EBF MORNING BRIEF Wednesday 8 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: Clearing cliff edge in 2025 is receding, ESMA indicates EU banks will be allowed to do some clearing in London after 2025, according to Verena Ross, Chair of the European Securities and Markets Authority (ESMA). As reported by Bloomberg, comments confirm widespread understanding that there won’t be a hard stop in two-and-a-half years’ time for this critical part of the market's infrastructure. Read more
Finextra: UK kicks off consultation on a digital pound
The UK government is speeding up its consultation on the introduction of a digital pound in the face of looming threats to monetary sovereignty from privately-backed Big Tech alternatives. If the outcomes of the next four-month consultation are positive, UK consumers could get their hands on the new Brit-coin by 2030, Finextra reports. Read more
Reuters: ECB's Nagel calls for more, big rate hikes
The European Central Bank (ECB) needs more, big interest rate increases to bring inflation back to 2 percent, ECB policymaker Joachim Nagel said. But it should proceed one step at a time given the prevailing uncertainty, he adds as heard by Reuters. 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 ABBL: Proposal for an extension of the scope of the automatic exchange of information to crypto-assets The European Commission released a proposal in the field of taxation extending the scope of the automatic exchange of information to crypto-assets. The Luxembourg Bankers' Association (ABBL) is following closely this proposal thanks to the work of its technical working group dedicated to tax reporting. Read more
Finance Norway: Strong increase in pension payments
For defined contribution pension schemes, payments increased by 14 percent from the end of 2021 to 2022. This is shown by Finance Norway's preliminary market statistics for the 4th quarter. Read more (NO)
BdB: Banks are crucial for the success of the digital euro
"Customers, banks, and the digital euro belong together. This important innovation for the financial sector can only be designed and implemented if we work together,” said Henriette Peucker, Deputy Managing Director of the Association of German Banks (BdB), at the presentation of the new BdB position paper. Read more (DE) |
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FROM THE INSTITUTIONS ECB: Claudia Plattner to lead BSI The Director General Information Systems of the European Central Bank (ECB), Claudia Plattner, will leave the ECB to join the German Federal Office for Information Security (BSI). Ms Plattner will take up her role as President of the BSI as of 1 July 2023. Read more
EIOPA: Risk Dashboard points to overall resilience in insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published its Risk Dashboard based on Solvency II data from the third quarter of 2022. The results show that insurers’ exposures to macro and market risks are currently the main concern for the insurance sector. Read more
BIS: Why are central banks reporting losses? Does it matter?
Rising interest rates are reducing profits or leading to losses at some central banks. According to the Bank for International Settlements (BIS), losses and negative equity do not directly affect the ability of central banks to operate effectively. Read more |
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FROM THE EBF EBF: Position on Proposal for Instant Payment Regulation The European Banking Federation (EBF) has published its position on the Commission’s proposal for Instant Payments Regulation. The EBF position highlights that a balanced and proportionate legal framework that will support the market on the continued roll-out and development of instant payments in Europe is needed. 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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