EU TO PRIORITISE A UK TRADE DEAL POST-BREXIT

The Financial Times (£, online only) reports on comments from Michel Barnier, made during a meeting with MEPs in Strasbourg, pledging that the EU will prioritise a UK trade deal post-Brexit. During the meeting Barnier is said to have warned MEPs about the potentially tight timeframes, with the UK's proposed transition period only scheduled to run until the end of 2020, but made it clear that Brussels would work hard to have a deal in place by the end of that period. Specially on the future trade deal, Barnier is reported to have said it would have to focus initially on core trading arrangements which could be put in place without needing to wait for ratification from EU member state national parliaments.

EU CONSIDERING CHANGE IN BANKING RULES TO ENCOURAGE GREEN INVESTMENT

The Financial Times (£, online only) reports that the EU is assessing plans to ease its banking rules to encourage green investment in Europe, while the Commission's vice president Valdis Dombrovskis is pushing for a review of a potential cut to the capital charges imposed on banks? climate-friendly lending. Whilst the plans underline a potentially ambitious agenda for the next European Commission, there have already been warnings sounded by the ECB against any changes to rules which were put in place to reduce risks in bank lending.

ECB: EUROPE MUST WEAN ITSELF OFF GLOBAL PAYMENT CARD SCHEMES

Reuters (online only) reports on comments from a European Central Bank board member who has argued that Europe must overcome its reliance on international payment providers, although they warned it was not the ECB's job to come to the rescue and crowd out private sector initiatives. The article states that more than two-thirds of non-cash payments are made with overseas cards as most competing European providers tend to be focused domestically or regionally, which Benoit Coeure, a member of the executive board, argues puts the eurozone at a competitive disadvantage. The article adds that the ECB recently introduced an instant payment system called TIPS for transactions between banks, but says lenders have been slow to join and the scheme has not had a significant impact so far. The Financial Times (£, p.6) also reports that the ECB is assessing whether to develop a digital currency, but Coeure has warned against the ECB crowding out private-sector players.

NEWS IN BRIEF

The Daily Telegraph (£, p.1) and the Daily Mail (p.4) report on research by Which? that show banks experienced around five IT glitches every week during 2018, which prevented millions of customers from accessing their accounts. Responding to these figures, Stephen Jones, CEO of UK Finance said: ?Operational resilience is crucial in a modern financial system and the industry continues to invest billions to ensure systems - human and digital - are robust and secure. When incidents do occur, firms work around the clock to minimise disruption and get services back up and running as quickly as possible. The industry conducts sector-wide exercises with regulators to ensure it is prepared to respond effectively to any major disruptions or events as part of its continued commitment to maintaining the resilience of the financial system.?

BBC News (online only) reports on warnings from the UK banknote printer De La Rue over fears of a potential collapse, which followed a suspension of its dividend and reports of a loss in the first half of its financial year.

The Financial Times (£, p.23) reports on a warning from the International Capital Markets Association (ICMA) for heavy new EU penalties on ?failed trades?, which has raised fears of increased costs for corporate bonds.

WHAT THE COMMENTATORS SAY

Writing in The Times (£, online only) Jeff Lynn, executive chairman and co-founder of Seedrs, argues that international talent is the driving force behind the UK's start up success, with 49 per cent of the UK's fastest-growing businesses having at least one immigrant co-founder. Lynn argues that it is vital that the UK continues to be open to attracting and retaining great entrepreneurial talent.

LATEST BLOGS

Mike Peckham, managing partner, and Stephen Head, senior partner, Gadhia Consultants and Huntswood, blog on how security measures must evolve to defeat the cyber threat.

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Nick West, Principal, Head of Learning Innovation and Delivery, UK Finance, talks about some of the courses available to book now from our 2020 training schedule.