Award Win for European Money Week

European Money Week, the financial education initiative led by the European Banking Association (EBF) and supported by BPFI, has  won the 2016 European Public Affairs Award for Best Trade Association Campaign.

In presenting the award the jury described the initiate as “an extremely well thought out and executed campaign that achieved success amongst a variety of stakeholders with associated goals”.

Established in 2015, European Money Week (EMW) is joint initiative between the EBF and over 20 banking associations across European including BPFI. Taking place in March each year EMW consists of a series of events both at national and European level, with the aim of raising public awareness on financial literacy and improving financial education for students at primary and secondary level.

BPFI’s participation in EMW centres on www.BusinessEducation.ie  an online resource for teachers and students of Leaving Certificate Business, Economics and Accounting. Developed jointly by BPFI in conjunction with the Business Studies Teachers Association of Ireland (BSTAI) the site provides a number of learning resources for use by teachers and students in the classroom or at home. These resources have been identified by the BSTAI as tools which can provide valuable support in teaching and learning the senior cycle business subjects. The content on the site is written and assessed by experienced teachers with the assistance of BPFI’s Economist.

European Money Week 2017 will take place from 27th March to 2nd April and will include some 25 national banking associations across Europe who will be active in various financial education projects and actions during the week.

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For Further Information Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

EBA Executive Director Addresses BPFI Banking Supervisory Conference

Banking & Payments Federation Ireland today hosted it latest conference The Evolving Supervisory Architecture at the Westin Hotel Dublin.

As the pace of change to the banking supervisory and regulatory framework continues unabated, today’s conference provided an overview of the evolving regulatory landscape and its impact on banking business models and capital markets as well as the effect on the real economy.

Among the speakers addressing the conference was EBA Executive Director, Adam Farkas who discussed the framework for loss absorbing rules and the implementation of the so-called total loss-absorbing capacity (TLAC), the global framework, and the minimum requirement for own funds and eligible liabilities (MREL), the European framework.

Other contributors at today’s event included Martin Merlin, Director of Financial Markets, Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission who addressed the overall regulatory environment and its future structure, Robert Talbot, Head of Capital Models, AIB & Chair EBF Risk Assessment Task Force who examined the credit risk capital implications and Vejen Stoilov, Director, Operational Risk, Barclays who presented on potential operational risk capital developments.

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For Further Information Contact: Jillian Heffernan, Head of Communications, BPFI, ph: 01 474 8835 / 087 9016880

New Common Consolidated Corporate Tax Base proposals from the EC

The European Commission announced new proposals on Common Consolidated Corporate Tax Base (CCCTB) in October. The Commission’s approach with the new text is to start negotiations and agreement on the systems for a common tax base. In order to make up for the absence of consolidation during the CCTB phase, the Commission has proposed the possibility for a parent company or head office located in a member state to deduct from its tax base, in a given tax year, the losses incurred by its immediate subsidiaries (or permanent establishments) situated in other member states. This would be temporary since the parent company would add back to its tax base any subsequent profits made by the subsidiaries. Some other new aspects of the proposals are a super deduction for R&D costs and for start-ups as well as an allowance for growth and investment in order to address the imbalances between debt and equity finance. Another difference as compared to the 2011 proposal is that the system would be mandatory for multinationals with a group consolidated turnover above €750 million, which is in line with the OECD Base Erosion and Profit Shifting (BEPS) threshold. In addition the proposal includes provisions to address some of the OECD BEPS recommendations, which were incorporated in the Anti-Tax Avoidance Directive (ATAD) adopted in July 2016. BPFI is closely following developments in the area with close cooperation with Department of Finance and Revenue officials.

Brussels update

One of the main highlight’s of the EU’s recent agenda was the presentation by the European Commission of its 2017 work programme, Delivering a Europe that protects, empowers and defends. Broadly welcomed by MEPs, the programme comes against the background of the UK Referendum in June and ahead of the 60th anniversary of the Treaties of Rome in March 2017 in addition to a number of upcoming national elections. At a high political level, many await with interest a forthcoming paper on the Future of Europe setting out steps to reform the EU without the United Kingdom. Other initiatives of interest will include a Data Protection Package, a revision of the cross-border payments Regulation, a mid-term review of the Digital Single Market and Capital Markets Union strategies, an Action Plan on retail financial services and a review of the European System of Financial Supervision which includes the European Banking Authority (which should also discuss the future seat of the European Banking Authority).

On a working level, trialogues are ongoing on Money Market Funds and Prospectus Regulations while the co-legislators progress their positions on a European Deposit and Insurance Scheme, a Simple Transparent and Standardised Framework for Securitisation and Venture Capital Regulation. In addition, the European Commission is working hard to prepare for publication of a legislative proposal in November which will include potential revisions to a myriad of pieces of banking legislation with the aim of integrating outstanding international standards and making the legislation more proportionate where possible.

FIBI convenes Brexit Working Group

The Federation of International Banks in Ireland (FIBI) recently held its inaugural Brexit Working Group. The objectives of the group are to monitor discussions and share intelligence around Brexit. It will be used to exchange views and to develop common positioning for the sector. As part of the meeting the British Banking Association (BBA) was invited to attend a roundtable discussion on Brexit during which they outlined their key focus areas including presenting the case for transitional arrangements. The FIBI Brexit group will meet as the Brexit negotiations progress in order to share intelligence and develop agreed industry positions around the most relevant strands of these negotiations.

DKM/BPFI SME Market Monitor presents encouraging signs

Representatives of various business organisations, the Credit Review Office and the ESRI were among those who attended the presentation of results from the most recent DME/BPFI SME Market Monitor.  Tracking trends across 15 different indicators which are important for the performance of the SME sector, the Monitor points to a strong recovery in domestic demand which is encouraging for SMEs.  However, it notes that the year-on-year growth is a modest 1.9% when certain intangibles are excluded.  At the same time the Monitor points to the apparent early negative impact of Brexit on Manufacturing PMI and on British visitor numbers.  The presentation was well received as providing very useful information and insights.

BPFI hosts Central Credit Register workshop with Central Bank

BPFI recently hosted an information session on the Central Credit Register (CRR) at which the Central Bank provided an update on various elements of the project including reporting obligations and enquiries, data protection issues, a proposed public communications campaign and project milestones.  This follows the publication by the Central Bank of the regulations governing the operation of the new Register. Data submissions by lenders for Phase 1 will begin from 30 June 2017 with all lenders required to submit data by 31 December 2017.

Banks join HSE awareness campaign for dementia

BPFI and our member banks are pleased to support Dementia Understand Together, a new awareness and information campaign led by the HSE to increase public knowledge about dementia. Seeking to build on the wide range of dementia specific programmes already in place around Ireland, the new initiative brings together a coalition of over 30 partner organisations, including BPFI and member banks, to create a national movement which will help support those living with dementia and their carers.

In supporting this campaign, BPFI is building on its work already in place through Dublin City University’s Dementia Elevator programme. This programme prepared training modules specifically to help staff in frontline banking positions to develop an empathetic and informed approach to dealing with customers with dementia.  A number of BPFI members are currently rolling out this training to relevant staff members as part of their general, ongoing training.

BPFI and our members are also working actively through BPFI’s Vulnerable Customer Forum to develop a best practice approach to customers presenting in vulnerable circumstances, such as dementia. Our participation in this and other such initiatives is important.  The expertise and information provided and challenges discussed through this work helps the sector to better understand the experiences and requirements of customers with dementia and their families and carers.

Financial Services Ombudsman updates BPFI on procedural changes

The Financial Services Ombudsman, Ger Deering, and a number of his team members recently attended a BPFI workshop on the implemented and planned changes to FSO Bureau procedures. The findings from recent independent consumer research were also shared at the session and provided positive feedback on the changes to the Dispute Resolution process. In February last, the FSO announced significant changes to how the office will deal with complaints, chief amongst them the introduction of a dedicated Dispute Resolution Service to resolve disputes at an early stage. Where these early interventions do not resolve the dispute, cases will be moved to the investigation and adjudication process. The new Investigation procedures will come into effect fully in Q1 2017 and BPFI will continue to engage with the FSO on matters impacting the sector.