EBF MORNING BRIEF Tuesday 27 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: Bundesbank denies it may need recapitalization on bond-buying losses
Germany's Bundesbank denied that it might need a bailout to cover losses arising from the European Central Bank (ECB)'s bond-buying scheme. Instead, the Bundesbank would report losses carried forward, which it could offset with future profits, Reuters says. Read more
Bloomberg: ECB in Sintra amid strain over hiking journey’s last mile
European Central Bank (ECB) officials sparring over when to conclude their interest-rate increases will get face time to smooth out any differences at their annual retreat. According to Bloomberg, another hike in July is all but guaranteed. The question is whether a pause is then warranted or whether more action is required after the summer break. Read more S&P Global Market Intelligence: Big investment banks set for weak Q2 in advisory, underwriting as job cuts rise Big US and European investment banks face another quarter of weak revenue and further job cuts in their advisory and underwriting operations. Nine out of 13 investment banks tracked by S&P Global Market Intelligence reported year-over-year revenue drops for the first quarter. Falling revenue has prompted staff cuts across advisory teams. Read more |
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MAIN EVENTS European Parliament Subcommittee on Tax Matters
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
Finance Finland: Variable-capital investment companies would provide new fund investment opportunities
According to Finance Finland, legislation should permit variable-capital investment companies. Doctoral researcher Antti Vepsä’s dissertation shows that this would make Finland more attractive to international investors. Read more
AEB: Information on measures to improve care for the elderly
Credit institutions have made a wide effort to communicate and inform about the measures to improve personalized attention to the elderly implemented in the last year and a half. A mission that is now reinforced by the distribution of informative brochures clearly detailing all the measures adopted, the Spanish Banking Association (AEB) reports. Read more (ES)
FBF: Financial inclusion: Major challenge for the French banking model
In the current economic situation marked by high inflation, the figures put forward in the 2022 report of the Observatory of Banking Inclusion (OIB) emphasize the relevance of the measures by banks to support financially vulnerable people. As written by the French Banking Federation (FBF), data also show the banks' total commitment to serving financially fragile customers. Read more (FR) |
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FROM THE INSTITUTIONS
ECB: An economic evil
Inflation is an economic evil, and fighting it must be our goal, according to European Central Bank (ECB) Vice-President Luis de Guindos. In the medium term, headline and underlying inflation will decline, but we need to ensure the price stability target is met. Read more
SRB: "Firepower" to deal with collapsed lenders
Dominique Laboureix, Chair of the Single Resolution Board (SRB) is pushing policymakers to provide more “firepower” to protect depositors and rethink how lenders are wound down after recent failures underscored the need for swift and decisive action in a crisis. Read more
EC: Political agreement on new rules to boost cybersecurity
The European Commission (EC) welcomes the political agreement on the Regulation laying down measures for a high common level of cybersecurity at the institutions, bodies, offices, and agencies of the EU. This Regulation will put in place a framework for governance, risk management and control across EU entities in cybersecurity, with a new inter-institutional Cybersecurity Board to monitor its implementation. Read more |
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FROM THE EBF
EBF: European industry associations call for payments in the Digital Identity Regulation to be non-mandatory
Commenting on the European Commission’s proposal for a European Digital Identity Regulation (eIDAS 2.0), European industry associations call for non-mandatory payment requirements. Adjusting the legal text in such a way will avoid disproportionate costs for merchants and the payment system while addressing the general liability issue. 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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