EBF MORNING BRIEF          Tuesday 19 September 2023

FROM THE MEDIA

Reuters: ECB may need until spring to conclude that no more hikes are needed: Kazimir

Last week's European Central Bank(ECB)'s rate hike may have been its last but policymakers will need until March to be sure and further rate hikes cannot yet be ruled out, policymaker Peter Kazimir said. According to Reuters, even if the ECB was at the so-called terminal rate, the bank would need to chart a steady course for an extended period. Read more

FT: BoE expected to raise interest rates to 5.5%

Financial markets and economists are expecting the Bank of England (BoE) to raise interest rates by another quarter point at its next meeting, taking the cost of borrowing to 5.5 percent, its highest level since early 2008. The rise would follow a similar move from the European Central Bank (ECB), the Financial Times (FT) reports. Read more

Bloomberg: SocGen sees capital hit as ECB probes structured products

Societe Generale’s capital will be hit more than previously estimated after a regulatory probe of its structured products business. The probe by the European Central Bank (ECB) will lower SocGen’s common equity Tier 1 ratio by about 20 basis points. As reported by Bloomberg, a plan to increase SocGen’s capital strength is a key element in a new strategy unveiled by Chief Executive Officer Slawomir Krupa. Read more

MAIN EVENTS

• Council Working Party of Financial Counsellors

• Deutsche Bundesbank International conference on household finance

• European Policy Centre ‘A Digital Single Market? Europe’s vision for the digital decade’ event

• European Commission ‘Financing the energy renovation of buildings' workshop

• UNECE Aarhus Convention Compliance Committee

• BaFin and Deutsche Bundesbank 'BaFinTech 2023' event

• Bank of England 'The role of financial regulation in international competitiveness and economic growth' conference

• Freshfields Bruckhaus Deringer and the Institute for Law and Finance at Goethe University '10th Conference on the Banking Union' event

• GDV 'Cyber: A Double Challenge - a Double Opportunity?' event

• 4th European Digital Identity Roundtable

• POLITICO 'Open Finance: the battle for data' event

• The Financial Times Future of Retail Summit

• The Banker 'Reimagining liquidity provisions for cross-border payments. Can technology de-risk commercial bank transactions?' event

• The Banker 'Payment transformation as a cornerstone of sound governance. Is business value the new engine for payment optimization?' event

FROM EBF MEMBERS

Finance Denmark: Danish shares delivered the largest long-term return

"Danish shares have continued to deliver the very highest returns on average," says investment manager Kåre Valgreen, Investing and Savings in Finance Denmark. Investments are always associated with risk, so returns only tell part of the story when comparing how different investment areas have performed. Read more (DK)

Finance Latvia: SEB Banka's School Heralds Program for students

For the third year in a row, SEB Banka is implementing the School Ambassadors Program in all the Baltic States, inviting 10th and 11th-grade students to become financial literacy experts and lead financial literacy lectures in their schools. Program participants are provided with an extensive training program, as well as mentor support throughout the entire program, Finance Latvia writes. Read more (LAT)

LBA: Expansion of the Liechtenstein DTA network

As reported by the Liechtenstein Bankers Association (LBA), the double taxation agreement (DTA) was signed between Liechtenstein and Italy. The agreement regulates the elimination of double taxation in cross-border situations. Read more (DE) 

FROM THE INSTITUTIONS

ESAs: Risks resulting from a fragile economic outlook

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty. Read more

ECB: Survey of Monetary Analysts (SMA), September 2023

The European Central Bank (ECB) published a report summarising the aggregated results of the Survey of Monetary Analysts (SMA) of September 2023. Read more

EC: EU-China: Second High-level Digital Dialogue

The European Commission (EC) held its second High-level Digital Dialogue with China. Both parties engaged in a thorough discussion on crucial areas of digital policy and technologies. The Commission provided an update of EU regulatory developments including the Digital Services Act and the Digital Markets Act. Read more

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

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

European Banking Federation