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05 December 2019

Standard Weekly Newsletter


EBA annual Report on risks and vulnerabilities in the EU banking sector, Council review of the supervisory framework for financial institutions, European Parliament declares climate emergency, Boris Johnson heads for big majority, EU chief issues Brexit warning over City of London access and more.

 

Welcome to our Friends Standard weekly e-mail. 

We are now focussed on the big themes for the next legislative period - targeting the interaction of the driving forces of politics and economics as they force the required changes in over-arching financial regulation (including ESG and Fin Tech). Details of these services are here

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Articles 28 November 2019 - 5 December 2019
 

Banking Union

European Commission study: Analysis of the individual and collective loan enforcement laws in the EU Member States : The European Commission welcomes the publication of the results of an independent analysis of the effectiveness of Member States’ loan enforcement laws.  View Article
EBA confirms progress in banks’ balance-sheet repair but points to a bleak outlook for their profitability : The EBA published its annual Report on risks and vulnerabilities in the EU banking sector. The Report is accompanied by the publication of the 2019 EU-wide transparency exercise. Overall, EU banks’ solvency ratios remained stable, while the NPL ratio further contracted. Amidst low profitability, a proactive management of operating expenses is essential. View Article
European Commission: Study on the differences between bank insolvency laws and on their potential harmonisation : The study aims to describe and compare the national bank insolvency frameworks of Member States, as well as to assess the potential benefits of a more harmonised insolvency regime for banks.  View Article
Basel Committee publishes consultation paper on revisions to the credit valuation adjustment risk framework : The Basel Committee on Banking Supervision has published a consultative document on revisions to the credit valuation adjustment (CVA) risk framework. It seeks the views of stakeholders on a set of limited adjustments to the CVA risk framework published in December 2017. View Article

 

European Parliament - France 24
 
EIOPA publicly consults on its approaches for regulating key aspects of the Pan-European Personal Pension Product (PEPP) : The EIOPA launched the public consultation of its approach to the regulatory and implementing standards, and technical advice to the European Commission on delegated acts, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation. View Article

Capital Markets Union

ESMA sees continued high market risk amid deteriorating economic fundamentals : According to the dashboard, the market risks remain very high, against the background of a deteriorating growth outlook, continued uncertainty around Brexit, US-China trade tensions and geopolitical risk. View Article
Clearing houses: Council adopts position on recovery and resolution : EU ambassadors approved the Council's position on a proposed framework for clearing houses and their authorities to prepare for and deal with financial difficulties. They invited the presidency to start negotiations with the European Parliament as soon as possible. View Article
Financial supervision: Council adopts a review of the supervisory framework for financial institutions : The EU will have an improved supervisory framework for European financial institutions in place by the end of the year. The Council adopted a first fundamental review of the functioning of the European system of financial supervision (ESFS). View Article

Environmental, Social, Governance (ESG)

European Parliament: Climate change should be Parliament’s first priority, according to citizens : Combating climate change should be Parliament’s top priority, new Eurobarometer reveals, highlighting youth-led climate protests as great influencers. View Article
The European Parliament declares climate emergency : EU should commit to net-zero greenhouse gas emissions by 2050 at the UN Conference, says Parliament. Ahead of the UN COP25 Climate Change Conference, the Parliament approved a resolution declaring a climate and environmental emergency in Europe and globally. View Article
POLITICO: Mark Carney named UN envoy for climate action : The United Nations has appointed Mark Carney, the governor of the Bank of England, as its Special Envoy for Climate Action and Finance. View Article

Broadening the International Role of the Euro

European Commission: Europeans show record support for the euro : More than three in four citizens think that the single currency is good for the European Union, according to the latest Eurobarometer results. This is the highest support since surveys began in 2002.  View Article

Economic Policies Impacting EU Finance

European Commission: Quarterly Report on the Euro Area : The report discusses some weaknesses in the EMU’s initial construct, the important reforms undertaken since the European debt crisis, and the challenges still to be addressed in various policy domains directly affecting the functioning of the EMU.  View Article
City AM: EU and UK feel the pain as global trade contracts : The European Union has been hit hard by the slowdown in international trade, OECD data showed , with the UK suffering more than most. View Article
The renewed front EU guard: Christine Lagarde, Ursula Von der Leyen,
Charles Michel and David Sassoli - POLITICO

EU27 Politics

Fondation Robert Schuman: With Ursula von der Leyen, the Commission of “new opportunity” : In 2014, Jean-Claude Juncker started his term in office qualifying his Commission as being the “last chance”. Five years later the new Commission might be defined as that of “new opportunity” for the revival of the community project with ideas and ambition for the future.  View Article
POLITICO: 4 presidents kick off EU’s new leadership cycle : Ursula von der Leyen and Charles Michel marked the inauguration of their terms by joining the presidents of the European Parliament and European Central Bank for a celebration of the 10th anniversary of the Lisbon Treaty. View Article

Brexit

POLITICO: No EU trade deal after Brexit risks more austerity : Failure to strike a UK-EU trade deal would force the British government to adopt an austerity program in the medium term, according to the Institute for Fiscal Studies. View Article
The Guardian: EU risks splits over Brexit trade talks, says new council chief : The EU is ready for the next phase of Brexit but risks greater internal divisions over trade talks with the UK, one of its incoming leaders has said. View Article
Charles Michel and departing EU Council chief Donald Tusk - Euronews
The Independent: Boris Johnson's Brexit plans will cost UK economy up to £20bn a year, report warns : “Getting Brexit done” on the terms of Boris Johnson’s general election manifesto will inflict a hit of up to £20 billion a year on government finances, rising as high as £28 billion if the UK crashes out of the EU without a trade deal agreement at the end of 2020, a new report has warned. View Article
EurActiv: One-year EU trade deal is fantasy : Prime Minister Boris Johnson would do better to come clean with the electorate on the complexity of the task ahead of negotiating a free trade agreement with the EU, writes Michael Leigh. View Article
The Times: MRP election poll: Boris Johnson heads for big majority : Boris Johnson is on course for a comfortable majority, according to a polling model that accurately predicted the election outcome two years ago. View Article
Boris Johnson - Newtral
Financial Times: EU chief issues Brexit warning over City of London access : The EU’s financial services chief has warned that Brussels is ready to cut off the City of London’s post-Brexit market access in a sign of the pressure Britain will face to stay closely aligned with European rules after it leaves the bloc.  View Article
Financial Times: Moody’s cuts outlook on UK banking system from stable to negative : Moody’s has reduced its outlook on the UK banking system from stable to negative, saying Brexit uncertainty has eroded “the country’s growth prospects” while low interest rates are hitting lenders’ profitability. View Article
Graham Bishop #FBPE retweeted
Andy Bruce Andy Bruce
@BruceReuters
??ICM/Reuters poll?? Con: 42% (+1) Lab: 35% (+1) Lib Dem: 13% (-) Brexit Party: 3% (-1) Green: 2% (-1) SNP: 3% (-) Entirety of poll conducted *after* Friday's attack.
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
For investors in U.K. banks, the stakes couldn't be much higher ahead of this month's general election bloom.bg/2OGci16
 
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> FT Brussels
@ftbrussels
EU chief issues Brexit warning over City of London access on.ft.com/35X05uz
 
Graham Bishop #FBPE retweeted
Federal Trust Federal Trust
@FedTrust
" UK’s economy is set to become dangerously dependant on govt spending to survive, while its manufacturing and financial services are hollowed out" Bob Savic @GPI_updates says Britain's post-Brexit economic prospects are becoming gloomier by the day fedtrust.co.uk/the-future-is-… pic.twitter.com/3jz8POoTm8
 
Graham Bishop #FBPE retweeted
Michel Barnier Michel Barnier
@MichelBarnier
In the future, the UK will be our closest and most strategic partner. Under the authority of @vonderleyen and with @JosepBorrellF, we will work on an ambitious future partnership in foreign policy, security & defence. My speech at #EDAconf19  europa.eu/!Hn37bu pic.twitter.com/8zuyngshr3
 
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> FT Brussels
@ftbrussels
Baselheads are intent on crushing European project finance on.ft.com/35O2xn5
 
Graham Bishop #FBPE retweeted
Bloomberg Brexit Bloomberg Brexit
@Brexit
YouGov's latest poll shows the Conservative Party on track to win its biggest majority in more than 30 years bloom.bg/2R1ZVhp
 
Graham Bishop #FBPE retweeted
<a href=FT Brussels" src="https://pbs.twimg.com/profile_images/931157406360449024/uendSDG1_normal.jpg" /> FT Brussels
@ftbrussels
Global trade slowdown hits EU the hardest, new figures show on.ft.com/37NqDQH
 

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