EBF MORNING BRIEF Wednesday 26 October 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: EU to propose banks offer mandatory 'instant payments' Banks in the eurozone would be required to provide 'instant payments' in the single currency 24/7 under draft European Union rules seen by Reuters. The finalized draft law is due to be published on Wednesday, with EU states and the European Parliament having the final say, meaning further changes are likely. Read more
Bloomberg: ECB weighs options to limit banks’ gains from crisis loans
The European Central Bank (ECB) is searching for ways to stop lenders from profiting unduly as it raises interest rates to combat record inflation. The issue concerns €2.1 trillion of ultra-cheap loans, known as TLTROs. As reported by Bloomberg, making the conditions on the TLTRO loans tougher has emerged as the favorite option. Read more
FT: Greenwashing faces fresh curbs in UK regulator’s crackdown
The UK’s financial regulator has moved to clamp down on “greenwashing” with proposed restrictions on investment managers using terms such as “green” and “ESG” in fund marketing and a new set of consumer-friendly labels for sustainable investments. New rules set out by the Financial Conduct Authority include imposing a higher burden on firms to back up marketing with evidence., the Financial Times (FT) reports. 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: French banks at the service of ecological transition French banks are resolutely committed to the fight against climate change, writes the French Banking Federation (FBF). For several years, they have been implementing strong and massive measures to reduce their exposure to energies that emit the most greenhouse gases and to accelerate the financing of renewable energies and green and sustainable activities. Their commitment is concrete, the figures prove it. Read more (FR)
Finance Denmark: Transition from NemID to MitID enters a new phase
After 31 October, you can no longer create a MitID via your bank, just as it is no longer possible to use NemID in the bank and to pay online. However, as reported by Finance Denmark, you will still be able to get MitID in other ways, just as you will still be able to use NemID on public self-service solutions for a while yet. Read more (DK)
Finance Latvia: Recommendations for the establishment of the internal control system for anti-money laundering
The Latvian Financial and Capital Market Commission in cooperation with Finance Latvia and the Data State Inspectorate of Latvia have developed recommendations for financial institutions for the processing of personal data in the field of AML/CTF and sanctions compliance. Read more |
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FROM THE INSTITUTIONS ECB: Bank Lending Survey results (October 2022) Credit standards for loans tightened due to risks to the economic outlook and monetary policy normalization, according to the euro area bank lending survey published by the European Central Bank (ECB). Results also show that firms’ loan demand rose, driven by higher input costs and working capital needs. Read more
EIOPA: Petra Hielkema at the hearing of the ECON Committee
Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA), participated in the annual hearing of the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Ms Hielkema underlined the vital role that the insurance and pensions sectors play in the sustainability of Europe’s society and economy. Read more
BIS: Sylvie Goulard: How to re-embed our economic and financial systems within planetary boundaries?
Sylvie Goulard, Deputy Governor of the Bank of France discussed the current situation of the biosphere and what this means for central bankers and supervisors. In her speech published by the Bank for International Settlements (BIS), she also focused on what may be required to address the situation. Read more |
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FROM THE EBF
EBF: Open Finance must be approached as part of the European data economy to drive innovation and new consumer experiences
Following the publication of the report on Open Finance by the Expert Group on the European Financial Data Space, the European Banking Federation (EBF) stressed the importance of approaching Open Finance as part of the broader European Commission’s initiatives on a data-driven economy. Read more
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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