EBF MORNING BRIEF Wednesday 9 November 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 eases bank capital rules as ECB warns of cracking stability EU member states have backed a temporary watering down and a two-year delay to 2025 for the final leg of the globally agreed Basel III bank capital rules, despite the ECB warning they risked "cracking the dyke" that protects stability. As reported by Reuters, EU states will now negotiate a final deal with the European Parliament in early 2023, with further changes possible. Read more
POLITICO: ECB defends raising interest rates to combat inflation
The European Central Bank (ECB) will continue to raise interest rates to combat inflation, according to Vice President Luis de Guindos, dismissing warnings from national leaders that aggressive tightening could harm the eurozone's growth prospects. “We will continue raising rates to a level that ensures inflation will come back into line with our definition of price stability,” de Guindos told POLITICO in an interview. Read more
Bloomberg: Banks can handle interest rate shock, ECB’s Enria says
European lenders can handle a spike in interest rates as the benefit to earnings would alleviate the hit to capital ratios, according to Andrea Enria who leads the European Central Bank (ECB) supervisory board. Enria also sees “good reasons to ask banks to strengthen their focus on monitoring and managing interest rate risk,” Bloomberg reports. Read more |
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MAIN EVENTS European Parliament plenary session (Brussels) Council Horizontal Working Party on Cyber Issues European Banking Federation (EBF) and French Banking Federation (FBF) COP 27 side event: 'Net zero in a new reality, one year after GFANZ' webinar (EBF CEO Wim Mijs speaking) CEPS 'ECMI 2022' Annual Conference For a full-year overview of key financial regulation events: click here |
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| | Over the past few months, we have seen our reality impacted by a number of new economic and geopolitical circumstances. Are these factors slowing down or accelerating banks' Net Zero agendas? Later today, join us and the French Banking Federation at our side event at COP27 to discover more about the status of European banks' Net-Zero transition programs. |
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FROM EBF MEMBERS HUB: Introduction of Euro: Inflation and macroeconomic imbalances The Croatian Banking Association (HUB) explores the public discussions about Croatia's accession to the euro area in a paper. The analysis presents concrete proposals to ensure the permanent and stable growth of the new member of the euro area. Read more (HR) Febelfin: Exchange of Hryvnias for euros stops The Russian-Ukrainian conflict has forced many Ukrainian citizens to flee their country. The Belgian banks immediately assisted Ukrainian refugees by offering them the basic banking service and the possibility to deposit cash Hryvnias (UAH) into their accounts at Belgian banks. Febelfin reports that this last arrangement will soon end, following the decision of the Ukrainian Central Bank. Read more (NL) NVB: Banks sign new Green Deal for sustainable healthcare Banks signed the Green Deal 'Working together on sustainable care', the Dutch Banking Association (NVB) reports. In the new Green Deal, the parties commit themselves to making more efforts to make healthcare more green. Through this Green Deal, the banking sector is taking further steps to contribute to the climate objectives. Read more(NL) |
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FROM THE INSTITUTIONS
ECB: Risk-sharing mechanisms in the euro area
During the pandemic, risk-sharing mechanisms in the euro area proved to be stronger than in earlier crises. Further improving the architecture of the monetary union is central to increasing the euro area’s capacity to deal with future shocks, according to the European Central Bank (ECB). Read more
BIS: Digital euro: A common European project
Christine Lagarde, President of the European Central Bank (ECB) discussed the Digital Euro project in a speech published by the Bank for International Settlements (BIS). 'The digital euro is more than just a Eurosystem initiative, it is a common European project. It would allow us to ensure that money and payments remain trusted, secure and efficient in a rapidly changing digital environment,' she says. Read more
EIOPA: Monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures
The European Insurance and Occupational Pensions Authority (EIOPA) published technical information on the relevant risk-free interest rate term structures (RFR) with reference to the end of October 2022. RFR technical information has been calculated on the basis of the content of the technical documentation under Background material. Read more |
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FROM THE EBF
Joint Trade association letter on the EU securitisation market
Securitization can provide significant support to the economy, but targeted measures are needed to unlock its potential. This is the position expressed by the European Banking Federation, Association for Financial Markets (AFME), Prime Collateralised Securities (PCS), Leaseurope and Eurofinas, the International Association of Credit Porfolio Managers (IACPM), Paris EUROPLACE, the Dutch Securitisation Association (DSA), and True Sale International (TSI) in a joint letter. 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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