EBF MORNING BRIEF Wednesday 28 June 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 agrees deal on final leg of Basel bank capital rules The EU reached a deal to implement the final batch of tougher bank capital rules following the global financial crisis over a decade ago. According to Reuters, the package includes new elements to shield banks from crypto sector risks and ensure improved reporting and disclosures by banks regarding fossil fuels. Read more
Bloomberg: ECB urges banks to speed up plans to exit Russia
The European Central Bank (ECB) is pushing lenders from the region that still have operations in Russia to accelerate plans to shrink or exit units in the market, Bloomberg reports. Banks overseen by the ECB cut their Russia exposures 37% last year, with an acceleration in the fourth quarter. Read more
CoinDesk: EU seals deal on crypto bank-capital rules
The EU secured a political deal on new bank-capital legislation, including for crypto assets, after lawmakers sought “prohibitive” rules to keep unbacked crypto out of the traditional financial system. As reported by CoinDesk, the deal includes a "transitional prudential regime for crypto assets." 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
SBA: Takeover of Credit Suisse by UBS demonstrates the strength of the Swiss financial center
“The rapid intervention of the Swiss authorities and UBS certainly avoided a contagion,” says Marcel Rohner, president of the Swiss Bankers Association (SBA) about the takeover of Credit Suisse. Read more (FR)
BPFI: Mortgage Approvals
The Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for May 2023. Data show first-time buyers continue to buck the declining trend in mortgage approvals to reach record highs. Read more
ABBL: Digitalisation: cooperating with FinTech firms
How do you see collaboration between Wealth & Asset Management and FinTechs in the future? The energy was palpable as the question was put to professionals from the FinTech and banking space. And this is the purpose of the ABBL FinTech & Innovation Forum: to create connections and promote exchange between banks and FinTechs. Read more |
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FROM THE INSTITUTIONS
European Council: Agreement on the Basel III reforms
Negotiators from the European Council presidency and the European Parliament reached a provisional agreement on amendments to the Capital Requirements Regulation and the Capital Requirements Directive. Negotiators have agreed on how to implement the so-called 'output floor' and to make improvements to the areas of credit risk, market risk, and operational risk. Read more
ECB: Breaking the persistence of inflation
The shocks that drove up prices are still feeding through to the economy and making inflation more persistent, European Central Bank (ECB) President Lagarde says. To break this, we must bring rates to sufficiently restrictive levels, she adds. Read more
EC: MoU on regulatory cooperation with the United Kingdom
Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union has signed on behalf of the European Commission (EC) the Memorandum of Understanding (MoU) establishing a framework for structured regulatory cooperation in the area of financial services with the United Kingdom. Read more |
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FROM THE EBF
EBF: European industry associations call for payments in the Digital Identity Regulation to be non-mandatory
Commenting on the European Commission’s proposal for a European Digital Identity Regulation (eIDAS 2.0), European industry associations call for non-mandatory payment requirements. Adjusting the legal text in such a way will avoid disproportionate costs for merchants and the payment system while addressing the general liability issue. 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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This newsletter is published by the EBF Mediacentre.
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