EBF MORNING BRIEF Monday 4 December 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: ECB may consider interest rate cut next year, Villeroy says
The European Central Bank (ECB) isn’t ready to consider lowering borrowing costs, but will examine the question during 2024, Bank of France Governor Francois Villeroy de Galhau said. Villeroy said that euro-zone data shows that disinflation “is faster than expected,” notably in services, according to the comments provided to Bloomberg. Read more
Reuters: ECB raises minimum capital requirements for Spanish banks
The European Central Bank (ECB) has raised the minimum capital requirements for Spanish lenders BBVA, Caixabank, Sabadell, and Bankinter as part of a supervisory review and evaluation process. The process provides an overall assessment of the challenges that face significant institutions, Reuters reports. Read more
S&P Global Market Intelligence: Banks to focus on reducing costs in 2024 amid uncertainty, industry execs say
Banks are expected to prioritize lowering costs in 2024 as economic and political uncertainty weighs on growth and investment. Lenders will look for other ways to support profits as the recent surge in revenues from higher interest rates fades, industry executives said as heard by S&P Global Market Intelligence. Read more |
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MAIN EVENTS Council Horizontal Working Party on Cyber Issues Council Working Party on Tax Questions (Direct Taxation) International Platform on Sustainable Finance (IPSF) Annual Event (EU at COP28) |
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FROM EBF MEMBERS
Finance Denmark: More business customers seek help from banks
According to a survey of the country's seven largest banks published by Finance Denmark, companies face financial challenges, mainly in the construction and retail sectors. Over the past year, more companies needed help from banks with credit managers estimating the need to increase in the next period. Read more (DK)
NVB: Risk-based standard for customer screening of PEPs
A new Risk-based Standard for Customer Screening of Politically Exposed Persons (PEPs) from the Dutch Banking Association (NVB) describes risk indicators based on which banks conduct customer due diligence. The new standards provide principles for banks to carry out their role as gatekeepers proportionately and with a focus on real risks. Read more (NL) Finance Norway: Strong growth in defined contribution pensions According to a study by Finance Norway, NOK 34.9 billion was paid into defined contribution pension schemes in the first three quarters of the year. This is an increase of 15 percent compared to the same period last year. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Decisions taken by the Governing Council
The European Central Bank (ECB) has published the decisions taken by its Governing Council in addition to those setting interest rates. Decisions concern market operations, macroprudential policy, financial stability, market infrastructure, and payments. Read more
European Council: Deal on cybersecurity requirements
The European Council and the European Parliament have reached a provisional agreement on the proposed legislation regarding cybersecurity requirements for products with digital elements. Following the provisional agreement, work will continue at the technical level to finalize the details of the new regulation. Read more
EC: NextGenerationEU Green Bonds investments can reduce EU greenhouse gas emissions by 1.2%
NextGenerationEU Green Bonds can reduce greenhouse gas emissions by 44 million tonnes per annum, equivalent to 1.2% of the EU's aggregate greenhouse gas emissions. These are the results of the comprehensive quantification of the expected climate impacts of the NextGenerationEU Green Bonds allocation by the European Commission (EC). Read more |
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FROM THE EBF
Report of the C-ESG Risk Roundtable Data Workstream
This report is a result of the joint work of the WS members facilitated by Nordea Bank Abp in its role as Data WS (DWS) chair. The objective of the report was to identify commonly applied practices for addressing data and methodological uncertainties associated with disclosures against the Implementing Technical Standards (ITS) on prudential disclosures and ESG risks (Pillar 3). 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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