EBF MORNING BRIEF Thursday 28 March 2024 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: Cipollone sees scope to cut swiftly despite wage gains
As reported by Bloomberg, the European Central Bank may be able to lower interest rates “swiftly” even as workers receive large wage increases to catch up with two years of elevated inflation, according to Executive Board member Piero Cipollone. Read more
The Banker: Regulators are struggling to assess shadow bank contagion risk
Banks are becoming increasingly interconnected with non-bank financial institutions, but to what extent is unclear. While data on interconnectedness between banks and NBFIs has improved in recent years, it remains difficult to get a complete picture of the exposure, says Jean-Paul Servais, International Organization of Securities Commissions Chair. Read more
Reuters: ECB looks for three new bank supervisors
According to Reuters, the European Central Bank (ECB) is looking for three new bank supervisors to oversee the bloc's biggest lenders, replacing officials whose term is expiring later this year, the bank said in a vacancy notice. Read more |
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Decarbonisation Pathways: the Renewables (R)evolution Tuesday 2nd April 2024 |
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After an era of exploiting fossil fuels, will we succeed in switching to renewables
as our main source of energy?
Transitioning to a low carbon-energy mix necessitates the electrification of our economy.
To truly enforce decarbonisation, power generation must turn towards renewable energies.
That is why exploring the potential of renewable energies and anticipating the future development of RES is essential.
Leveraging the latest updates on EnerFuture, Enerdata’s unique database providing long-term forecasts, we projected the scope of renewable energies up to 2030 and 2050, as well as the consequential impact expected on decarbonisation standards, through a global perspective, at a country level view. |
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FROM EBF MEMBERS
ABBL: Council of the EU approves a lessened CSDDD
The adoption of the new European Corporate Sustainability Due Diligence Directive (CSDDD) by the Council of the EU was a Pyrrhic victory. Although the new compromise law falls short of its original ambitions, it paves the way for greater corporate responsibility in the area of sustainability, while leaving the door open for future improvements. The Luxembourg Bankers' Association (ABBL) continues to support its members in improving their human rights monitoring. Read more
CBA: Confidence in the economy rose across the board in March
Economic confidence was a pleasant surprise in March, with a relatively large increase offsetting the weaker data of the past two months. The Czech Banking Association (CBA) reports that for all monitored segments except industry it is above the annual average, and for the business sector it is only slightly below last year's level. Read more (CZ)
BPFI: Mortgage Approvals Report for February 2024
The Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for February 2024. The first-time buyer mortgage approvals reached record annualised high of €9 billion in February, while mover purchase volumes continued to decline Read more |
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FROM THE INSTITUTIONS
ECB: Taking into account climate and nature
Central banks and supervisors are increasingly taking climate and nature into account to deliver on their mandates, says European Central Bank (ECB) Executive Board member Frank Elderson. Also work at the international level has resulted in substantial progress, although more work lies ahead. Read more
ESMA: Clarification on application of certain MIFIR provisions
The European Securities and Markets Authority (ESMA) published a statement, including practical guidance supporting the transition and the consistent application of the revised Markets in Financial Instruments Regulation (MiFIR). The statement covers guidance on equity transparency and non-equity transparency; the systematic internaliser (SIs) regime; designated publishing entities (DPEs); and reporting. Read more
EIOPA: Ultimate Forward Rate for 2025
The European Insurance and Occupational Pensions Authority (EIOPA) published the calculation of the Ultimate Forward Rate (UFR) applicable as of 1 January 2025. This parameter of the methodology to derive EIOPA’s risk-free interest rate term structures will remain unchanged at 3.30% for the euro. Read more |
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FROM THE EBF
New EBF Vacancies! Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. 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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