Friends 'Weekly' Newsletter

18 January 2018

EBA Risk Dashboard, IFRS 9 transitional arrangements, MiFID II, IFRS 17, risk sharing and market discipline in the euro area, Brexit transition, No-deal Brexit, trade deals after British departure, financial stability and more.

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Temporary Eurobill Fund (TEF) Brexit & UK About this email

  Articles from 11 January 2018 - 18 January 2018

  Banking Union
 
 
The EBA Risk Dashboard confirms steady improvements in the EU banking sector but key challenges remain
Using quantitative risk indicators, along with the opinions of banks and market analysts from its Risk Assessment Questionnaire, the EBA's dashboard identified ongoing improvements in the repair of the EU banking sector but also residual risks in NPLs and profitability.
EBA publishes final Guidelines on disclosure requirements of IFRS 9 transitional arrangements
The aim of these Guidelines is to ensure consistency and comparability of the data disclosed by institutions during the transition to the full implementation of the new accounting standard and to foster market discipline.
 
  Capital Markets Union
 
 
ISDA: MiFID II pre-deal research issues
As requested by the FCA, this note contains a summary of concerns around applicability of Article 12(3)(b) of the Delegated Directive in connection with the investor education process when pre-deal research is produced by independent financial analysts in the research departments of firms.
ICMA publishes report on state of the European repo market at year-end 2017
ICMA has published a report on the European repo market at year end 2017, based on market data and interviews with market participants to provide a brief analysis of the way the market performed and the underlying factors that affected it.
 
  Insurance
 
 
Commercial Risk Europe: New report examines insurers’ readiness for IFRS 17
A Global IFRS 17 Readiness Assessment (GIRA) report has been published by Aptitude Software to assist chief financial officers (CFOs) and their finance teams in addressing IFRS 17. The report shows that insurance companies recognise the scale of the project and the significant risks to implementing IFRS 17.
 
  Temporary Eurobill Fund (TEF)
 
 
“How to reconcile risk sharing and market discipline in the euro area”: Some observations on the new Vox paper
In this fallow period for policy-making while Europe waits for a new German Government, it is welcome that an illustrious group of Franco-German thinkers should publish a Vox paper that outlines a complete, coherent strategy for the Eurozone.
 
  Brexit & UK
 
 
Report by President Donald Tusk to the European Parliament on December European Council meetings
Tusk reported on the key issues discussed during the Council meetings, such as EMU, migration and Brexit, about which he reminded British voters that they could still reverse their decision to leave.
Bloomberg: EU toughens demands on UK for Brexit transition in draft
The European Union has stepped up the demands for concessions that the UK must make during the transition period that follows Brexit, pushing back the cut-off date for the acquisition of rights for EU citizens, according to revised draft negotiating directives obtained by Bloomberg.
CER: Of transition and trade deals
The UK will not be able to replicate the EU’s free trade agreements ready for March 30th 2019. The only solution is to ask the EU for help, writes Sam Lowe.
Financial Times: Canada trade negotiator tempers hopes for ‘plus plus plus’ Brexit deal
A top lawyer who negotiated Canada’s trade deal with the European Union has further dampened British hopes for a “Canada-plus-plus-plus” agreement after Brexit, saying a more basic deal is the only likely option.
The Guardian: No-deal Brexit would cost EU economy £100bn, report claims
The trading bloc would suffer more in lost output than initially thought, although the lack of a trade deal would cost the UK around £125bn.
The Guardian: Trump row could kill off swift post-Brexit trade deal, says former UK envoy
Donald Trump’s deteriorating relationship with Britain is likely to kill off any lingering cabinet hopes of a swift post-Brexit trade deal with the US, a former British ambassador to Washington has warned, as poll shows 72% of British public think president is a risk to international stability.
City AM: Bank of England says Brexit trade deal including the City is possible but warns of tensions with EU over investment banks
A post-Brexit free-trade deal with the EU which includes financial services could be completed in three years, according to the Bank of England’s chief banking regulator, countering the view of the EU’s chief Brexit negotiator, Michel Barnier.
Financial Times: ECB official warns of Brexit ‘shock’ to financial stability
An influential eurozone central bank official has warned that an abrupt British departure from the EU would be a “genuine shock” threatening the stability of Europe’s financial system.
Financial Times: UK promises to prioritise financial services in Brexit deal
Theresa May has told City of London bosses she will put financial services at the heart of a new trade deal with the EU, in the first formal meeting between the prime minister and the financial services sector on Brexit.
 

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