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Things worth reading: the European view

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The view from Europe, courtesy of Edith Rigler:

German banking supervisor reprimands Deutsche Bank – Handelsblatt, 13 August

In their
preliminary report, the German banking supervisor BaFin has reprimanded
Deutsche for negligence in connection with the Libor scandal. While Bafin
itself is not permitted to levy penalties, Deutsche expects significant fines
from the UK and the US supervisors and has accordingly set aside a
three-digit  amount in million euro.

The SEPA clock is ticking – Handelsblatt, 1 August 2013

Although new
payment instruments become mandatory from 1 February 2014, many German
corporates have not yet requested the new required creditor identifier. This
number is needed to make SEPA direct debits. According to the German Central
Bank, only about 600,000 numbers have been assigned although Germany has more
than 3.6 million businesses and approximately 580,000 associations.

Regulation requires higher IT budgets - Survey by Robert Half
Financial Serivces,  29 July 2013

A recent survey
of 1,100 CFOs and COOs reveals that more than one-third expect having to
increase their IT budgets, in order to be able to implement regulation such as
Basel III, FATCA, Solvency II and MiFID. 
This is a 14% increase as compared to last year.

European business and consumer confidence edged up again in
European Commission, 31 July 2013

The European
Commission´s July Economic Sentiment Indicator rose 1.2 points in the 17-nation
euro zone and 2.4 points in the full 28-member states of the EU, continuing its
upward trend. Overall, the report fits in with other, slightly more encouraging
data suggesting the euro zone may at last be on the point of escaping a deep
and damaging recession.

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Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog,, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

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