Do not think so.
If it is "via access to device" that is only on individual subjects and most likely authorized by court order or an equivalent procedure as required by the local legal intercept laws. This is not breaking encryption in general and mass surveillance. So it does not do anything to Internet banking, etc.
It is what it is: mandate phone vendors to support legal intercept. It also makes technical sense - the phones now are so smart that they are a component of the network in itself. If implemented correctly it can be locked down so it can be accessed only via the carrier device provisioning system.
It is also fairly easy to circumvent - just get a foreign phone and enjoy the abolishment of roaming fees in the Eu.
Biting the hand that feeds IT
