EBF MORNING BRIEF Monday 16 January 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
FT: ECB urges banks to fix risks in trades with hedge funds
The European Central Bank (ECB) has warned Europe’s lenders they will face regulatory intervention unless they urgently fix “material shortcomings” in managing risks from trading counterparties such as hedge funds, family firms, and commodity traders. As reported by the Financial Times (FT), the ECB wants banks to enhance their due diligence, and have better stress-testing and monitoring of trading counterparty risks. Read more
Reuters: EU banks to repay another 63 bln euros worth of ECB loans
Eurozone banks are set to repay another 62.7 billion euros in multi-year loans from the European Central Bank (ECB), bringing the total reduction of outstanding loans to nearly 860 billion euros. According to Reuters, banks already cut their Targeted Longer-Term Refinancing Operations (TLTRO) holding by nearly 800 billion late last year. Read more
Finextra: CMA announces completion of open banking roadmap
The Competition and Markets Authority (CMA) announced the completion of the open banking roadmap on the fifth anniversary of PSD2, which mandated open banking as a regulatory requirement in the UK. The UK took a different approach from the EU by mandating and enforcing a single standard for open banking, Finextra reports. Read more |
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MAIN EVENTS -
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European Parliament plenary session -
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For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS
BPFI: Mortgage Approvals Report
The Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for November 2022. Data shows that almost 55,000 mortgages to the value of €14.9 billion were approved, the highest level since the data began in 2011, largely driven by growth in switching activity. Read more
Finance Norway: Mandatory small boat register
Finance Norway has called for a mandatory register of leisure boats for years. A register will contribute to reduced littering of the sea and can prevent money laundering. The government is now investigating its potential design and effects. Read more (NO)
Finance Denmark: Few loans for home purchases in 2022
In 2022, less than 55,000 loan offers were made for home purchases. This is the lowest number since 2017, the latest figures from Finance Denmark show. Read more (DK) |
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FROM THE INSTITUTIONS
ECB: Tackling counterparty credit risk
Banks should be well prepared and maintain their counterparty credit risk at an acceptable level, says European Central Bank (ECB) Supervisory Board Chair Andrea Enria. The ECB will use all available supervisory tools to address weaknesses in risk management. Read more
EBA: The liquidity coverage ratio of EU banks declined in the first half of 2022 but is still well above the minimum requirement
The European Banking Authority (EBA) published its Report on liquidity measures. The report found that the liquidity coverage ratio (LCR) declined to 166% in June 2022. EU banks hold materially lower liquidity buffers in foreign currencies which requires enhanced monitoring by banks and supervisors. Read more
BIS: Monetary policy and credit card spending
The Bank for International Settlements (BIS) published a paper using credit card data to assess how monetary policy affects consumer spending. According to the findings, monetary policy tightening can significantly reduce consumption. Read more |
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FROM THE EBF
EBF: Updated position on MIFIR Review
The European Banking Federation (EBF) supports the MiFIR review proposal presented by the European Commission. However, there are concerns about the proper analysis and impact assessments of several MiFIR reform proposals. 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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This newsletter is published by the EBF Mediacentre.
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