EBF MORNING BRIEF Wednesday 22 February 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 Bloomberg: Lagarde defends data-led path beyond ECB’s next half-point hike As reported by Bloomberg, the European Central Bank (ECB) President, Christine Lagarde, affirmed plans to lift interest rates by another half-point, saying officials remain determined to return inflation to the 2% goal. Most ECB officials are maintaining a tough stance as a retreat in headline inflation masks stubborn underlying price pressures, while there have been some calls to slow the pace of rate hikes, from ECB Governing Council’s members. Read more Reuters: Why Germany doesn't like the EU's debt reform proposals EU finance ministers started talks on adjusting the bloc's fiscal rules to the post-pandemic realities of high debt and significant investment needs, but some countries are not happy with the first proposal, particularly Germany. In particular, the European Commission (EC) has proposed individual debt reduction paths. But, as Reuters reports, Germany is critical of bilateral negotiations between the EC and individual countries, arguing that tailored rules will mean that not all countries are equal. Read more FT: Investment scam reports rise by 193% cent in five years Calls to the UK financial watchdog related to investment scams have nearly tripled over the past five years. Scammers, through impersonation texts or calls, and using the cost of living pressure, are tempting investors into false opportunities. According to the Financial Times, a growing area is crypto fraud, in which investors are lured in with fake celebrity endorsements and “pump-and-dump” schemes in which criminals artificially inflate the price of a cryptocurrency before selling it to retail investors shortly before the value crashes. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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COMING TOMORROW The Advent of DORA: What changes will the next 24 months bring? Our Digital Thursday on the recently adopted Digital Operational Resilience Act (DORA) is coming tomorrow! In partnership with Deloitte, we will bring together banks, regulators and other cybersecurity experts to discuss how DORA shapes the sector’s cybersecurity landscape and how its requirements can be realistically implemented in practice. |
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FROM EBF MEMBERS Finance Denmark: Consultation response on the naming of sustainable funds Finance Denmark responded to a consultation on naming funds from the European Securities and Markets Authority (ESMA). The Association supported that the same rules for naming should apply across the EU and pointed out that a guide for naming funds must take into account the many legal uncertainties that prevail regarding sustainability information for funds in the disclosure regulation 2019/2088. Read more(DK) Finance Latvia: A third of the population has reduced its savings Compared to September 2022, in February, the number of Latvian residents, whose amount of savings has remained unchanged, has decreased, and almost a third of the population has been forced to start spending their savings, according to the survey data conducted by SEB bank. In addition, Finance Latvia reports that meanwhile, at the beginning of this year, the share of Latvian residents who have no savings at all has also increased. Read more(LAT) ABBL: Impacts of EMIR review proposal As part of the measures of the capital markets union (CMU) clearing package, published on 7 December 2022, the Luxembourg Bankers' Association (ABBL) welcomes the efforts of the European Commission (EC) on increasing the competitiveness of the European central clearing framework (CCP). So far, three impacts have been identified: active accounts, reporting requirement and amendments to the Capital Requirements Directives (CRD). Read more |
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FROM THE INSTITUTIONS EBA: Guidelines on methods for calculating contributions to deposit guarantee schemes The European Banking Authority (EBA) published its final revised Guidelines on deposit guarantee schemes (DGS) contributions. The revised Guidelines further strengthen the link between the riskiness of a credit institution and how much it needs to contribute to the DGS funds that will be used to reimburse depositors in case their bank fails. Read more BIS: How monetary policy will defeat inflation François Villeroy de Galhau, Governor of the Bank of France, spoke about inflation and monetary policy in the current scenario. In particular, in the speech published by the Bank for International Settlements (BIS), he discussed the channels of transmission of monetary policy today, the pointers for the future monetary policy and the navigation locks economy needs to go through. Read more EC: NextGenerationEU: two years on since its adoption The European Commission (EC) has adopted a Communication marking the two-year anniversary of the creation of the Recovery and Resilience Facility (RRF), the key instrument at the heart of the EUR 800 billion NextGenerationEU recovery plan for Europe. As the EC President, Ursula von der Leyen, affirmed, the recovery plan continues to be a central driver of the EU's green and digital transformation. 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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