving situation, the social partners call on the public authorities to stand ready to take further action and use the necessary flexibility at their disposal to overcome the present difficulties.
Contact:
Luka Bohacek, L.Bohacek@ebf.eu
Benedetta Venanzi, B.Venanzi@ebf.eu
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International Directors Banking Programme
INSEAD partner programme with the European Banking Federation
NEW DATES FOR 2020 ANNOUNCED
Developing directors in a global banking context
Webinar (January 2019) with Peter Nathanial and Sebastien de Brouwer. Click here.
Building on the success of INSEAD’s International Directors Programme, their flagship course in corporate governance, the International Directors Banking Programme is designed to support international bank directors and senior executives in navigating this most challenging environment.
As EBF we are very proud to team up with INSEAD, one of the world’s leading and largest graduate business schools, in proposing this topical programme. We strongly believe that the topic of governance is essential in today’s global context, and, in the wake of the crisis the banking sector has gone through. The banking sector is under heavy scrutiny from regulators, shareholders and society, who are all searching for improved governance and performance. Bank boards and senior executives must deliver performance-wise while complying with stricter regulations, avoiding sanctions at all costs, and navigating risks in an environment that remains turbulent and unpredictable.
To navigate this most challenging environment, bank directors, supported by executives, need to review and update their corporate governance practices. They also need to shape their corporate culture going forward, anchoring it in both effective governance and performance. All this is more easily stated than achieved. INSEAD, through its Corporate Governance Centre, in partnership with the EBF, has decided to support executives, directors and bank boards in this challenging environment by proposing a programme that focuses on how to execute effective governance in what may be perceived as an unforgiving digital economy. The programme provides participants with the opportunity to exchange views on the challenges met in governance and its practices. Our common goals aim at ensuring that common regulatory and policy goals are adhered to and thoroughly understood.
The International Directors Banking Programme consists of three modules – governance effectiveness in the modern banking landscape; board efficiency and dynamics for high-performing culture; and developing director excellence and their boards.
Within each module, the programme will focus on three fundamental questions:
- What do bank directors need to know about the modern banking landscape to set the direction of the organisation?
- How can bank directors and executives cultivate board efficiency and positive dynamics for a high-performing culture?
- In the current context of the banking sector, how can bank directors best exercise their responsibilities to accomplish what is required in the boardroom?
The objectives are:
- developing an understanding of the fundamental principles of corporate governance and the broader context in which banks operate;
- learning about the inherent tensions and pitfalls associated with governance in the banking sector;
- gaining a clear understanding of the governance roles and responsibilities of bank board members and executives, and how they collaborate to execute their mandate;
- learning how bank executives and directors can work effectively with external auditors, regulators, shareholders and other stakeholders;
- preparing for and executing governance in times of crisis and distress;
- grasping how to govern across multiple subsidiaries and geographies.
The programme is targeting:
- Board members / directors in banking
- Senior bank executives with governance experience
- Members of board committees
- Auditors and legal counsel of financial institutions working with banks and their boards
- Regulators and supervisors
The dates of the first programme are the following:
- Module 1 (3 days): 5 –8 April 2020 – INSEAD Europe Campus, Fontainebleau, France
- Module 2 (3 days): 14–16 July 2020 – INSEAD Europe Campus, Fontainebleau, France
- Module 3 (3 days): 20–22 October 2020 – INSEAD Europe Campus, Fontainebleau, France
You will find attached all necessary information on Insead website: https://www.insead.edu/executive-education/corporate-governance/international-directors-banking-programme Please note that Members of the EBF are entitled to a 7.5% discount.
Should you be interested, please do not hesitate to contact us (s.debrouwer@ebf.eu) or INSEAD (idbp_contact@insead.edu directly.
For more information, please contact:
International Directors Banking Programme
Margy Fuller
+33 1 60 72 41 27
IDBP_contact@insead.edu
Sebastien de Brouwer
Chief Policy Officer
European Banking Federation
Direct: +32 2 508 37 65
s.debrouwer@ebf.eu
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Modern Governance in Banking
An European Banking Federation and INSEAD partner programme
[UPDATE 13 April: adds link to webinar recording]
“Modern Governance in Banking” is a new modular programme of three three-day modules at the INSEAD business school in Fontainebleau, France. The content is driven by the needs for bank directors and senior executives working in banks to review and update their corporate governance practices due to the many pressures they face, and will focus on the effectiveness of directors and boards. Successful completion by participants offers certification by INSEAD.
As one of the world’s leading and largest graduate business schools, INSEAD offers participants a truly global educational experience. With campuses in Europe (France), Asia (Singapore) and Middle East (Abu Dhabi), INSEAD’s business education and research spans three continents. Its 145 renowned faculty members from 40 countries inspire more than 1,400 students in its degree and PhD programmes. In addition, over 10,000 executives participate in INSEAD’s executive education programmes each year.
Modern Governance in Banking
In today’s global economy, the banking sector is under heavy scrutiny from regulators, share holders and society, who are all searching for both improved governance and performance. Bank boards and senior executives must deliver performance while complying with stricter regulations, avoiding sanctions at all costs, and navigating risks in an environment that remains turbulent and unpredictable. Tensions are present of course in all sectors, but they are particularly severe in banking, where compliance and ethics, long-term versus short-term trade-offs, and product and organisational complexity abound. And if all this was not sufficient, digitalisation and fintech are expected to cause fundamental changes.
EBF and INSEAD offer new partner programme
To navigate this most challenging environment, bank directors, supported by executives, need to review and update their corporate governance practices. They also need to shape their corporate culture going forward, anchoring it in both effective governance and performance. All this is more easily stated than achieved. INSEAD, through its Corporate Governance Centre, has decided to support executives, directors and bank boards in this challenging environment by proposing a programme that focuses on how to execute effective governance in today’s unforgiving digital economy, and allows participants to exchange views on their governance practices and challenges. INSEAD is already known for a number of offerings in banking, including the Strategic Management in Banking and the Risk Management in Banking programmes. In addition, it offers a leadership programme for the Interalpha consortium of banks.
Collaborative effort
The programme is offered in partnership with the European Banking Federation, which aims to ensure that common regulatory and policy goals are well understood and adhered with. It is the result of a collaboration between Peter Nathanial, governance expert and former Group Chief Risk Officer at Royal Bank of Scotland, and Professor Ludo Van der Heyden, Academic Director of the INSEAD Corporate Governance Centre and Co-Director of the INSEAD Directors Programme, and INSEAD Executive Education.
How you benefit:
- Develop an understanding of the fundamental principles of corporate governance and the broader context in which banks operate
- Learn about the inherent tensions and pitfalls associated with governance in the banking sector
- Gain a clear understanding of the governance roles and responsibilities of bank board members and executives, and how they collaborate to execute their mandate
- Learn how bank executives and directors can work effectively with external auditors, regulators, shareholders and other stakeholders
- Prepare for and execute governance in times of crisis and distress
- Grasp how to govern across multiple subsidiaries and geographies
Participants profile:
- Board members /directors in banking
- Self-Evaluation: what type of director can you be, do you wish to be and are satisifed to be?
- Senior bank executives with governance experience
- Members of nomination committees
- Auditors and legal counsels of financial institutions working with banks and their boards
- Regulators and supervisors
Webinars:
The first dedicated webinar about the Modern Governance in Banking programme took place on 13 April. Click here to listen to the recording.
Subsequent webinars are scheduled for 26 April at 16 CET and 31 May at 16 CET. They present the programme and respond to any questions you may have. Please let us know whether you would like to know more about the webinar so that we can provide you with the practical details to join in.
The dates of the upcoming run are:
Module 1 (3 days)
INSEAD Europe Campus, Fontainebleau, France, 11–13 July 2018
Optional day on the 10th of July available for non-executive and/or non-banking directors. Will include a review of the current banking lexicon and a look at the challenges faced by non-executive, non-banking directors on banking boards.
Module 2 (3 days)
INSEAD Europe Campus, Fontainebleau, France, 3–5 October 2018
Module 3 (3 days)
INSEAD Europe Campus, Fontainebleau, France, 24–26 January 2019
Members of the EBF are entitled to a 7.5% discount.
For more information, please contact:
Stéphane Grand-Chavin
Director, Partner Development
INSEAD Executive Education
Tel. +336 71 63 33 28
stephane.grandchavin@insead.edu
Sebastien de Brouwer
Chief Policy Officer
European Banking Federation
Direct: +32 2 508 37 65
s.debrouwer@ebf.eu
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]]>EBF advisor: Roger Kaiser
Publication date: 18 April 2018
The scope of application of the VAT exemption related to the services supplied to their members by independent groups of persons (“IGPs”) has been strictly limited by recent decisions of the Court of Justice of the European Union, seriously affecting European banks.
This case law will lead to a significant increase of the cost of supplies of services between companies active in the financial and insurance sector, since VAT will be applicable on such services and the above mentioned taxable persons usually only benefit from limited input VAT deduction rights. It is essential to secure the continued applicability of the IGP regime on the financial and insurance sectors. Therefore the EBF has sent a letter to the Commission to urge them to submit draft legislation to amend the VAT Directive to that effect.
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