EBF MORNING BRIEF Monday 22 April 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
Reuters: ECB governors stick to plan for multiple rate cuts
European Central Bank (ECB) officials are sticking to plans to cut interest rates multiple times this year, even as higher U.S. inflation delays a pivot to looser policy by the U.S. Federal Reserve and tensions in the Middle East keep oil prices high, Reuters reports.
Investors are rethinking what they expected to be a global easing cycle after stubbornly strong U.S. price growth slowed the Fed's plan to start lowering borrowing costs, which had been seen as the starting gun for other central banks. Read more Finextra: Central banks embark on tokenisation project According to Finextra, the Bank for International Settlements (BIS) and seven central banks are embarking on a major project to explore tokenisation of cross-border payments. The project builds on the unified ledger concept proposed by the BIS and will investigate how tokenised commercial bank deposits can be integrated with tokenised wholesale central bank money in a public-private programmable core financial platform. Read more
FT: Global banking regulator warns investors on suitability of AT1s
The global banking regulator has held high-level meetings with bank executives, investors and credit rating agencies in recent weeks to assess the suitability of a form of debt that was controversially wiped out when Credit Suisse collapsed last year. The Basel Committee on Banking Supervision held a few meetings at the European Banking Authority last month, sources told the Financial Times (FT), where the regulator sought participants’ views on how well AT1s performed during last year’s crisis, whichled to several bank failures. Read more |
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FROM EBF MEMBERS
FBF: French banks are stepping up the fight against climate change:
French banks are firmly committed to the fight against climate change. They are increasingly financing the transition projects of their customers, whether businesses or individuals. According to the French Banking Federation (FBF), the amount of green and sustainable loans on their balance sheets has risen by 50% in one year, from €216 billion in 2022 to €337 billion in 2023, a fourfold increase over three years. Read more (FR)
ABBL: DORA Training: unlocking digital operational resilience
In the digital age, operational resilience is paramount, particularly in the high-stakes financial sector. This is why the House of Training, in collaboration with the Luxembourg Bankers' Association (ABBL), has launched a training cycle focusing on the Digital Operational Resilience Act (DORA). This comprehensive programme aims to equip financial professionals with the essential knowledge and skills required to effectively navigate the complex landscape of digital operational resilience. Read more
Finance Norway: Negotiations in finance are underway
The collective bargaining in the finance sector has started and negotiations on wages and the content of the central agreement are now underway. Today and tomorrow, Finance Norway's delegation will negotiate with both Finansforbundet and LO. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: IMFC Statement
We are not pre-committing to a particular rate path, says European Centrak Bank (ECB) President Christine Lagarde. If our confidence increases that inflation is converging to our 2% medium-term target, it would be appropriate to reduce the current monetary policy restriction level. Read more
ESMA: Proposed changes to the ELTIF technical standards
The European Securities and Markets Authority (ESMA) has responded to the European Commission request on amendments to the European long-term investment fund (ELTIF) Technical Standards (RTS). In the letter ESMA suggests that there should be a limited number of changes to find the right balance between protecting retail investors and contributing to the capital market union objectives. Read more
BIS: Incentive-compatible unemployment reinsurance for the euroarea
The euro area sovereign debt crisis brought back the debate on establishing additional fiscal instruments for the euro area. A centralized European unemployment benefits scheme has been one of the solutions proposed to strengthen the automatic fiscal stabilizers of the European Monetary Union. The Bank for International Settlements (BIS) proposes a scheme derived from mechanism-design first principles. Read more |
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FROM THE EBF
EBF Response to the EBA Consultative Document Guidelines on ESG risks management
The European Banking Federation welcomes the EBA’s efforts in developing the draft Guidelines to ESG risk management (hereafter, “the Guidelines”), in accordance with Article 87a (5) of Directive 2013/36/EU (CRD IV). 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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