EBF MORNING BRIEF Monday 11 September 2023 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: ECBâs hike-or-pause dilemma going down to wire
A Bloomberg survey shows an almost even split between those anticipating a 10th consecutive hike and those anticipating a âhawkish pauseâ before the deposit rate reaches a record 4% in October. Respondents are penciling in a first-rate cut of three in 2024 for March, the poll shows. Read more
Reuters: Czech banks hit as central bank ends paying interest on reserves
Komercni Banka, the Czech Republic's third-biggest bank, said it expected to see a material impact from the Czech National Bank's decision to stop remunerating required minimum reserves, as the banking sector braced for the change, Reuters writes. Read more Finextra: FCA delays crypto cooling rules According to Finextra, the UK's Financial Conduct Authority (FCA) will give some crypto firms more time to comply with upcoming marketing rules such as the 24-hour cooling-off period for first-time investors. Firms could be given until January to introduce features that "require greater technical development". Firms must first apply to get the extra time. Read more |
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COMING TOMORROW! Testing times: What do Europeâs bank stress tests tell us about financial stability, and how might they change in the future? |
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Join our panel of experts as we discuss the key takeaways from the first post-COVID stress test. How does the methodology stack up against that of previous tests, how might it change in the future and how useful are the results? In this webinar we'll also look at how the EU stress test compares to tests in the US and UK, and what the results mean for the stability of the EUâs banking sector at a critical time for the global economy. |
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MAIN EVENTS Council Horizontal Working Party on Cyber Issues Council Working Party on Tax Questions (Indirect Taxation)
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
BPFI: FraudSMART money mules warning
New figures by FraudSMART, show that almost âŹ17.5m was illegally transferred through money mule accounts in H1 2023, a rise of almost 50% from the same period in 2022. As reported by the Banking & Payments Federation Ireland (BPFI), FraudSMART is warning all consumers to be vigilant to the risks and consequences of being recruited as a money mule and are highlighting red flags to watch out for to protect themselves. Read more
BdB: Robust companies, weak credit demand
The German economy is in a pronounced phase of weakness. Banks stand ready to finance creditworthy companies and investments and want to continue to support their customers in the transformation, the Association of German Banks (BdB) writes. Read more (DE).
Finance Norway: Strong growth in defined contribution pensions
Most companies in the private sector have a defined contribution pension. At the end of the second quarter of this year, defined contribution schemes accounted for 83 percent of the total payments to private occupational pensions. According to Finance Norway, the increase is due to the introduction of "pension from the first krone" in 2022. Read more (NO) |
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FROM THE INSTITUTIONS
BIS: Gingado: a machine learning library on economics and finance
The Bank for International Settlements (BIS) defines gingado as an open-source Python library that offers a variety of convenience functions and objects to support the usage of machine learning in economics research. The library is under active development and new functionalities are periodically added or improved. Read more
European Council: Remarks by Charles Michel before the G20 summit
"For the EU, the Paris Agreement and the Sustainable Development Goals are a beacon, and both require money. To reach our ambitious goals, we need ambitious financing and strong partnerships between governments and the private sector," Charles Michel, President of the European Council said. Read more
EC: InvestEU: EIF and Arbevel sign portfolio guarantee of up to âŹ72 million to support SMEs and lower mid-caps companies
The European Investment Fund (EIF) backed by the InvestEU program has signed a portfolio guarantee with Arbevel to support up to âŹ72 million in new financing for SMEs. The European Commission (EC) says the transaction is backed by three thematic guarantees: Innovation and Digitalisation, Sustainability, and SME Competitiveness. Read more |
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FROM THE EBF
EBF comments on the European Commissionâs proposal for a Regulation on ESG ratings
The European Banking Federation (EBF) welcomes the opportunity to respond to the Have Your Say on the European Commissionâs proposal for a Regulation on the transparency and integrity of Environmental, Social, and Governance (ESG) rating activities. Read more
New EBF Vacancies! Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. 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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