EBF MORNING BRIEF Wednesday 8 November 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: ECB tells banks to factor in further drop in property prices
Eurozone banks should factor in the risk of a further fall in property prices when they make provisions and plans about their capital, the European Central Bank (ECB)'s chief supervisor Andrea Enria said. As reported by Reuters, billions were funneled into property due to low-interest rates and massive ECB cash injections in the last decade. Read more
Bloomberg: Trichet joins Lagarde to predict inflation to 2% in 2025
According to Bloomberg, former European Central Bank (ECB) President Jean-Claude Trichet is confident that central banks will bring inflation down to 2% by 2025. Still, he believes the global economy is “minimizing the price" to be paid to get back to price stability. Read more
FT: UBS chair on risks of ‘shadow’ banking
The next financial crisis is likely to be in the “shadow” non-bank lending sector, UBS chair Colm Kelleher has warned, saying that the growth of lightly regulated private markets since the 2008 crisis is a “real cause for concern”. Kelleher also spoke about his bank’s takeover of Credit Suisse and said it was “misguided” for regulators to focus on the need for banks to hold extra capital, the Financial Times (FT) reports. Read more |
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FROM EBF MEMBERS SBA: The bank's path toward climate goals This report provides an overall description of the banking industry's common path towards climate goals. It is primarily based on a survey conducted by the Swedish Bankers' Association (SBA) to provide examples of the climate work among its members. Read more
CBA: Cybersecurity index 2023
The Cybersecurity Index dropped slightly to 66 points while the number of e-scam attacks increased. However, the number of people who know a victim of an attack has decreased by ten percentage points, the Czech Banking Association (CBA) reports. Read more (CZ)
BPFI: Start-up businesses invited to join ‘speed-funding’ event
Galway start-up businesses are invited to attend a unique ‘speed-funding’ event supported by the Banking & Payments Federation Ireland (BPFI) and Ireland’s three retail banks. The event offers entrepreneurs and small business owners the opportunity to gain insights into a range of financing options available and to meet directly with experts. Read more |
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FROM THE INSTITUTIONS
ECB: Hearing at European Parliament
Andrea Enria appeared before the Committee on Economic and Monetary Affairs for the last time as the European Central Bank (ECB) Supervisory Board Chair. He discussed the state of the European banking sector, supervisory work and priorities, and the importance of a strong regulatory and institutional framework. Read more
EP: Changes improving resolution framework for EU banks
The Economic and Monetary Affairs Committee of the European Parliament (EP) voted for targeted changes to the so-called “Daisy Chain” proposal ensuring proportionality and a level playing field between banks. The compromises agreed upon in ECON extended the definition of “liquidation entity”. Read more
BIS: Platform lending and innovation
The Bank for International Settlements (BIS) analyzes the impact of platform lending on innovation and e-commerce vendors' surplus. While platform lending can encourage innovation by providing access to subsidized credit, it can harm vendors who do not have financial needs. A sufficient condition for platform lending to be welfare-enhancing is that innovators would not receive funding from banks otherwise. Read more |
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FROM THE EBF
ECSAs call for clarity on the application of SCA obligations to payments under eIDAS 2.0
The European Credit Sector Associations (ECSAs) reiterate their concern on the persistent lack of a clear indication on whether the strong customer authentication (SCA) obligations apply to payments or not and in case SCA for payments are in scope, that is limited to ecommerce/online/remote situations. 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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