EBF MORNING BRIEF Thursday 21 March 2024 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA
Bloomberg: Schnabel sees turning point as natural rate shifts higher
The natural rate of interest may be on the rise due to long-term factors including the climate transition and shifts in geopolitics, says European Central Bank (ECB) Executive Board member Isabel Schnabel according to Bloomberg. A higher level for natural rate of interest at present may suggest policy is less tight than thought, and borrowing costs may be lowered later or more cautiously. Read more
The Banker: BIS enables climate risk analysis using AI
The Bank for International Settlements (BIS) has announced the development of an AI application which enables analysis of climate-related risks in financial system. As reported by the Banker, Project Gaia aims to create a tool to search corporate climate-related disclosures and extract data, reducing the effort involved in climate assessments. Read more
Reuters: ECB cannot commit to rate path even after first cut
According to Reuters, the European Central Bank (ECB) cannot commit to a pre-set number of interest rate cuts even after it starts reducing borrowing costs as the pace of cuts will depend on incoming data, said ECB President Christine Lagarde. Read more |
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MAIN EVENTS
Thursday 21 March
Friday 22 March |
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FROM EBF MEMBERS
Finance Finland: Global minimum tax rules are causing banks problems
The lease financing of fixed assets is causing banks and other financial institutions problems under the Pillar 2 (minimum tax) GloBE rules. Under the GloBE rules, certain tax liabilities are subject to recapture. The deferred tax recapture rule includes an exemption that applies to lessees but not to lessors. Extending it to also cover lessors would remedy the problems with leasing. The financial sector organisations of Finland, Sweden and Norway call for the OECD to amend its administrative guidance. Read more
BPFI: FIBI Report 2024
A new report published today by the Federation of International Banks in Ireland (FIBI) shows that 70% of FIBI member firms expect to see growth in their Irish operations in 2024. 40% of FIBI firms also expect to increase the number of people employed in 2024 and invest further in technology and innovation here despite the fact that 73% said they face challenges accessing talent with key skills, while 64% have identified the increasing regulatory requirements as the greatest challenge in the next five years. Read more Finance Norway: Geir Holmgren elected as new Chairman Finance Norway and the Savings Bank Association held their annual meetings. Geir Holmgren, CEO of Gjensidige, was appointed new Chairman of the Board of Finance Norway. Geir Bergskaug, CEO of Sparebanken Sør, will continue as Chairman of the Board of the Norwegian Savings Bank Association. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Consumers adapt to high inflation
The European Central Bank (ECB) Consumer Expectations Survey's findings suggest that households have adjusted their consumption spending to cope with higher inflation. However, noteworthy adjustments were also observed through the saving and income margins. The decline in the saving rate in 2022 and 2023 was mainly attributed to increased spending on recreation and travel, mostly driven by high-income consumers. Read more
EC: Growth-friendly taxation in a high-inflation environment
This European Commission (EC) economic brief focuses on challenges related to recurrent immovable property and labour taxation during periods of high inflation. It discusses the update of property values and liquidity issues on the side of property tax payers and the bracket creep in labour taxation. It highlights the relevance of these issues on the basis of recent empirical evidence and discusses current practices and possible solutions. Read more
European Council: deal with EP to strengthen cyber security capacities
To strengthen EU’s solidarity and capacities to detect, prepare for and respond to cybersecurity threats and incidents and enhance its cyber resilience, the Council presidency and European Parliament (EP) reached a provisional agreement on the so-called ‘cyber solidarity act’, as well as on a targeted amendment to the cybersecurity act. Read more |
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FROM THE EBF
New EBF Vacancies! Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. Read more
EBF welcomes plans by ECB and EBA to step up efforts to make banking industry data reporting more efficient
The EBF welcomes the announcement by the ECB and the EBA regarding the formal establishment of the Joint Bank Reporting Committee (JBRC) that will intensify the joint work towards achieving an integrated and standardized reporting framework in Europe helping to reduce the extensive reporting burden for banks and improving the quality of the data reported to the authorities. Read more
EBF Response to the Basel Committee’s consultation on a Pillar 3 disclosure framework for climate-related financial risk
The EBF welcomes the opportunity to respond to the Basel Committee’s consultation on a Pillar 3 disclosure framework for climate-related financial risk. The EBF recognize the critical importance of addressing climate-related risks within the financial sector while ensuring the stability and resilience of the global financial system. Read more
EBF & S&P webinar: Navigating the Green Asset Ratio (GAR)
On 14th March the European Banking Federation & S&P Global Market Intelligence held a webinar titled 'Navigating the Green Asset Ratio (GAR): What can it tell us about the sustainbility performance of banks?' The recording of the event is now available. Read more |
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu |
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