EBF MORNING BRIEF Monday 18 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: ECB’s De Cos says first interest rate cut could come in June
European Central Bank (ECB) Governing Council member Pablo Hernandez de Cos stated he expects interest rates to be cut in June if inflation continues to moderate as anticipated. “The announcement last week that we have completed our goal of getting inflation to 2% is compatible with a cut in interest rates soon, and that could probably happen in June” said the Bank of Spain governor as reported by Bloomberg. Read more
Finextra: Swedish central bank calls for legislation to protect cash
Even as cash usage continues to fall in Sweden, legislation is needed to ensure that people can pay with notes and coins. "Payments must work for everyone. In the longer term, all payments may be digital - but until then, cash plays an important role. We need legislation to ensure that cash can be used to pay" said the central bank governor Erik Thedéen as quoted by Finextra. Read more
FT: BoE set to hold interest rates as it awaits more signs on inflation
According to the Financial Times (FT), the Bank of England (BoE) is set to keep interest rates unchanged this week as it hunts for clearer signs that pay growth and services inflation are cooling sufficiently to permit a cut in the cost of borrowing. Financial markets are overwhelmingly betting that the BoE’s benchmark rate will be kept at 5.25 per cent when the Monetary Policy Committee announces its latest decision on Thursday. Read more |
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MAIN EVENTS Council Horizontal Working Party on Cyber Issues Council Working Party on the Environment |
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THE FIRST 2024 BANKING ESSENTIALS WEBINAR
Navigating the Green Asset Ratio: What can it tell us about the sustainability performance of banks?
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Investors are demanding more sustainability related disclosure, and regulators are also closely monitoring the impact of climate change on companies and financial institutions. In principle, the GAR is a simple ratio quantifying EU Taxonomy-aligned assets as a percentage of total covered assets. As banks disclose their GAR alignment for the first time, what does it tell us about their sustainability performance and efforts to finance the green transition? Can GAR be considered an indicator of progress on meeting institutions’ sustainability commitments? In this upcoming webinar you can learn how to navigate GAR and also what to expect from the upcoming revision to improve its usability. We are pleased to share with you the recording of the webinar. |
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FROM EBF MEMBERS
BdB: How children learn to manage money in the right way
Having one's own pocket money is the first step towards financial independence for children. As the Association of German Banks (BdB) points out, it is important for parents to discuss with children what pocket money can be used for and what expenses will continue to be covered. In order to learn responsibility, however, children must have the opportunity to gain personal experience; pocket money serves precisely this purpose. Read more (DE)
ABBL: European Money Week 10th anniversary
At a time when financial education for young people should be a priority more than ever, the The Luxembourg Bankers' Association (ABBL) Foundation for Financial Education is organising the the 10th consecutive European Money Week. "Against a backdrop of geopolitical and environmental polycrisis, high interest rates and a bleak economic outlook, we may well ask whether our children are sufficiently well-prepared to face up to the economic realities of life", says Jerry Grbic, ABBL Foundation Chairman. Read more
UK Finance: The transformative potential of AI in financial services
Generative AI represents one of those advancements that is just now beginning to reshape the banking industry. UK Finance believes there is an opportunity for the financial industry to leverage generative AI to drive further operational efficiencies, customer engagement and increased productivity in the technology portfolio across the enterprise. Read more |
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FROM THE INSTITUTIONS
ECB: Risk data: ramping up supervision
Many banks haven’t fully addressed weaknesses in their risk data aggregation and risk reporting, says European Central Banks (ECB) Supervisory Board member Elizabeth McCaul. To ensure timely progress, supervisors should make use of all available tools, including escalation measures if needed. Read more
BIS: Regulating non-bank retail lenders in the digital era
Non-bank financial intermediaries (NBFIs) encompass numerous firms with distinct business models that provide various financial services. This includes NBFI retail lenders, such as finance companies, mortgage companies, fintechs and big techs that lend to households and small and medium-sized enterprises (SMEs). This Bank for International Settlements (BIS) paper assesses the regulatory requirements applied to NBFI retail lenders in 20 jurisdictions, including those that can accept deposits or their functional equivalent. Read more
European Council: CSDDD: deal to protect environment & human rights
The Council and the European Parliament reached a provisional deal on the corporate sustainability due diligence directive (CSDDD), which aims to enhance the protection of the environment and human rights in the EU and globally. The due diligence directive will set obligations for large companies regarding actual and potential adverse impacts on human rights and the environment, with respect to their own operations, those of their subsidiaries, and those carried out by their business partners. 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 |
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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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