EBF MORNING BRIEF Tuesday 6 December 2022 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 Finextra: EU agrees on new rules on online credit The European Parliament agreed on updated consumer credit rules to protect citizens from new forms of online debt, such as buy now, pay later schemes. As reported by Finextra, an additional provision mandates that credit advertising should always contain a clear and prominent warning that "borrowing money costs money". Read more
Reuters: ECB likely to raise rates by 50 bps next week
The European Central Bank (ECB) is likely to raise interest rates by 50 basis points next week on the way to potentially moving beyond a deposit rate of 3% amid ongoing inflationary concerns, governing council member Gabriel Makhlouf said. Makhlouf said he was not sure the larger-than-expected fall in euro zone inflation in November meant it had peaked yet, Reuters writes. Read more Bloomberg: Banks keep European CLO market alive European banks are snapping up large pieces of their own collateralized loan obligations (CLOs), keeping the market afloat. “The rise of European banks in taking down substantial amounts of the triple-As, has been very important during the challenging macro and geopolitical turmoil,” said James Smallwood, senior associate at Allen & Overy LLP at Bloomberg. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS FBF: Philippe Brassac Chairman of the FBF Philippe Brassac, Chief Executive Officer of Crédit Agricole, succeeded Laurent Mignon as Chairman of the French Banking Federation (FBF) on December 3, 2022. Frédéric Oudéa, Chief Executive Officer of Société Générale, remains Vice-Chairman of the FBF, and Philippe Heim, Chairman of the Management Board of La Banque Postale, Treasurer. Read more (FR)
Finance Finland: IMF on strengthening banks’ liquidity buffers
The International Monetary Fund’s (IMF) assessment finds the Finnish banking system resilient, profitable, and well-capitalized. However, IMF suggests that Finnish banks should further strengthen their liquidity buffers. According to Finance Finland, the IMF’s recommendation can be considered both surprising and excessive. Read more
AEB: What is a money mule and why is it illegal?
A money mule is someone who transfers, usually to other countries, illegally sourced money received in their account for a fee. The Spanish Banking Association (AEB) is promoting tips on how to recognize money muling and react if you get entangled in it. Read more (ES) |
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FROM THE INSTITUTIONS EIOPA: Approaches assessing the prudential treatment of insurers’ sustainable assets and activities The European Insurance and Occupational Pensions Authority (EIOPA) published its Discussion paper on the Prudential Treatment of Sustainability Risks and is now seeking comments from stakeholders on the approaches presented. Read more
BIS: Quarterly Review
The Bank for International Settlements (BIS) has published a special edition of its quarterly review providing insights about foreign exchange and over-the-counter derivatives markets from the 2022 Triennial Central Bank Survey. The survey's results uncover shifts in trading activity to identify risks. Read more
European Commission: State of play on the technical screening criteria and the work of the Platform on Sustainable Finance
Commissioner McGuinness discussed the state of play on the remaining technical screening criteria and on the work of the Platform on Sustainable Finance at the ECON-ENVI joint committee meeting. 'Directing private finance towards funding the transition and ensuring that the sustainable investment claims stand up against accusation of greenwashing is absolutely core,' she says. 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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