EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 10 April 2023 An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation Recommend the EBF newsletters to a colleague. Click here to sign up! |
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OUR NEWSLETTER IS TAKING AN EASTER BREAK! The EBF Morning Brief will be back on Wednesday 12th of April! Looking forward to seeing you soon for new events and stories in the financial and banking sector. |
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FROM THE MEDIA Reuters: ECB may need to hike rates again in May, Lane As reported by Reuters, the European Central Bank (ECB) will need to raise interest rates again in May if inflation develops along the path seen in the bank's March economic projections, Philip Lane, Member of the Executive Board of the ECB, affirmed. The ECB has raised rates by a combined 350 basis points since July but did not provide specific guidance for its May 4 meeting, arguing that turbulence in the financial sector required extra caution. Read more Bloomberg: BOE says business inflation expectations eased slightly in March UK business leaders expect one more interest rate rise amid signs that they believe inflation is stabilizing at elevated levels, according to a survey that forms a key part of the Bank of England (BoE)'s policy discussions. Bloomberg reports that inflation expectations for the year ahead eased for a third month running in March but edged higher when looking out three years, the central bankâs monthly decision-maker panel survey showed. Expectations in three years time rose from 3.4% to 3.5%. Read more
FT: Germany seeks to limit Brusselsâ scope on national debt reduction plans Germany wants stricter debt reduction rules for high-debt countries and tighter restraints on the European Commissionâs scope to agree fiscal plans with EU capitals, as the bloc prepares for a sweeping overhaul of the unionâs budget rules. According to the Financial Times, Berlin demanded that debt-to-gross domestic product ratios of heavily indebted countries should fall by 1 percentage point a year and for countries with less onerous debts, the minimum requirement could be a 0.5 percentage point a year. German finance minister Christian Lindner has been sceptical about leaving it up to the commission to craft and oversee those bilateral plans. Read more |
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FINANCIAL REGULATION AGENDA for next week Monday 10 April International Monetary Fund and World Bank Spring Meetings 2023 Tuesday 11 April Wednesday 12 April Thursday 13 April Friday 14 April For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS Finance Norway: New European label scheme for sustainable property The property sector is an important contributor to achieving the targets for reduced greenhouse gas emissions in Europe. A new European labeling scheme has been launched to strengthen green financing of property. Finance Norway supports the initiative for a new branding scheme, which in the long term will be able to contribute to a more sustainable property sector in Norway as well. Read more(NO)
Finance Denmark: Rising interest rates were not enough to boost bank earnings in 2022 Finance Denmark shows that with a total profit after tax of kr. 32.6 billion in 2022, the banks earned slightly less than in 2021. This is despite the fact that net interest income has increased on the basis of interest rate increases since the National Bank set a positive policy rate in September. A comparison shows that bank earnings in 2022 are still significantly below earnings in the rest of the corporate sector. Read more(DK) SBA: Takeover of Credit Suisse by UBS The stability of the Swiss financial center is crucial for the entire Swiss economy. The takeover of Credit Suisse by UBS and the measures taken by the Swiss authorities are a drastic event for the Swiss financial center. From the point of view of the Swiss Bankers Association (SBA), they are expedient and effective in ensuring the stability of the Swiss financial center and strengthening trust. Read more |
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FROM THE INSTITUTIONS ECB: Money laundering must be tackled at European level As affirmed by Ădouard Fernandez-Bollo, Member of the Supervisory Board of the European Central Bank (ECB), the new European Union (EU) anti-money laundering legislation is both a need and an opportunity for the banking sector. A European anti-money laundering authority would eliminate regulatory fragmentation and improve supervision, with the aim to harmonise rules across the EU. Read more EIOPA: 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 March 2023. RFR information has been calculated on the basis of the updated representative portfolios and the content of the Technical Documentation under Background material. Read more BIS: Big techs and the credit channel of monetary policy In its latest Working Paper, the Bank for International Settlements (BIS) analyses big tech credit through the lens of a model where big techs facilitate matching on the e-commerce platform and extend loans. While bank credit is backed by collateral, big techs reinforce credit repayment by threatening to exclude borrowers from the platform. The most significant difference between big tech credit and bank credit lies in the borrowers' cost of default. Read more
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FROM THE EBF this week
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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