Latest news with #MariaLuísAlbuquerque
CNBC
23-05-2025
- Business
- CNBC
We won't engage in a 'race to the bottom' regarding banking regulation, European Commissioner for financial services says
Maria Luís Albuquerque, European commissioner for financial services and the savings and investments union, discusses the latest developments in the European banking sector and regulation.
Reuters
22-05-2025
- Business
- Reuters
Exclusive: EU to delay bank rules as it waits for Trump's deregulation moves, sources say
FRANKFURT, May 22(Reuters) - The European Union is set to delay new, global rules governing banks' trading again as it waits for more clarity about the U.S. administration's plans to deregulate its financial sector, sources told Reuters. The Fundamental Review of the Trading Book (FRTB) is a key part the Basel III package devised in the wake of the global financial crisis but not yet implemented by Britain or the United States, two of the world's key financial centres. Its adoption in the EU was already pushed back by a year to 2026 last year, when it became clear that the United States would not be able to adopt the rules by its original deadline. The latest, one-year postponement to January 1, 2027 reflects pressure from European banks fearing they will find themselves at a disadvantage to their U.S. and UK rivals, five senior officials at European and national institutions said. A senior EU source said European Commissioner Maria Luís Albuquerque informed the bloc's finance ministers about the delay at a meeting on May 13. The European Commission had said it would make a decision on whether or not to postpone the FRTB by the end of June after consulting with the industry and its supervisors. The FRTB governs capital and reporting requirements relating to banks' trading assets, crucially including how risk should be measured using a standard method or banks' own calculations. The United States has stalled the introduction of the entire Basel III package and U.S. President Donald Trump's administration signalled it might even relax some of the existing rules, in what would mark a U-turn from the push for more controls that followed the 2007-2009 financial crisis. European banks have urged the EU to refrain from imposing new burdens that their competitors overseas do not face. "It now looks as if this set of rules will not exist in the U.S. and we know that Brussels is looking at this carefully," Commerzbank's chief executive Bettina Orlopp said at a conference on Monday. "We have to be careful that we maintain the international competitiveness of European banks." The European Central Bank, the EU's top banking watchdog and for a long time a staunch defender of a timely implementation of Basel III, proposed a compromise earlier this month. It envisaged a one-year delay to rules applied to banks' internal risk models, while those concerning the one-size-fits-all, "standardised approach" would be phased in over three years starting in 2026. Some governments have also weighed in, with French President Emmanuel Macron calling for a "synchronisation, opens new tab" on financial rules between the EU, the United States and Britain. Britain earlier this year pushed back its Basel III implementation to 2027 while Washington has yet to unveil a timeline. In contrast, the EU has already implemented most of the Basel III package, which took effect this year. China, Japan and Canada have done so long ago. In March, the European Commission launched a consultation, asking banks and supervisors if they thought the FRTB should go live next year, be delayed by 12 months or tweaked to align it more with draft U.S. and UK rules. The European Banking Federation, an industry body, said member banks that were exposed to U.S. and British competition favoured a one-year delay. The International Swaps and Derivatives Association, a global lobby, said "a clear majority" of its own members also favoured a delay, although a minority preferred that the FRTB took effect next year to avoid running both new and old rules at once.
Fashion Network
14-05-2025
- Business
- Fashion Network
Retailers urge European Commission to crack down on Visa, MasterCard
Europe's largest retailers and online retail giants have urged the European Commission to rein in allegedly high fees charged by Visa and Mastercard, saying they hurt the bloc's competitiveness and hamper rivals. Visa and Mastercard dominate the market for payment cards and have in recent years faced complaints from retailers about their scheme fees, and what retailers say is a lack of transparency on these fees. The two U.S. companies process about two-thirds of card payments in the eurozone. The retailers' grievances have in part prompted the 27-country European Union to look into alternatives such as a digital euro to lessen dependence on American payment providers. The slow legislative process on a digital currency, however, has frustrated some policymakers and businesses. "International Card Schemes (ICS) have been able to increase their fees without competitive challenge or regulatory scrutiny. They have also rendered their system of fees and rules so complex and opaque that players are unable to understand, let alone challenge, what they are paying for and why," the retailers said in a letter dated May 13 and seen by Reuters. The group cited a 2024 report by The Brattle Group that showed a cumulative increase in ICS' fees of 33.9% between 2018 and 2022 - averaging 7.6% per year - on top of inflation, but did not find any corresponding improvement in service for EU merchants and consumers. Visa and Mastercard did not have any immediate comment. The letter was addressed to the Commission's antitrust chief Teresa Ribera, financial services commissioner Maria Luís Albuquerque and economy chief Valdis Dombrovskis. Signatories were EuroCommerce, Ecommerce Europe, Independent Retail Europe, the European Association of Corporate Treasurers and the European Digital Payments Industry Alliance. Members of the lobby groups include Aldi, Amazon, Carrefour, eBay, H&M, Ikea, Intersport, Marks & Spencer, Worldline, Nexi and Teya. The letter called on the Commission to take action against Visa and Mastercard under EU antitrust rules, modify the rules on interchange fees by imposing price controls on scheme fees, levy transparency and non-discriminatory obligations on ICSs and introduce a tool for regulators to scrutinise actions taken by the ICSs.
Fashion Network
14-05-2025
- Business
- Fashion Network
Retailers urge European Commission to crack down on Visa, MasterCard
Europe's largest retailers and online retail giants have urged the European Commission to rein in allegedly high fees charged by Visa and Mastercard, saying they hurt the bloc's competitiveness and hamper rivals. Visa and Mastercard dominate the market for payment cards and have in recent years faced complaints from retailers about their scheme fees, and what retailers say is a lack of transparency on these fees. The two U.S. companies process about two-thirds of card payments in the eurozone. The retailers' grievances have in part prompted the 27-country European Union to look into alternatives such as a digital euro to lessen dependence on American payment providers. The slow legislative process on a digital currency, however, has frustrated some policymakers and businesses. "International Card Schemes (ICS) have been able to increase their fees without competitive challenge or regulatory scrutiny. They have also rendered their system of fees and rules so complex and opaque that players are unable to understand, let alone challenge, what they are paying for and why," the retailers said in a letter dated May 13 and seen by Reuters. The group cited a 2024 report by The Brattle Group that showed a cumulative increase in ICS' fees of 33.9% between 2018 and 2022 - averaging 7.6% per year - on top of inflation, but did not find any corresponding improvement in service for EU merchants and consumers. Visa and Mastercard did not have any immediate comment. The letter was addressed to the Commission's antitrust chief Teresa Ribera, financial services commissioner Maria Luís Albuquerque and economy chief Valdis Dombrovskis. Signatories were EuroCommerce, Ecommerce Europe, Independent Retail Europe, the European Association of Corporate Treasurers and the European Digital Payments Industry Alliance. Members of the lobby groups include Aldi, Amazon, Carrefour, eBay, H&M, Ikea, Intersport, Marks & Spencer, Worldline, Nexi and Teya. The letter called on the Commission to take action against Visa and Mastercard under EU antitrust rules, modify the rules on interchange fees by imposing price controls on scheme fees, levy transparency and non-discriminatory obligations on ICSs and introduce a tool for regulators to scrutinise actions taken by the ICSs.
Fashion Network
14-05-2025
- Business
- Fashion Network
Retailers urge European Commission to crack down on Visa, MasterCard
Europe's largest retailers and online retail giants have urged the European Commission to rein in allegedly high fees charged by Visa and Mastercard, saying they hurt the bloc's competitiveness and hamper rivals. Visa and Mastercard dominate the market for payment cards and have in recent years faced complaints from retailers about their scheme fees, and what retailers say is a lack of transparency on these fees. The two U.S. companies process about two-thirds of card payments in the eurozone. The retailers' grievances have in part prompted the 27-country European Union to look into alternatives such as a digital euro to lessen dependence on American payment providers. The slow legislative process on a digital currency, however, has frustrated some policymakers and businesses. "International Card Schemes (ICS) have been able to increase their fees without competitive challenge or regulatory scrutiny. They have also rendered their system of fees and rules so complex and opaque that players are unable to understand, let alone challenge, what they are paying for and why," the retailers said in a letter dated May 13 and seen by Reuters. The group cited a 2024 report by The Brattle Group that showed a cumulative increase in ICS' fees of 33.9% between 2018 and 2022 - averaging 7.6% per year - on top of inflation, but did not find any corresponding improvement in service for EU merchants and consumers. Visa and Mastercard did not have any immediate comment. The letter was addressed to the Commission's antitrust chief Teresa Ribera, financial services commissioner Maria Luís Albuquerque and economy chief Valdis Dombrovskis. Signatories were EuroCommerce, Ecommerce Europe, Independent Retail Europe, the European Association of Corporate Treasurers and the European Digital Payments Industry Alliance. Members of the lobby groups include Aldi, Amazon, Carrefour, eBay, H&M, Ikea, Intersport, Marks & Spencer, Worldline, Nexi and Teya. The letter called on the Commission to take action against Visa and Mastercard under EU antitrust rules, modify the rules on interchange fees by imposing price controls on scheme fees, levy transparency and non-discriminatory obligations on ICSs and introduce a tool for regulators to scrutinise actions taken by the ICSs.
