EBF MORNING BRIEF Tuesday 13 June 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: UBS completes Credit Suisse takeover to become wealth management behemoth
As noted by Reuters, UBS had completed its emergency takeover of Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management. Announcing the biggest banking deal since 2008, UBS Chief Executive Sergio Ermotti and Chairman Colm Kelleher said it would create challenges but also "many opportunities" for clients, employees, shareholders, and Switzerland. Read more
EURACTIV: No pause in sight as ECB eyes next rate hike
The European Central Bank (ECB) will almost certainly deliver another interest rate hike on 15 June, pressing ahead with its fight against inflation even as the eurozone slides into a recession. Analysts predict that ECB will again raise borrowing costs by 25 basis points, taking the closely watched deposit rate to 3.50%, EURACTIV reports. Read more
Bloomberg: Further BoE rate hikes can’t be ruled out, warns Haskel
Bank of England (BoE) policy maker Jonathan Haskel said the central bank must guard against persistent inflation risks, an indication he may back further interest-rate increases. According to Bloomberg, the remarks firm up the expectations that the BoE is likely to lift borrowing costs again this month and probably through the summer. Read more |
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REGISTRATION OPEN How do European banks prepare for their ESG reporting in line with Pillar 3 and Green Asset Ratio? |
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Climate change continues to take centre stage on the European regulatory agenda. In this webinar we will discuss how these regulations impact European banks and their clients and what are the challenges. Join our panellists as they discuss: What are the Pillar 3 disclosure requirements and the Green Asset Ratio? How are Pillar 3 and Green Asset Ratio reporting impacting banks and how are they preparing? How do international initiatives like the Net-Zero Banking Alliance and existing legislation (e.g., CSRD, SFDR) interact and how does this impact banks’ reporting? How is ESG likely to evolve, what challenges lie ahead, and how can they be overcome? |
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MAIN EVENTS Swedish Council presidency and ENISA CSIRTs Network meeting DIGISUSTAIN Conference and Exhibition (Roger Kaiser, EBF Senior Policy Adviser - Fiscal & Anti-Money Laundering speaking) For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS
LBA: Digital assets, sustainability and AI in a changing landscape The Liechtenstein Bankers Association (LBA) has become a community partner at this year's Point Zero Forum. The event aims to discuss the challenges and opportunities associated with disruptive, technology-driven transformation and how AI, digital assets and Blockchain can support and accelerate sustainable finance. Read more (DE)
Finance Denmark: Homes are for sale for a longer time
Home buyers have the opportunity to think a little more before signing a purchase agreement for their future home. At the same time, there are more options and lower tender prices than a year ago, figures from Finance Denmark show. Read more (DK)
UK Finance: International green finance rules
It is good news that so many jurisdictions are adopting green finance disclosure regulations, but critical that they should be as coherent and interoperable as possible, or otherwise risk distracting from the real-world sustainable transition. UK Finance is at the forefront in advocating for that coherence. Read more |
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FROM THE INSTITUTIONS EC: Sustainable Finance: Commission consults on proposed sustainability reporting standards for companies The European Commission (EC) launched a four-week feedback period on the first set of sustainability reporting standards for companies. These standards take into account technical advice from EFRAG and intensive discussions with the International Sustainability Standards Board (ISSB) and the Global Reporting Initiative (GRI) to ensure a high degree of interoperability and prevent unnecessary double reporting by companies. Read more
EBA: Annual Report highlights key achievements in 2022
The European Banking Authority (EBA) published its Annual Report that sets out the activities and achievements in 2022 and provides an overview of the key priorities for 2023. Priorities include finalizing the Basel III implementation in the EU, performing an enhanced EU-wide stress test, enhancing the capacity to fight money laundering, and executing the Environmental, Social, and Governance (ESG) roadmap. Read more BIS: Banks' cyber security A new paper by the Bank for International Settlements (BIS) finds that many jurisdictions have introduced or enhanced bank cyber regulations. Moreover, cyber regulations have evolved and have a more embedded "assume breach" mentality and are more aligned with operational resilience concepts. Read more |
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FROM THE EBF
EBF response to the Have Your Say on the EU Environmental Taxonomy The European Banking Federation (EBF) responded to the European Commission’s call for feedback on targeted amendments to the Taxonomy Climate Delegated Act and to the Taxonomy Disclosures Delegated Act as a contribution to the efforts to ensure the usability and consistency of the Taxonomy Regulation. Read more 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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This newsletter is published by the EBF Mediacentre.
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