EBF MORNING BRIEF Thursday 30 March 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
Reuters: ECB rates will need to rise but possibly at a slower pace
European Central Bank (ECB) interest rates will likely have to rise further to contain inflation, policymakers said. However, Slovak central bank chief Peter Kazimir made the case for slower rises following three straight 50-basis point hikes, Reuters reports. Read more
Bloomberg: Opposition to EU push to shake up banks’ investing fees
Germany, France, Italy, and seven other EU nations expressed opposition to a proposed ban on fees that funds pay banks to offer their investments. A proposed EU ban of so-called inducements and fees “would run the risk of destabilizing existing distribution channels of savings products,” the 10 finance ministries wrote in a joint letter to the European Commission seen by Bloomberg. Read more CoinDesk: EBA calls attention to digital ledger technology When banking supervisors assess the risk of money laundering, they should consider whether distributed technology is being used, the European Banking Authority (EBA) says in draft guidance. According to CoinDesk, the guidance suggests banks and payment providers will be under pressure to enhance scrutiny of crypto companies, even amid concerns that the blockchain industry is losing access to conventional finance. Read more |
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MAIN EVENTS Thursday 30 March Friday 31 March Council Horizontal Working Party on Cyber Issues For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS
BdB: Schmieding: "Construction is a brake on the economy".
Germany's economists continue to believe in an economic upturn and that inflation will fall significantly. However, Holger Schmieding who chairs the Association of German Banks (BdB) Committee for Economic and Monetary Policy says that a sense of proportion is needed when it comes to wage increases. Read more (DE)
Finance Denmark: New Board in the Mortgage Credit Council
At the board meeting of the Real Credit Council of Finance Denmark, a new board was elected while Carsten Tirsbæk Madsen, CEO of Jyske Realkredit, and deputy chairman Pernille Sindby, CEO of Totalkredit were re-elected as Chairman. Read more (DK)
UK Finance: Financial crime compliance
The UK financial services sector collectively spends £22,000 per hour fighting fraud and financial crime according to the latest study into the impact of regulatory compliance on the market. A £34 billion price tag might just be palatable if it was delivering value for money. Yet year-on-year the annual figures from UK Finance suggest otherwise, as does every news report detailing the dirty money washing through the UK on a daily basis. Read more |
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FROM THE INSTITUTIONS ECB: Price vs financial stability: no trade-off European Central bank (ECB) Chief Economist Philip R. Lane talks about the latest economic developments and explains that there is no trade-off between ensuring financial stability and tackling inflation. Read more
ESMA: 2022 Corporate Reporting Enforcement and Regulatory Activities Report
The European Securities and Markets Authority (ESMA) has published its 2022 Corporate Reporting Enforcement and Regulatory Activities Report, providing an overview of activities carried out by ESMA and enforcers on financial and non-financial information and European Single Electronic Format (ESEF) reporting. Read more
EBA: Amendments to Guidelines on risk-based AML/CFT supervision to include crypto-asset service providers.
The European Banking Authority (EBA) launched a public consultation on amendments to its Guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision. The proposed changes extend the scope of these Guidelines to AML/CFT supervisors of crypto-asset service providers (CASPs). Read more |
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FROM THE EBF
EBF: European banking industry sets out a vision for digital euro
The European Banking Federation (EBF) has published a vision paper on a Digital Euro Ecosystem. It argues that a retail digital euro could be envisaged in the mix of new tools and solutions to meet evolving payment needs, as long as it adds value to consumers, is appropriately designed, in close cooperation with the private sector, and mitigates ex ante the accompanying risks. 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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