EBF MORNING BRIEF Wednesday 8 January 2025 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: Euro-Zone Inflation Rebounds But Won’t Derail ECB Rate Cuts
According to Bloomberg, Euro-area inflation accelerated last month, supporting the European Central Bank’s gradual approach to reducing interest rates, without derailing them altogether. Read More
The Banker: Michael Barr to step down as Fed’s top Wall Street regulator; UK’s Close Brothers names new group CEO
Michael Barr, the Federal reserve's vice chair for supervision, will step down on February 28, more than a year before his term's scheduled end in July 2026, writes The Banker. Read More
Risk.net: Complex EU active account reporting could drive trades out of UK
As indicated by Risk.net, following the UK's 2016 Brexit vote, EU lawmakers faced a dilemma. The European Central Bank was concerned about EU firms clearing significant derivatives trades outside its jurisdiction, but enforcing onshore clearing could backfire by driving business away from EU dealers and increasing offshoring of trades. Read more |
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MAIN EVENTS -
Council of the EU: Council Working Party on Financial Services and the Banking Union (Financial Services) -
Council of the EU: Working party on Tax Questions (High Level) -
Council of the EU: Horizontal Working Party on Cyber Issues -
ECB: Publication of monthly APP update (with country breakdown) and PEPP update (monthly and cumulative net purchases of debt securities under the PEPP, plus bi-monthly country breakdown)
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FROM EBF MEMBERS UK Finance: Monthly Economic Review - January 2025 Reflecting on the challenges faced in 2024, the report examines key trends, developments, and potential risks influencing economic growth as the country enters the new year. With a focus on forecasting the pace and sustainability of recovery, the review highlights critical sectors and factors likely to shape economic performance in 2025, offering valuable perspectives for businesses, policymakers, and financial markets alike. Read more
Swedish Bankers' Association: The Bankers' Association welcomes five new associate members.
Starting in 2024, the Swedish Bankers' Association will offer the opportunity for associate membership. This offer initially applies to credit market companies, financial infrastructure companies, member banks, and savings banks. Applications should be submitted to the Association's secretariat, and the decision to admit a company as an associate member will be made by the Association's board. Read More (SV)
Finance Finland: The government is acting against both its own program and Finland's EU guidelines – the tax incentive for voluntary pension savings should not be removed.
The government’s proposal threatens to pull the rug out from under more than 400,000 Finns who still have a voluntary pension insurance or a PS account. Currently, contributions to these savings schemes can be deducted from taxes up to €5,000 per year. Without a tax incentive, Finns have no reason to tie their savings to retirement age. Finance Finland (FA) strongly criticizes the proposal in its statement. Read more (FI) |
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FROM THE INSTITUTIONS
ECB: Four years into the Next Generation EU programme: an updated preliminary evaluation of its economic impact
Updated assessment of Next Generation EU's (NGEU) economic impact. Launched in July 2020 to aid Europe's pandemic recovery and boost competitiveness through digital and green transformation, NGEU offers financial support to EU countries that implement specific reforms and investment projects. Read more
BIS: BIS CPMI takes further steps to promote ISO 20022 harmonisation for enhanced cross-border payments
The Bank for International Settlements's Committee on Payments and Market Infrastructures (CPMI) announced further steps to promote the adoption of its harmonised ISO 20022 data requirements for more efficient processing of cross-border payments. Read more
EIOPA: Monthly update of the symmetric adjustment of the equity capital charge for Solvency II – end-December 2024
The European Insurance and Occupational Pensions Authority (EIOPA) has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of December 2024. 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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact [email protected] European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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