The banking sector is urging the Government to use its upcoming presidency of Council of the European Union to push forward further financial integration across the bloc as well as the EU Savings and Investment Union (SIU).<\/p>\n
The SIU is a proposal to create better financial opportunities for EU citizens, while enhancing the bloc\u2019s financial system\u2019s capability to connect savings with productive investments. It aims to allow easier access to capital across the EU, particularly for small- and medium-sized businesses.<\/p>\n
In a report, the Banking and Payments Federation of Ireland (BPFI) says the Government\u2019s presidency offers the opportunity to drive progress in this area by \u201cshaping a coherent, consumer-focused framework that boosts retail participation in capital markets while safeguarding investor protection\u201d.<\/p>\n
The BPFI is also calling for a \u201csimplification\u201d agenda to ensure regulations are \u201cfit for purpose\u201d and \u201cdon\u2019t create undue burdens compared to global peers\u201d. In addition, it said:\u00a0<\/p>\n
\n Irish presidency should drive discussions on a future-proof, principle-based, regulatory framework for digital finance, which supports responsible tech adoption and cross-border data sharing.\n <\/p>\n
BPFI chief executive Brian Hayes said Ireland\u2019s presidency can help shape a \u201cpragmatic, competitive, and innovation-driven EU financial services framework which, in turn, strengthens the EU\u2019s economic position and competitive proposition\u201d.<\/p>\n
\u201cThis, in particular, means driving forward the EU\u2019s Savings and Investment Union, breaking down internal barriers within the single market and reinvigorating the securitisation market.\u201d\u00a0<\/p>\n
On the issue of housing, the BPFI said the Government should also progress work on the EU Affordable Housing Plan by \u201censuring more flexible State aid rules that enable member states to support viable projects effectively\u201d.<\/p>\n
Mr Hayes said the BPFI\u2019s report \u201cunderscores the necessity for a uniform application of the EU single rulebook and offers key\u201d.<\/p>\n
Ireland assumes the presidency of the Council of the European Union in July.<\/p>\n
The Irish presidency will form the first part of an eighteen month \u201ctrio presidency\u201d also involving Lithuania and Greece.<\/p>\n","protected":false},"excerpt":{"rendered":"The banking sector is urging the Government to use its upcoming presidency of Council of the European Union…\n","protected":false},"author":2,"featured_media":264115,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2605,807,61,60,43],"class_list":["post-264114","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ireland","tag-banking","tag-housing","tag-ie","tag-ireland","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/264114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=264114"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/264114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/264115"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=264114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=264114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=264114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}