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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 17 November 2016.
The British Bankers’ Association (BBA) has produced a series of four guides on how Brexit will impact on banking. The guides cover staying in or leaving the single market, how to exit the EU in an ‘orderly’ fashion, passporting and equivalence. The BBA says it is working with governments and other sectors across Europe ‘to limit disruption and deliver the most positive outcome for the people of the UK and Europe’.
On 9 November 2016, in a speech to the Economic and Monetary Affairs Committee, Danièle Nouy, chair of the Supervisory Board of the European Central Bank (ECB), covered a number of recent developments in the banking sector, including the profitability of euro area banks remaining low by historical standards, competition from non-banks, and the increased need for investments in information technology to keep up with consumers’ demand for digital services and distribution channels that are partly outdated. Ms Nouy refused to blame low interest rates alone for Euro banks’ poor profitability, and set out the ECB’s action on non-performing loans. The speech also touches on the Supervisory Review and Evaluation Process or SREP for 2016 and outlines the regulatory thinking of the Basel Committee.
On 10 November 2016, the European Banking Association (EBA) published the October 2016 edition of EBA Press. The edition includes a review of internal models and the discrepancies across the European Union together with a directory of key EBA publications for the period June to October 2016.
On 11 November
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