EBF MORNING BRIEF Tuesday 26 September 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 needs to be cautious about doing too much on rates
The European Central Bank (ECB) has reached the point where it needs to be wary of raising interest rates too high and should try to avoid a hard landing on the economy, ECB policymaker Francois Villeroy de Galhau said. As reported by Reuters, Villeroy said that the risk of doing too much and doing too little are now symmetrically balanced. Read more
Bloomberg: Italy offers banks get-out clause on divisive windfall tax
Italy modified a controversial windfall tax on banks, giving lenders an option to avoid paying if they set aside additional capital reserves. Lenders can opt out of the tax if they allocate 2.5 times the amount owed to strengthen their common equity tier 1 ratio as non-available reserves. If those reserves are later distributed as dividends, banks will have to pay the full tax plus matured interest, an amendment seen by Bloomberg says. Read more FT: UK to delay implementing global banking reforms The Bank of England (BoE) will delay implementing the latest package of global post-crisis banking reforms for another six months, the Financial Times (FT) reports. The package includes limiting banks’ ability to decide how much capital they need to back certain loans and trades. The BoE is preparing to unveil a July 2025 implementation deadline. Read more |
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MAIN EVENTS DIGITALEUROPE Welcome Back networking drinks |
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THE FINANCIAL TIMES Global Banking Summit 2023
27-29 November \ Digital & In-Person
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A contracting interest rate environment and inflationary global economy have led to the first bank failures in years, followed by mergers of two of Europe’s leading lenders. Despite banks never being better capitalized, more ready to optimize costs, and more aware of the need to innovate for customers, fears of an impending credit crunch are mounting. Are banks on the edge of crisis? How will they maintain their plans to expand, innovate, diversify, and harmonize their businesses in a turbulent global context? How will lenders navigate an environment of wavering investor confidence in the financial sector? How will lenders’ strategies adapt through this uncertainty? The Global Banking Summit brings together top influencers from across the banking stack. Hear from David Solomon, Chairman & CEO, Goldman Sachs, Anne Boden, Founder, Starling Bank, Colm Kelleher, Chairman, UBS, Daniel Pinto, President and COO, JP Morgan Chase, Katie Murray, Chief Financial Officer, NatWest, Noel Quinn, CEO, HSBC and many m |
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FROM EBF MEMBERS
BPFI: Decarbonising homes in Ireland
A new report published by the Banking & Payments Federation Ireland (BPFI) on the current status of retrofitting in Ireland calls for further government action to make retrofitting more affordable for homeowners through the introduction of tax incentives. Read more
CBA: Confidence in the economy decreased in September
Economic confidence generally fell in September, according to an economic commentary by Jakub Seidler, Chief Economist of Czech Banking Association (CBA). Confidence among entrepreneurs reached its lowest value since the beginning of 2021, when it was, however, negatively affected by the pandemic. Read more (CZ)
BdB: Private banks' economic outlook
Today, Dr. Holger Schmieding, Chief Economist at Berenberg and Chairman of the Economic and Monetary Policy Committee, will present the economic forecast by the Association of German Banks (BdB) together with Heiner Herkenhoff, BdB Chief Executive Officer and take positions on selected economic policy issues. Read more (DE) |
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FROM THE INSTITUTIONS ECB: Money and inflation Money still matters for monetary policy, says European Central Bank (ECB) Executive Board member Isabel Schnabel. The strong post-pandemic rise in broad money growth was a harbinger of the subsequent inflation surge and may have contributed to entrenching adverse cost-push shocks. Read more
BIS: Banks' credit loss forecasts: lessons from supervisory data
Focusing on credit risk, the Bank for International Settlements (BIS) compares banks' expected loss rates and the corresponding actual loss rates, as reported in vendor data. We find that banks' risk estimates do not accurately forecast the evolution of credit losses but they do rank-order these losses across institutions well. Read more
ESMA: Overview of EU securitization markets
The European Securities and Markets Authority (ESMA) published a study setting out the details of the EU securitization market. The publication also presents data from the ESMA register of Simple, Transparent, and Standardised securitization (STS). Read more |
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FROM THE EBF
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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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