CECA gathers in Madrid to the Committees of Accounting and Audit and Sustainable Finances of the Savings Banks' European Association and Retail Banks

Ana Puente Pérez, general assistant manager of Sustainable and Digital Finances of the Ministry of the Economy, Trade and Company of Spain, has intervened in the meeting, that it has had the share of more 25 representatives of different European countries associations

The Committees of Accounting and Audit and of Sustainable Finances have been gathered in Madrid to tackle major challenges of the European banking with regard to countable and sustainability regulation

The event has analysed the key refurbishment in international accounting, the processing of loans ESG and the integration of the climatic risk in the financial statements

Madrid has taken in during two days the meeting organised by CECA and the Savings Banks' European Association and Retail Banks (ESBG, by its initials in English). The forum has tackled the main challenges of the financial industry in countable matter and in the regulation of the sustainable finances. The meeting has had Ana's share Puente Pérez, general assistant manager of Sustainable and Digital Finances of the Ministry of the Economy, Trade and Company of Spain.

The session has been dedicated to the analysis of the Omnibus Package of regulatory simplification with regard to sustainability, presented by the European Commission earlier this year, and that tackles modifications in the Directive on corporate information with regard to sustainability (CSRD) and in the Directive on due diligence with regard to sustainability (CSDDD), aimed at add environmental and social criteria in the value chain.

In its intervention, directed to the members of the two Committees, has explained that “are Not been questioning climatic or environmental objectives that the European Union, the Green Pact has been set follows in force. The role has neither been questioned that we want that it has the financial sector in the channelling of resources towards sustainable activities. Which we are revising is the way of reaching those objectives, identifying if obligations of fulfillment at risk put the competitiveness of companies or of the financial institutions ” In addition, has emphasised “Support the financial year of simplification that proposes the European Commission, to improve the legal framework of sustainable”finances.

The sustainability, central axis of the European debate on the future of the financial sector

The meeting has begun with the 60ª meeting of the Committee of Accounting and Audit (ACC, by its initials in English), that concentrating on last advances of the international countable standard is had, with special attention to the increasing role of the financial sustainability in a regulatory environment increasingly demanding.

The meeting has tackled a wide range of key themes linked to the evolution of the countable standard international, between them proposals of the Board of International Standards of Accounting (IASB, by its initials in English) on business investments, provisions, hybrid and combinations financial instruments of businesses.

Additionally have been revised the initiatives to standardise the financial statements, integrate better the climatic risks tackling the novelties of the Dynamic Management of the Risk (DRM, by its initials in English) and move forward in the transparency on sustainability. All of this with the aim of adapting the countable frames to the new financial challenges, regulatory and environmental that confronts the European banking sector.

The Sustainable Finance committee has celebrated its 8th regular meeting, with an agenda concentrating on recent developments of the green taxonomy of the EU, the review of the Regulations SFDR and new guidelines on tagging ESG in financial products. Additionally other new topics have been discussed as the financing of defense in key ESG, the green mortgages and the climatic risk management in the frame supervisor of the ECB and the EBA. These sessions strengthen the role of the ESBG as a forum of reference for the practical integration of sustainable finances in the retail banking European.

CECA is member of the ESBG and of the WSBI (Savings Banks Worldwide Institute and Retail Banks), organisation that represents to 6,400 savings banks and retail banks that they provide service to more than 1,700 million clients in 78 countries.