EBF MORNING BRIEF Tuesday 9 November 2021 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
Bloomberg: BNP Paribas seeks to capitalize on Credit Suisse hedge fund exit
Credit Suisse Group is referring prime brokerage clients to the French lender BNP Paribas as part of an exit from the hedge fund business, after strategy review. For BNP Paribas, the agreement is part of an opportunistic approach to seize on rivals’ weakness to build up its equities offering, Bloomberg reports. However, the agreement with Credit Suisse is less involved than the one with Deutsche Bank, as that deal included the transfer of assets and employees rather than just encouraging clients to move transactions. Read more
POLITICO: ECB Chief economist: Inflation not a chronic problem
Surging inflation across the eurozone is a passing problem and not "chronic," European Central Bank (ECB) Chief Economist Philip Lane asserted. "Next year the bottlenecks will ease and energy prices will drop or stabilize," Lane told El País. As reported by POLITICO, his assessment is in line with the ECB's long-held view that headline inflation will recede and drop below its 2 percent target next year. Read more
Finextra: Facebook fintech unit rebranded as Novi
As part of its Meta rebrand, Facebook has renamed its financial services and payments group from F2 to Novi, Finextra reports. All fintech products, from WhatsApp P2P payments to Instagram shopping, will now come under Novi, the name of Facebook's digital wallet. Read more |
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REGISTRATION OPEN! EBF Digital Thursdays |
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| | The third Digital Thursday 2021 will focus on Central Bank Digital Currencies (CBDCs) and payments. The event will discuss the phenomenon of CDBCs globally and the need for CBDCs for a global financial ecosystem. The event also touches on how CBDC issuance would change the role of central banks and the banking system overall while providing insights on different CBDCs projects that are underway. We are happy to announce that Christopher Brummer, Professor at Georgetown University Law Center, Institute of International Economic Law will join us to deliver a keynote speech. Discover more |
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MAIN EVENTS European Parliament Subcommittee on Tax Matters Digital identity Steering Committee For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
Finance Denmark: Love fraud increases
New figures from Finance Denmark show that DKK 9.39 million kroner was lured out of Danes' bank accounts in the first half of 2021 as part of love fraud. ”Banks have a strong focus on stopping fraud. But they can not stop it alone. We must increase the critical sense”, says Michael Busk-Jepsen, director of digitalization at Finance Denmark. Read more (DK)
ABI: Response to the press release issued by CGIA
Replying to a press release issued by the Mestre's Association of Artisans and Small Businesses (CGIA), Gianfranco Torriero, Deputy Director-General at the Italian Banking Association (ABI) says that "the latest data by Bank of Italy indicate that loans to businesses grew in August 2021 by 1.2 percent compared to 2020”. There has also been an expansion of loans to non-financial companies by 2.8 percent. Read more (IT) Finance Norway: Gender equality measures well adapted to the financial industry Finance Norway's gender equality indicators show a positive development over the last 10 years. For the top management positions in finance, in 2010 16 percent were women, while in 2020 it had increased to 25 percent. Read more (NO) |
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FROM THE INSTITUTIONS ECB: Recovery and inflation Inflation is unexpectedly high at the moment, but there are powerful reasons to believe it will fall next year, European Central Bank(ECB) Chief Economist Philip R. Lane tells El País. "In our monetary policy, we have to be sufficiently patient so as not to overreact to a temporary increase in inflation", he adds. Read more
EIOPA: Monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures
The European Insurance and Occupational Pensions Authority (EIOPA) published technical information on the relevant risk-free interest rate term structures (RFR) with reference to the end of October 2021. In addition to the official monthly technical information, EIOPA also published the first parallel technical information on the relevant risk-free interest rate term structures (RFR) with reference to the end of October 2021 based on the published approach for the implementation of Interbank Offered Rates (IBOR) transitions. Read more
ESRB: Alberto Giovannini Programme for Data Science
The European Systemic Risk Board (ESRB) is looking for data science experts to conduct high-level research and develop innovative analytical tools to explore and analyse the wealth of information available to the ESRB through several large datasets. Read more |
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FROM THE EBF
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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