The Analysis News & Opinions
Opinion
Principles announced for global banking
Last month, we hailed the signing, at the UN, of the Principles for Responsible Banking developed by banks in close cooperation with UNEPFI, the Finance Initiative of the United Nations Environment Programme. In the presence of UN secretary general
Antonio Guterres, a total of 130 banks from 46 countries became founding signatories of the principles. They jointly represent $47tn in assets and, with that, over a third of the global banking industry. European banks accounted for more than half of the signatories. As a compass for the sustainable banking
future, the principles are a solid starting point for any bank that aspires to connect financial goals with societal and environmental benefits. We are proud to see that so many of our members are serious about their responsibility towards society. It is particularly import, in a bank-financed economy like the one we have in Europe, with banks funding more than two-thirds of the economy. European banks are increasingly looking
to embrace sustainability as a key element of their business strategy and to contribute to the objectives of the Paris agreement and sustainable development goals. Last December, we were among the first
to endorse the initiative for Principles for Responsible Banking and have committed ourselves to promote this initiative in the banking sector in Europe. We appreciate UNEP FI’s intention
to cooperate with experts in the further development of tools, methodologies, and approaches to assist banks with the implementation.
Wim Mijs Chief executive officer, EBF
‘More lenders will leave the market’
There is a strong likelihood that increased competition will force more lenders out of the mortgage market in the future, along with future consolidation of existing players. That was the view from a panel of lender
representatives who were taking part in ‘The Great Lender Debate’ at last month’s FSE London, which took place at Old Billingsgate in London. Following their recent purchase of the
Tesco Bank mortgage book, Esther Dijkstra of Lloyds Banking Group, said: “Looking back we did need more competition in the market and we got it via the challenger banks and the specialists. “However, increased competition has clearly put pressure on margins, and we
have seen lenders having to leave the market. I think that will continue over the next 12 months and, therefore, there will be more opportunity to buy closed lenders.” Jeremy Duncombe of Accord Mortgages
said that you could now argue there was too much competition in the market, while Robert Sinclair of AMI said the Financial Conduct Authority had greater evidence about the number of lenders that advisory firms were using in any given year. Citing examples where one firm used
102 lenders while another stuck to three, Mr Sinclair warned firms who are using a very small number of providers that it is “those firms who only use three lenders that are definitely on the radar of the regulator”.
Commercial credit set for forum discussion
The crucial issues being faced by commercial credit professionals at a time of intense legal and economic change will be up for discussion at a new debate. The latest of CCRMagazine’s successful
range of discussions will continue its series of insightful debates run with The Zinc Group, and will look at how commercial creditors are evolving how they work to meet the needs of the present day. Technology, best-practice strategies, and
external help are all on the agenda for commercial credit professionals as they seek to improve results and continue to say yes to new business. Stephen Kiely, editor of CCRMagazine, said: “Commercial credit is an area where we
are often asked to hold more debates: there is a real thirst for knowledge and for a chance to share insights and understanding. “So we are delighted to be continuing
to work with The Zinc Group to produce this debate, as a forum for professionals to network, share their knowledge, and to talk about the issues most important to them.”
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www.CCRMagazine.com
October 2019
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