📰 EBF Morning Brief - Monday 25 July: Spain's economy minister keeps bank tax in the dark

FROM THE MEDIA

Reuters: Spain's economy minister keeps bank tax in the dark

Spain's economy ministry declined to give details of a new tax on banks' profits, which are set for a boost as interest rates rise to tame inflation. Economy Minister Nadia Calvino told reporters the tax would be introduced to parliament this week but declined to give any information about its design. Sources heard by Reuters said the government was readying a levy of just under 5% on net interest income and banking commissions. Read more

Bloomberg: BoE seeks to preserve the role of cash in transactions

The Bank of England (BoE) is seeking to preserve the role of traditional banknotes and coins in everyday transactions, keeping it an option for consumers as electronic forms of payment grow in popularity. As reported by Bloomberg, maintaining cash is part of a broader effort by the BoE to keep the UK’s payment systems up-to-date with technology and in step with consumer demands. Read more

FT: The ECB turns the tables on panicky markets and policymakers

In deciding to raise interest rates by a higher-than-signaled half a percentage point and introduce a new bond-buying program, the European Central Bank (ECB) has turned the tables. According to an opinion piece published by the Financial Times (FT), the message seemed to be that markets should be aware that the ECB will not hesitate to curb inflation and prepare themselves. Read more

MAIN EVENTS

Council Working Party on the Environment

IADI ‘Core Principles Practitioners’ workshop

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FROM THE EBF MEMBERS

FBF: Securing payments: fraud down in 2021

The latest report from the Observatory for the Security of Payment Means, which depends on the Banque de France and of which the French Banking Federation (FBF) is a member, shows a sharp increase in payments and a drop in fraud. While payments exceeded 28 billion transactions in 2021, fraud accounted for 1.24 billion euros, down 3.5%, for 7.5 million fraudulent transactions, i.e. a decline of 4.2% compared to 2021. Read more (FR)

BdB: The ECB is finally sending a clear message

"By raising the key interest rate by 50 basis points, the ECB is resolutely counteracting inflation," said Christian Ossig, Chief Executive of the Association of German Banks (BdB), with a view to the ECB Council meeting. Read more (DE)

AEB: Students receive financial education from banking volunteers

More than 6,300 secondary school students have received financial education in the eighth edition of 'Your finances, your future', a program promoted by the Spanish Banking Association (AEB) and its Foundation, in collaboration with the Junior Achievement Foundation, which is developed in the classrooms of secondary education centers throughout the national territory. Read more (ES)

FROM THE INSTITUTIONS

ECB: Interest rates explained

The European Central Bank (ECB) has just raised its interest rates. But how do they work? And what do higher rates mean for people, the economy, and inflation? Katie Ranger, puts these questions to expert Gabriel Glöckler on The ECB Podcast. Read more

ESAs' Board of Appeal dismisses case against EBA on alleged non-application of Union law regarding payment services

The Board of Appeal of the European Supervisory Authorities (ESAs), in the appeal brought by “C” against the EBA unanimously, decided to dismiss the appeal as inadmissible in accordance with the EBA Regulation. The Board of Appeal concluded that the appeal was directed against a decision of the EBA which was not challengeable. Read more

EBA: Use of specific exemptions included in the large exposures regime

The European Banking Authority (EBA) published a Report on the use of some exemptions included in the large exposures regime. The Report analyses banks’ use of the various exemptions from different perspectives and quantifies the impact of a potential removal of individual exemptions. Read more

FROM THE EBF

EBF response to the European Commission’s targeted questionnaire on Open Finance

The EBF has responded to the European Commission’s targeted consultation on Open Finance. The EBF response notes that the focus for an Open Framework should be in addressing existing gaps in data sharing aspects, including consumer protection, technical obstacles, liability, and a fair distribution of value and incentives for all market actors. Read more

EBF response to European Commission’s Targeted Consultation on the review of the revised Payment Services Directive (PSD2)

The EBF has responded to the European Commission’s targeted consultation on PSD2. The EBF response notes that overall, PSD2 has contributed to increasing levels of innovation, competition and security, consistent with the objectives of the Directive. Elements such as Strong Customer Authentication (SCA) measures and regulating Third Party Provider (TPP) access to payment accounts are welcomed as overall positive developments in the payments landscape. Read more

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