EBF Response
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EBF response to European Commission ‘Have Your Say’ Consultation on Financial Data Access Framework proposal
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BRUSSELS, 6 November 2023 – The European Banking Federation responded to the European Commission’s ‘Have Your Say’ consultation on the proposal for a Financial Data Access Framework (FIDA). The EBF emphasizes the need for a measured approach, striking a balance between the mandatory data sharing elements, and the potential risks on the one hand, and the market driven elements on the other. The framework needs to set the right incentives for innovation while maintaining customer trust, especially in light of the broad scope and number of actors in the ecosystem.
We recommend to:
- Set out a precise scope.
- Include a clear, gradual approach for the negotiation and development of data sharing schemes, supported by a realistic timeline that reflects the complexity of the process.
- Clearly define “Financial Information Services” and strengthen FISP authorization requirements.
- Clarify roles and responsibilities in the operationalisation of permissions dashboards and ensure strong security and protection from fraud.
- Take lessons learned from PSD2, specify the interplay with relevant regulation, and work towards real cross-sectoral data sharing.
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For more information:
Alexandra Maniati, Senior Director – Innovation & Cybersecurity, a.maniati@ebf.eu
Liga Semane, Policy Adviser – Data & Innovation, l.semane@ebf.eu
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 STATEMENT
EBF acknowledges ECB decision to extend its recommendation on dividend distributions
- Banks resilient to stress caused by coronavirus shows ECB vulnerability study
BRUSSELS, 28 July 2020 – The European Banking Federation (EBF) takes note of the European Central Bank’s decision to extend its recommendation on banks dividend distributions, asking now not to pay dividends and not to buy back shares until January 2021. The ECB will review its recommendation in the fourth quarter of 2020. The EBF also understands from ECB’s recommendation that should the environment not worsen by that time, banks will be allowed to pay dividend and buy back shares on 2019 and 2020 net income or from excess capital.
Banks acknowledge the importance of being precautionary, as well as their essential role to continue supporting businesses and households in this environment of exceptional uncertainty due to the COVID19 pandemic. Still dividends suspension should remain an extraordinary measure. Important will be for banks and investors to understand on what criteria the ECB will assess again the situation in Q4 2020. Clarity will be needed on who can pay what and when, based on clearly defined objective criteria. The decision should be made on a case by case basis recognising the macroeconomic environment and the financial stability.
The recently published results of the ECB vulnerability analysis on the Euro area banking sector also shows that the sector remains resilient to stress caused by coronavirus. Under the central scenario, the most likely to materialise according to ECB, banks at an aggregate level can withstand the pandemic stress, and therefore continue fulfilling their role of lending to the economy. The European banking sector reiterates its commitment to helping businesses and households navigate the unprecedented challenges posed by the global COVID-19 pandemic.
BACKGROUND:
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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]]>EU FinTech consultation: put needs of end-users first
- EBF responds to EU consultation on financial technology
- Focus on end-users should be guiding principle for FinTech actions
- “It’s now time to overclock Europe,” says EBF CEO Wim Mijs
The complete EBF response document is available here.
BRUSSELS, 14 June 2017 – Responding to the EU consultation on financial technology, also known as FinTech, the European Banking Federation is submitting a response which underlines its desire to see the creation of a customer-centric and inclusive ecosystem in which all actors, ranging from small start-ups to established multinational banks, are committed to serving clients with innovative financial services.
The EBF applauds the European Commission for initiating this consultation and for creating its FinTech taskforce. The taskforce serves not only a bridge between policy makers and the industry but also as an essential horizontal connection between policy makers in financial regulation and the digital agenda in the EU.
Says Wim Mijs, Chief Executive Officer of the EBF:
“There is no denying that financial technology is the DNA of our industry. Banks actively embrace FinTech to serve clients with new products and services, and it’s great to see how fresh competition helps us keep our focus. If we as Europeans really want to play a role in FinTech globally we need to create room for innovative financial services in a flourishing Digital Single Market. As I’ve said before: we need action at an overclock speed please. This consultation marks a key moment. It’s now time to overclock Europe.”
In its response to the EU consultation, the EBF emphasises the following:
- First and foremost, the interests of end-users – clients and consumers – need to be the main guiding principle for policy makers. Financial technology has the potential of making financial services more attractive and more accessible for clients. Europe’s policy approach needs to encourage trust in FinTech services, particularly those that will be offered in the EU Digital Single Market.
- A forward-looking approach to policy needs to ensure that data protection and trust in financial services remain adequate. Customers expect banks to protect their personal data. Data protection is at the core of trust in financial institutions. The banking industry has been among the top investors in IT services for a long time, keeping systems up to date while maintaining high standards for cybersecurity.
- A properly balanced approach is required for creating a regulatory and supervisory FinTech environment in the EU in which both newcomers as well as established businesses can flourish. Such an approach can be described as ‘Same services. Same risks. Same rules. Same supervision.’ This would ensure high standards for consumer protection, market integrity and financial stability in a level playing field that supports fair competition and innovation.
- The EBF and European banks fully support the creation of an effective and future-proof ecosystem for FinTech in the EU’s Digital Single Market. The banking industry is committed to Fintech partnerships and in many cases already actively working with newcomers. The creation of a sound European FinTech ecosystem requires collaboration between established banking businesses, neo-digital challengers and other types of companies. Potential regulatory obstacles to such partnerships should be prevented and if necessary eliminated.
- To help Europe to remain competitive globally the EU needs to update prudential requirements for investments in software by banks. At present, the software of EU banks is treated as an intangible asset. This means banks have to deduct their software investment from their key capital ratio when calculating capital requirements. Software however is a strategic asset for European banks, enabling them to serve clients where and when needed, to develop cyber security measures, and to deliver digital services competitively. The current prudential treatment is a significant disincentive for investments in innovation. It also distorts the global playing field, particularly when compared to the U.S., where software investments can be treated as tangible assets that do not have to be deducted from a bank’s capital ratio.
- Finally, the EBF wishes to call again on the EU institutions to renew their efforts towards boosting financial literacy levels and digital skills. This, so that as many people as possible can benefit from the innovations in financial services.
Media contact:
Raymond Frenken, Head of Communications, +32 2 508 37 32, r.frenken@ebf.eu
Nahuel Mercedes, Communications Officer, +32 2 508 37 48, n.mercedes@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, uniting 32 national banking associations in Europe that together represent some 4,500 banks – large and small, wholesale and retail, local and international – employing about 2.1 million people. EBF members represent banks that make available loans to the European economy in excess of €20 trillion and that securely handle more than 400 million payment transactions per day. Launched in 1960, the EBF is committed to creating a single market for financial services in the European Union and to supporting policies that foster economic growth.
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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The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
Related publications:
2 June 2017: Banks support ecosystem of interoperable APIs in EU: EBF underlines importance of privacy and security under PSD2
23 May 2017: Data Protection Impact Assessment: EBF comments on Article 29 Working Party guidelines
16 May 2017: EBF asks Commission to support ban on screen scraping
10 May 2017: Digital Single Market: EBF supports innovative, competitive strategy giving confidence for consumers and businesses
26 April 2017: EBF Key messages on European Commission’s Consultation on Building the European Data Economy
14 November 2016: Innovate. Collaborate. Deploy: the EBF vision for banking in the Digital Single Market
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]]>Financial sector associations warn that EC proposals will limit number of sustainable products available for consumers
Joint letter
BRUSSELS, 27 July – A group of financial sector associations – including the European Banking Federation – has written to the European Commission to warn against its proposals to introduce a new definition of “sustainability preferences” across the delegated acts of MiFID II, the Insurance Distribution Directive (IDD) and Solvency II.
While supporting the Commission’s aim of creating a strong framework for investment that supports the transition to sustainability, insurers have serious concerns that these proposals, as currently drafted, will, in fact, restrict customers’ access to sustainable finance by unduly limiting the range of products that insurers are able to offer them.
The issue is that, while the Commission’s proposal for the definition of sustainability preferences is based on the product categories under the Sustainable Finance Disclosure Regulation (SFDR), it adds extra criteria – regarding adverse impacts and sustainable investment criteria – for products that promote sustainable characteristics, but that do not necessarily have a sustainability objective.
This would result in a group of sustainable products that would comply with the stringent requirements of the SFDR, but that cannot be offered to a customer who expresses a desire for a sustainable product due to the additional criteria the Commission is proposing.
Therefore, these newly proposed requirements on eligible products are inconsistent with the SFDR’s objectives and should be removed. Otherwise, they would hamper the ability of the financial sector to offer products that support and accelerate the transition to a more sustainable economy.
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
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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]]>Supporting EU’s vision for a responsible and strong economic recovery
EBF STATEMENT
BRUSSELS, 21 July – With full commitment to mitigating the impact of the Covid-19 pandemic and building a more resilient economy, the European Banking Federation supports the vision of the EU to put into motion a responsible and qualitative economic recovery. The EBF acknowledges the unique milestone reached this morning by EU leadership with a formal agreement of the Multi-Annual Financial Framework (MFF) and the Next Generation EU Recovery Fund (NGEU). With an important role for the financial sector, this deal with enable Europe to take on the multi-faceted challenges in the coming years, not only by boosting public and private investment to secure jobs, help the most affected sectors and regions and protect European citizens from the worst, but also by putting Europe at the forefront of the green and digital revolutions as the propellers of recovery, resilience and competitiveness.
The EBF, together with the community of European banks, stands ready to help their public and private partners by ensuring the effective implementation of the MFF and NGEU. Since the start of the global pandemic, the banking industry has supported its clients – both households and businesses of all types and sizes – wherever possible and will continue to do so. Finance is an essential part of the European recovery phase and economic growth, not only through lending, but also through the range of capital markets services and products they offer. Ultimately to serve the collective purpose of a speedy and effective recovery that will lead to enhanced resilience for the benefit of all EU citizens.
BACKGROUND:
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
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
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>EBF STATEMENT ON EC INITIATIVE ON COVID-19 RELIEF MEASURES
- Banking sector continues to stand with businesses and households
BRUSSELS, 14 July 2020 – The European Banking Federation, along with other financial industry associations and representatives of consumers and businesses in the European Union, notes today’s announcement by the European Commission concerning best practices in relation to relief measures offered in the context of the Covid-19 crisis.
Throughout this crisis, the banking industry has continued to stand with its clients – both businesses and households – in support of the European economy. Across the EU, banks remain committed to serving their customers and work closely in partnership with public institutions in national programmes to mitigate the economic impact of the pandemic.
The EBF appreciates the European Commission’s initiative to bring together Brussels-based representatives in this context and is pleased to note that the Commission recognizes the efforts by financial services providers to adequately support customers during the pandemic.
The EC’s initiative has led to a high-level agreement among all the participants of two roundtables on best practices organised in May and June 2020. Best practices identified in this document outline temporary, non-binding relief measures that financial institutions are encouraged to implement, when appropriate, on a best-effort basis and as long as they are still relevant depending on the situation in Member States.
All roundtable participants agree to continue the dialogue on the Covid-19 crisis and its impacts in the coming months.
BACKGROUND:
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
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
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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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.
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]]>EBF advisor: Daniel Bouzas
Publication date: 17 September 2019
The EBF response to the TEG report on EU Taxonomy highlights some elements that could further contribute to steering the taxonomy more optimally towards financing of the gradual shift of the economy to a net zero carbon emitting model by 2050. The qualitative criteria for adaptation should not apply equally to all sectors, as the activities are very much context specific. Further refinement in some areas is necessary in order to encompass the reality of companies’ shift towards increased sustainability. Our main comments relate to the usability of the taxonomy and its implementation feasibility in IT systems and processes. It is important to ensure that the access to finance is not restricted. Especially for SMEs, we have to avoid too burdensome requirements to access sustainable finance. A set of measures could therefore be developed to facilitate the implementation of the taxonomy by financial and non-financial actors.
Although a direct application of the Taxonomy to loans and other banking activities is not currently envisaged by the EU legislation, the EBF and the UNEP FI are launching a project to analyze the potential of the application of the EU taxonomy to bank’s portfolios, identify any shortcoming or need for adaptations in order to make the taxonomy applicable to banking activities for banks that wish to apply the EU taxonomy on a voluntary basis. Upon agreement of participating institutions and the validation of the final scope, the project will aim to develop and promote high-level voluntary guidelines that will facilitate the identification of sustainable activities in banks’ portfolios based on the EU taxonomy, including use cases. It is important to create European incentive policies for both enterprises and banks involved in the transition towards a more sustainable economy. The joint EBF/UNEP FI project to assess the possible usability of the taxonomy beyond its original scope, albeit on a voluntary basis is not only expected to contribute to the debate on the usability of the taxonomy and its future adaptation, but also contribute to facilitation of the application of targeted incentives and further positive effects.
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]]>STATEMENT
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Statement from the European business community
on the 2019 European Parliament elections
BRUSSELS, 2 May 2019 – The European Union is one of, if not the greatest, achievements of our shared history. It has provided for long-lasting peace across our continent and has brought European people together around the fundamental values of democracy, human rights, freedom and equality.
The European business community remains committed to defending these common values and strongly believes in the benefits of the European Union, particularly its Single Market and our common currency, the Euro. Despite various challenges, the EU project has remained resilient and strong and even though not yet perfect in many regards, the positive impacts of EU integration by far outweigh the negative.
The EU has been instrumental in making the European way of life that we cherish today a reality, and European business has played a key role in enabling this. We have a responsibility to defend what we have achieved and to make sure that Europe is the best place in the world to live, work and do business.
Democracy needs to be lived in order to remain alive. We therefore urge citizens, and specifically our colleagues from business across the continent, to help shape our common future by voting in the European Parliament elections on 23-26 May 2019.
As European business representatives, we will continue to contribute to a successful European project and a united Europe that delivers for its workers and enterprises.
For more information at the European Banking Federation:
Raymond Frenken, Head of Communications, +32 2 508 3732, 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 32 countries in 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 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
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>SME Financing Workshop at the EBF, Brussels 7 June
Stefan Sapundzhiev, Policy Officer, EC DG FISMA Gerhard Huemer, UEAPME, Director for Economic and Fiscal Affairs Casper Arnolds, Senior Advisor Business Services, Dutch Banking Association Daniel Cichocki, Principal, Commercial Finance Policy, UK Finance, Maurice Crowley, Chairman of the EBF Business Finance Committee
The European banking sector is committed to meeting the financing needs of all companies, including small and medium sized enterprises. SMEs are the backbone of the European economy. For example, within the Euro area, they constitute 98% of all Euro area firms, employing around three-quarters of employees and generating around 60% of value added. While banks already provide a substantive amount of financing for SMEs, they see it as their responsibility to constantly strive to improve the conditions for SME financing and to remove any obstacles.
Against this backdrop, the European Banking Federation signed an agreement a year ago in 2017 at the EBF offices, in the presence of Commissioner Dombrovskis, to provide feedback to SMEs when their loans are declined[1]. Building on many national public and private sector initiatives across Europe, the agreement (the ‘High Level Principles for Banks Feedback on SME Credit Applications’) is aimed at bringing all banks to the same level in terms of the minimum feedback provided to SMEs. The ultimate goal is to ensure that the loan application process, even when not immediately successful, can become a constructive step in the business development of a company – which also serves the broader objective of the EBF to improve financial education in Europe[2]. The agreement, which was spearheaded by the EBF, was signed by a wide range of banking associations comprising the full spectrum of banking in Europe.
The seminar marks the 1st anniversary of this important agreement by bringing together representatives of the banking and SME sectors to review the implementation of the agreement across Europe, to learn from best practice and to identify objectives for future progress. In addition to SME lending, we will also discuss alternative sources of finance for SMEs and the specific needs of high-growth companies. This is the first of a series of seminars that will be organised on SME financing. All public and private sector guests interested in SME financing are welcome to attend.
Highlights from this workshop will include a keynote address from Miriam Koreen, OECD Deputy Director and Head of the SME and Entrepreneurship Division.
PROGRAMME:
9:30-10:00 – Registration
10:15-10:30 – Welcome by Burçak Inel, EBF Head of Financing Growth
10:30-10:45 – Keynote: OECD on Financing SMEs and Entrepreneurs – Miriam Koreen, Deputy Director and Head of the SME and Entrepreneurship – Division
10:45-11:30 – 1st Panel: HLP for feedback on SME credit applications, a year on
- Stefan Sapundzhiev, Policy Officer, EC DG FISMA
- Gerhard Huemer, UEAPME, Director for Economic and Fiscal Affairs
- Casper Arnolds, Senior Advisor Business Services, Dutch Banking Association
- Daniel Cichocki, Principal, Commercial Finance Policy, UK Finance
Moderator: Maurice Crowley, Chairman of the EBF Business Finance Committee
11:30-11:45 – Coffee break
11:45-12:00 – Keynote: Dr. Lazaros E. Panourgias, Head EIF Affairs, European Investment Fund (EIF), European Investment Bank Group, Brussels
12:00-13:00 – 2nd Panel: Financing the entrepreneurship of tomorrow: high-growth SMEs
- Armando Melone, Policy Officer, EC DG Grow
- Ian Talbot, CEO of Irish Chamber of commerce and Eurochambres VP and Chair Committee Finance and Economy Eurochambres
- Marta Testi, Head of Elite Growth Europe, LSE
- Hendrik Hartenstein, Senior Policy Adviser, German Banking Association
Moderator: Burçak Inel, EBF Head of Financing Growth
13:00-13:15 – Conclusion by Maurice Crowley, Chairman of the EBF Business Finance Committee
13:15-14:30 – Business lunch
WORKSHOP PICTURES
EBF SME Financing Workshop
TWITTER MOMENT
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