| EBF MORNING BRIEF Thursday 21 April 2022 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 Reuters: All eurozone banks can withstand Russian write-off, ECB says All large eurozone banks can withstand a full write-off of their Russian exposure and still respect their capital requirements, the European Central Bank (ECB)'s top supervisor Andrea Enria wrote in a letter. As reported by Reuters, he said that nine banks would see their capital reduced by 70-95 basis points on average in the event of a wipe-out, and for none of them, the hit would be bigger than 200 basis points. Read more
Bloomberg: ECB’s Kazaks says a July interest-rate hike is ‘possible’
The European Central Bank (ECB) may raise interest rates as soon as July amid “significant” inflation risks that will probably require further tightening later in the year, according to ECB Governing Council member Martins Kazaks. “We haven’t seen any major elements of stress in financial markets, which makes me think that ending QE early in the third quarter is possible and appropriate,” Kazaks said. “Whether it could already happen at the end of June, we’ll have to discuss when we get new forecasts.” Read more
PYMNTS.com: EU Open Banking's payments transformation faces FinTech headwinds
The introduction of open banking has transformed the digital payments space in Europe, with data sharing boosting competition in the banking industry. However, as much as open banking has been transformative to Europe’s payments, the infrastructure delivered by banks in the region is still far from reaching maturity, PYMNTS.com argues. One of the key issues is the lack of standard regional rules guiding banks on how to set up application programming interfaces (APIs). Read more |
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MAIN EVENTS Friday 22 April
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FROM THE EBF MEMBERS AEB: Over 1,800 students participate in the national financial education finals More than 1,800 students between the ages of 13 and 15 from 75 schools across Spain have tested their financial knowledge in the national final of the financial education contest, organized by the Spanish Banking Association (AEB) and the AEB Foundation. The contest is part of the European Money Quiz competition, organized by the European Banking Federation (EBF). Read more (ES) Finance Norway: Accurate rules for hiring labor Norway's Ministry of Labor and Social Inclusion wants changes in the regulations for hiring and renting from staffing companies. It is important to have a framework that promotes a serious working life and that ensures safe and predictable employment conditions, where the main rule is permanent employment. The current proposal does not meet its purpose and is disproportionate, writes Finance Norway in their consultation response. Read more (NO)
SBA: CEO participates in "Society Collapse" series
What happens if the payment system in Sweden is subjected to a hacker attack and knocked out for a long period? In a new social education series on Sweden's crises preparedness, key decision-makers are confronted with scenarios affecting Swedish society. Hans Lindberg, Swedish Bankers' Association (SBA) CEO, participated in the program on behalf of the banks to answer some questions. Read more (SV) |
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FROM THE INSTITUTIONS BIS: CBDCs for the People The Bank for International Settlements (BIS) published an op-ed by Agustín Carstens, BIS General Manager, and H.M. Queen Máxima of the Netherlands, the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development for Project Syndicate. The op-ed examined how central bank digital currencies (CBDCs) can be designed and implemented for "unbanked" people to have access to key financial services. Read more FSB: Letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine The Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors, on the outlook for financial stability and FSB’s plans to address vulnerabilities. The letter flags a number of issues, including linkages between commodity markets and the rest of the financial system, financial system leverage, and possible amplifiers in the event of market stress and cyber risks. Read more ECB: Banking Supervision The European Central Bank (ECB) has published a letter from Andrea Enria, Chair of the ECB Supervisory Board on banking supervision. "The ECB is monitoring and evaluating the prudential implications of the sanctions very carefully. The analysis has shown that the direct exposure of euro area banks to Russia is contained overall," he writes. 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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