EBF MORNING BRIEF Monday 2 October 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: Eurozone core inflation hits 1-year low, backing ECB pause
As reported by Bloomberg, eurozone core inflation eased to its slowest pace in a year, supporting expectations that the European Central Bank (ECB) will keep interest rates on hold to gauge the impact of its unprecedented campaign of hikes. While future hikes can’t be fully excluded, interest rates will probably remain around where they are “for some time,” Latvian central bank chief Martins Kazaks said. Read more
FT: BoE warns lenders over loan loss estimates
The Bank of England (BoE) warned lenders about the risk in the models they use to predict loan losses and criticized them for failing to fully recognize the impact of high inflation and interest rates on borrowers, the Financial Times (FT) reports. BoE said it wanted banks to “challenge whether models capture risks associated with affordability”. Read more
CoinDesk: EU crypto industry wants staking clarity as regulations loom
According to CoinDesk, the EU and UK may both be contemplating new rules to cover crypto staking as regulatory action in Switzerland and Singapore offers a cautionary tale. There is a gap that needs to be fixed, says the European Central Bank (ECB)’s Christine Lagarde, who’s called for the service in which crypto holders can post their assets to earn passive income to be addressed in a MiCA sequel. Read more |
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MAIN EVENTS Council Horizontal Working Party on Cyber Issues Party |
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FROM EBF MEMBERS
AEB: AEB banks trained 249,000 students in finance in 2022
The Spanish Banking Association (AEB) brought financial education to 249,000 students in 2022 thanks to workshops and seminars. This represents an increase of 38% compared to the previous year, according to data collected by the AEB. Read more (ES)
Finance Latvia: Is it the right time to lock in interest rates? Mārtiņš Āboliņš, economist of Citadele bank discusses interest rate’s impact on the economy and society in an interview published by Finance Latvia. “It is important that decisions that solve the short-term situation do not create unwanted consequences for us in the long term,” he says. Read more (LAT)
BPFI: BPFI Mortgage Approvals First-time buyer mortgage approvals exceeded 30,000 for the first time in the 12 months to August 2023, according to figures published by the Banking & Payments Federation Ireland (BPFI). Besides, the pipeline for home purchase drawdowns remains strong despite the overall slowdown largely due to a drop-off in switching activity. Read more |
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FROM THE INSTITUTIONS
ECB: Towards an orderly energy transition
The green transition poses a uniquely difficult policy challenge, says European Central Bank (ECB) President Christine Lagarde. But the answer is to understand this challenge and ensure that the costs of the transition are shared fairly. Read more
ESAs: Criteria for critical ICT third-party providers under DORA The European Supervisory Authorities (ESAs) published their joint response to the European Commission’s Call for Advice on two EC delegated acts under the Digital Operational Resilience Act (DORA) specifying further criteria for critical ICT third-party service providers (CTPPs) and determining oversight fees levied on such providers. Read more
BIS: The impact of green investors on stock prices The Bank for International Settlements (BIS) studied the impact of green investors on stock prices in a dynamic equilibrium asset-pricing model, with three types of investors: green, passive, or active. Findings show that the smaller the fraction of active investors relative to green investors, the stronger the price impact of green investment. Read more |
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FROM THE EBF
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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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