EBF MORNING BRIEF Tuesday 4 April 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 and Credit Suisse shares drop as Swiss prosecutor investigates takeover Credit Suisse and UBS shares fell after Switzerland's federal prosecutor opened an investigation into the emergency merger of the two lenders. Reuters reports that the office of the attorney general said that the prosecutor opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, looking into potential breaches of the country's criminal law by government officials, regulators and executives at the two banks. Read more
Politico: Banks arenât about to blow up the financial system This banking crisis isnât a replay of the global financial crash of 15 years ago, according to Andrea Orcel, chief executive of UniCredit. European bank shares have come under serious pressure from investors worried about the health of the sector. The demise of Silicon Valley Bank (SVB), a $200 billion U.S. lender to the tech sector, sparked a markets panic that spread to Europe and ultimately brought down Credit Suisse, resulting in its hasty merger with UBS. As reported by Politico, Orcel affirmed that banks are not harboring hidden losses that could now explode into the open like they did before. Read more Bloomberg: ECB half-point hike âstill on cardsâ for May, Holzmann says The European Central Bank (ECB) Governing Council member Robert Holzmann said another half-point increase in borrowing costs is âstill on the cardsâ if the turmoil thatâs rocked the global banking system doesnât worsen. According to Bloomberg, while acknowledging that the episode, sparked by the collapse of Silicon Valley Bank, could have a comparable effect to interest-rates hikes by curbing credit, Holzmann said his âfeeling would be to stay on course.â Similarly, he affirmed that OPEC+ announcement of a surprise production cut isnât likely to have a major impact on the path ahead. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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The digital finance landscape is constantly evolving. As part of this evolution, the topic of Central Bank Digital Currencies (CBDCs) has gained ground and in Europe the project to explore the issuance of a digital euro is moving ahead rapidly. In this paper, the EBF, representing the vast majority of the European banking sector, sets forth its initial vision for the digital money ecosystem of the future, where a retail digital euro, a wholesale CBDC and bank-issued money tokens would all play a role in enabling innovation, supporting customer needs and ensuring that Europe stays at the forefront of digital finance and the digital economy. |
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FROM EBF MEMBERS ABBL: The challenges of financial education in the 21st century At a time when it is more important than ever to equip our fellow citizens with the right budget management reflexes, the Luxembourg Bankers' Association (ABBL) Foundation for Financial Education is pursuing its mission to raise awareness about financial education in Luxembourg. In March 2023, the Foundation organised, in collaboration with the Commission de Surveillance du Secteur Financier (CSSF), a conference dedicated to the challenges of financial education in the 21st century. The conference marked the end of the the Luxembourg "money week". Read more Febelfin: Agreement with the Government on ATMs Electronic payments have become commonplace in recent years and the number of cash withdrawals from ATMs has halved over the past 10 years. However, cash is and will remain an important means of payment. In this context, Febelfin entered into a dialogue with the federal government and the National Bank and announced that an agreement has been reached between the banking sector and the federal government, guaranteeing widespread accessibility and availability of ATMs . Read more(NL) Finance Latvia: From Grey to Green: Latviaâs Success Story Finance Latvia will host the Finance Latvia Association conference 2023 âFrom Grey to Green: Latviaâs Success Storyâ on April 27, 2023 in Riga, Latvia. Experts from various financial industry areas will look at what has been done to strengthen the reputation of Latviaâs financial industry in the international arena, and discuss how to further capitalize these achievements. Register here |
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FROM THE INSTITUTIONS ECB: Outlook for the euro area economy and financial stability Luis de Guindos, Vice-President of the European Central Bank (ECB), at the 34th edition of âthe outlook for the economy financeâ spoke about financial stability as an essential element to achieve the ECBâs primary objective of price stability. Moreover, he affirmed that recent events have highlighted the benefits of strong banking regulation and the importance of completing the banking union. Read more EIOPA: Study on market and credit risk modelling reveals continuing dispersion The European Insurance and Occupational Pensions Authority (EIOPA) published the results of its comparative study on the modelling of market and credit risk in internal models based on year-end 2021 data. The study focuses on EUR denominated instruments while also analysing selected GBP and USD denominated instruments as well as the corresponding foreign exchange rate indices. Read more ESMA: New Q&As available The European Securities and Markets Authority (ESMA) updated the following Questions and Answers: Benchmarks Regulation, EMIR implementation, DLT Pilot Regulation, MiFID II and MiFIR transparency topics, MiFIR data reporting and SFTR data reporting. Read more |
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FROM THE EBF EBF: Views on Open Finance: towards a fit-for-market approach To meet real customer needs, boost innovation, and ensure a level playing field, the upcoming Open Finance proposal of the Commission should adopt a market-led approach. The latest EBF Paper calls for voluntary data sharing, supported by a flexible framework of key principles for all market participants, including incentives for data sharing and strong security and consumer protection provisions, including on liability. Read more EBF: European banking industry sets out a vision for digital euro The European Banking Federation (EBF) has published a vision paper on a Digital Euro Ecosystem. It argues that a retail digital euro could be envisaged in the mix of new tools and solutions to meet evolving payment needs, as long as it adds value to consumers, is appropriately designed, in close cooperation with the private sector, and mitigates ex ante the accompanying risks. 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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