THE EBF MORNING BRIEF TAKES A SUMMER BREAK!

We will be back in September!

Looking forward to seeing you for a new exciting season of key events 
and stories in the financial and banking sector.

FROM THE MEDIA

Reuters: Europe's banks flash some good news but downbeat on economy

European banks offered flashes of surprisingly good news on profits, but some executives spoke of a bleak outlook for the rest of the year amid raging inflation, war, and energy shortages. "The months ahead will continue to be challenging. There is reason to believe that things will become even more difficult economically," Deutsche Bank Chief Executive Christian Sewing wrote. That split-screen image of solid business coupled with a grimmer outlook is playing out in banks across Europe, Reuters says. Read more

FT: European banking regulator ‘concerned’ about finding staff to oversee crypto

As reported by the Financial Times (FT), José Manuel Campa, chair of the European Banking Authority (EBA) said his organization views its ability to hire specialized staff as a “major concern”, highlighting worries over authorities’ capacity to supervise digital assets markets. EBA was also worried about the logistics of planning for its new powers since it will not know which digital coins it has authority for supervising until very close to 2025, when Europe’s sweeping new crypto regulations are due to come into force. Read more

Finextra: FCA overhauls consumer protection with new Consumer Duty

The Financial Conduct Authority (FCA) has confirmed it will roll out the Consumer Duty, requiring banks and other financial institutions to drastically improve their consumer protection efforts over the next 12 months. According to Finextra, the legislation underscores the regulator’s efforts to become more adaptable and assertive in protecting consumers. Read more

A NEW REPORT IS OUT!

Managing uncertainty, ensuring resilience
 EY and EBF CRO survey

MAIN EVENTS

Thursday 28 July

• Council Working Party on International Environment Issues

• Chatham House ‘Global trade and the transition to an inclusive circular economy’ event

Friday 29 July

• IFRS ‘Exposure Draft and comment letters: General Sustainability-related Disclosures’ consultation

For a full-year overview of key financial regulation events: click here

FROM THE EBF MEMBERS

ABBL: Launch of the state-guaranteed loan scheme for the Luxembourg economy in the context of the war in Ukraine

Finance Minister Yuriko Backes signed an agreement with representatives of the banks BCEE, BIL, BGL BNP Paribas, Banque de Luxembourg, Raiffeisen, and ING, and in the presence of Guy Hoffmann, President of the Luxembourg Banker's Association (ABBL), framing the State-guaranteed loan scheme set up by the law of 15 July 2022 in favor of the Luxembourg economy in the context of the war in Ukraine. Read more
 

FBF: Employment in banks: a year marked by dynamism of recruitment

In a context still marked by the health crisis, French banks have distinguished themselves by the dynamism of their recruitments. As reported by the French Banking Federation (FBF), there were 40,300 new hires in 2021, in a sector that employs 350,400 employees, thus representing 1.7% of private salaried employment in France. Read more (FR)

Finance Latvia: SMEs face a shortage of employees

Around a quarter of small and medium-sized businesses (SMEs) plan to expand their business. But one of the main difficulties faced by entrepreneurs is the lack of staff. According to a survey by Luminor Banka and published by Finance Latvia, the main reasons are inadequate qualifications and the insufficient number of applicants, as well as difficulties in providing the kind of pay that employees demand. Read more (LT)

FROM THE INSTITUTIONS

ECB: Monetary developments in the euro area: June 2022

How did euro area bank lending and money supply evolve in June? How do they compare with May's figures? The European Central Bank (ECB) answered these questions in its latest statistical press release. Read more

BIS: Andrew Bailey: Bringing inflation back to the 2% target

Andrew Bailey, Governor of the Bank of England (BoE) discussed the impact of the recent big external shocks for monetary policy. "Monetary policy has to be set taking into account the scale of this shock to real income, while keeping our focus on inflation and inflation expectations. Returning inflation to its 2% target sustainably remains our absolute priority," he said in the speech published by the Bank for International Settlements (BIS). Read more

EIB: New report highlights the impact of cohesion support

Lending in support of EU cohesion policy by the European Investment Bank (EIB) Group helped contain the economic fallout from the pandemic and could now help counter some of the short-term fallout from the war in Ukraine, says a new report. Investments in climate action and a sustainable environment are not at the expense of cohesion objectives. Climate and cohesion goals are rather interlinked and mutually reinforce each other. Read more

FROM THE EBF

Managing uncertainty, ensuring resilience – EY and EBF CRO survey

As part of the knowledge partnership between EY and the EBF, we wanted to shed light on how banks’ Chief Risk Officers navigate the effects of the Covid pandemic, the war in Ukraine, and high inflation. We surveyed 63 banks from 22 European countries and published a joint report to gauge how these crises have changed the pressures banks face and their views on what the future holds. Read more

New EBF Vacancies! Work with us!

Visit our Vacancies page to learn more about the opening positions at the EBF. Read more

ABOUT THE EUROPEAN BANKING FEDERATION
 

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European Banking Federation