EBF MORNING BRIEF Wednesday 20 September 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: EU scrutinizes banks' defenses after SVB, Credit Suisse woes
Most leading eurozone banks have met a January 2024 target for issuing special debt to replenish capital in a crisis, but some need to do more to ensure they can, if necessary, be wound up quickly, the Single Resolution Board (SRB) said. Evaporating liquidity was a hallmark of recent banking turmoil and is being scrutinized in resolution plans of banks, Reuters says. Read more
FT: FCA finds no evidence of politicians being ‘debanked’ over views
A review by the Financial Conduct Authority (FCA) has uncovered no evidence that politicians are being denied bank accounts because of their views, according to people briefed on the findings. According to the Financial Times (FT), the FCA would publish findings in the coming days showing there were no cases of political views being the “primary” reason for personal account closures across the 34 banks and payment companies that were asked to submit data to the regulator. Read more
Bloomberg: ECB to keep interest rates at 4% as long as needed
The European Central Bank (ECB) will keep interest rates at 4% for as long as needed to tame inflation, Governing Council member Francois Villeroy de Galhau said indicating he doesn’t favor future increases at this stage. The current level is a “plateau, but I won’t say anything on the length of the plateau,” he said, as reported by Bloomberg. Read more |
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S&P Global Market Intelligence webinar Navigating Basel IV: Guidance and insight into complying with the new reforms for banks
Thursday, September 21 ┃ 11:00 am - 12:00 pm BST
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Join our panel of experts as we discuss what the Basel IV reforms entail and potential tools available to help with adoption as well as to get an overview on capital position of banks in the region.
We will also hear firsthand from banks on how the Basel IV reforms have helped them stay resilient during times of crisis along with challenges related to implementation.
Lastly, there will be an opportunity to ask the panelists any questions you have on adopting Basel IV reforms. |
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FROM EBF MEMBERS
Finance Finland: Covid awakened Finns to improve their life insurance cover ‒ A unique continuation study published
The Covid pandemic and the increased mortality risk associated with it motivated Finns to review their financial security. A recent study by ETLA Economic Research and funded by Finance Finland shows that in the first half of 2020, new business in life insurance was 20% higher than in the corresponding time periods in previous years. Read more
ABI: Presentation of the “è cultura!” event
On Tuesday 26 September, the presentation of "è cultural!" project will be held at the Italian Banking Association (ABI) headquarters in Rome. The project comprises both in-person and online cultural initiatives across Italy, including financial education events. Read more (IT)
SFF: 19 billion special taxes and fees on financial companies
Journalist Ásgeir Ingvarsson talks to Yngva Örn Kristinsson, Finance Iceland (SFF) economist, about special taxes and fees imposed on financial companies in Iceland. "The taxes distort competition in the credit market, among other things, in such a way that lenders such as the pension funds get rid of the additional taxes imposed on the banks," points out Yngvi. Read more (IS)
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FROM THE INSTITUTIONS
ECB: Euro area monthly balance of payments: July 2023
The European Central Bank (ECB) published the euro area monthly balance of payments as of July 2023. Data shows the current account recorded €21 billion surplus in July 2023, down from €36 billion in the previous month. Read more
SRB: Second resolvability heat-map
The Single Resolution Board (SRB) has published the results of its annual resolvability assessment, covering the year 2022. Commenting on the assessment, SRB Chair Dominique Laboureix, said: “The assessment shows that most banks have continued to make good progress: they have built up financial resources to withstand severe financial shocks and are on track to meet their targets by the end of this year, which is a significant milestone on the road to financial stability.” Read more
EC: New online platform to facilitate compliance of Member States with notification obligations
The European Commission (EC) is launching a new online platform to help reduce administrative burden and facilitate Member States' compliance with their notification obligations to the Commission under EU law. The scope of the Single Notification Window will cover more than 500 notification obligations, including for example those under the Single Market Transparency Directive, the Energy Tax Directive, or the Directive on Unfair Terms in Consumer Contracts. Read more |
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FROM THE EBF
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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