EBF MORNING BRIEF Wednesday 14 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 Reuters: ECB will have to stay laggard in bond buying exit According to Reuters, the European Central Bank (ECB) will soon learn to live without bond-buying. President Christine Lagarde will today outline how rate-setters plan to shrink the bank’s portfolio of government and corporate bonds. Rising yields and a still frail eurozone mean that Europe’s so-called quantitative tightening should be slow. Read more FT: BoE to stress test risks in non-bank financial markets Bank of England (BoE) will carry out a stress test of vulnerabilities in non-bank financial markets next year as September’s implosion of UK pension funds exposed gaps in policymakers’ understanding of systemic risk in key markets. As reported by the Financial Times (FT), the BoE announced the exercise in its financial stability update. Read more International Banker: EU business survival with banking's support 'Retail and wholesale banking sectors will be called upon to carve out a sustainable way forward for struggling consumers and businesses while maintaining the delicate system needed for the capital markets to continue functioning,' says Ed Macnamara, Head of Restructuring in PwC’s Restructuring & Forensics Practice in an opinion piece published by The International Banker. 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 BdB: Implementation of climate stress tests in risk management At the Association of German Banks (BdB), there is an intensive exchange among the member institutions about an appropriate and target-oriented implementation of climate stress tests. The discussions show that in the absence of specific legal requirements, the procedure with regard to implementation and the parameters to be used is currently very different both in terms of maturity and content design. Read more (DE) BPFI: Payments Monitor, Q3 2022 Nearly €4.8 billion worth of contactless payments were made in Q3 2022 as online and mobile banking payments hit record levels and cheque volumes dropped to an all-time low, according to the latest Payments Monitor Q3 2022 from Banking & Payments Federation Ireland (BPFI). Quarterly contactless volumes meanwhile rose by 22.8% over the same period to 285.3 million or 3.1 million payments per day. Read more NVB: Criminals exploit young people for money laundering According to the Dutch Banking Association (NVB), banks monitor all payment transactions to eventually spot money laundering and/or terrorist financing. To this end, five banks set up Transaction Monitoring Netherlands (TMNL) two years ago. TMNL makes it possible to discover money laundering networks that use accounts at different banks. Read more (NL) |
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FROM THE INSTITUTIONS EBA: Roadmap on sustainable finance The European Banking Authority (EBA) published its roadmap outlining the objectives and timeline for delivering mandates and tasks in the area of sustainable finance and environmental, social and governance (ESG) risks. The roadmap explains the EBA’s sequenced and comprehensive approach over the next three years to integrate ESG risks considerations in the banking framework and support the EU’s efforts to achieve the transition to a more sustainable economy. Read more BIS: Energy markets: shock, economic fallout and policy response According to the latest Bulletin published by the Bank for International Settlements (BIS), the recent commodity price surge has exerted an overall stagflationary effect on the global economy, lowering income, growth and raising inflation. In particular, this Bulletin reviews the recent evolution of commodity prices, assesses their impact on output and inflation, and discusses near-term prospects and the implications for macroeconomic policy. Read more
EIOPA: IORPs climate stress test shows exposure to transition risks
The European Insurance and Occupational Pensions Authority (EIOPA) published the results of its climate stress test of European Institutions for Occupational Retirement Provisions (IORPs). While the stress test is not a pass-or-fail exercise, findings indicate that IORPs have material exposure to transition risks. 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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