EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 16 September 2024 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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FROM THE MEDIA
POLITICO: ECB cuts interest rates again as inflation cools
The European Central Bank (ECB) cut its key deposit rate by 0.25 percentage points to 3.50 percent, responding to a drop in inflation and increasing signs of weakness in the eurozone economy over the summer, POLITICO reports. Read more
Bloomberg: How the ECBâs ambitious plan to curb risky lending veered off course
Supervisors at the European Central Bank (ECB) were in a bind. According to Bloomberg, they were sure interest rates would eventually rise, ending a decade of ultra-loose monetary policy after the global financial crisis that had encouraged risk-taking. Yet banks were largely ignoring their guidance to curb lending to highly indebted companies, challenging the institutionâs authority. Read more
Reuters: Lagarde's statement after ECB policy meeting
Reuters has published President Christine Lagarde's statement after the European Central Bank (ECB) policy meeting on Thursday. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 16 September
Council Horizontal Working Party on Cyber Issues Council Working Party on the Environment Tuesday 17 September Council Working Party on the Environment Wednesday 18 September Thursday 19 September European Committee of the Regions âAI in the public sectorâ ECON stakeholder consultation Friday 20 September Council Working Party on the Environment |
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Launch of a new C-ESG Risk Roundtable report Thursday, 26 September - 3:15 PM (CET) |
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| | Environmental factors could be a source of financial risk. It is therefore essential to step up efforts to ensure that risks are properly identified, understood, measured and managed. While banks are making progress, they are facing numerous operational and implementation challenges, many of which are neither originated, nor inherent to the banking industry.
While some will need to be addressed at the level of individual organizations, others will benefit from collaborative approaches. To further strengthen the dialogue within the banking sector and with the European Central Bank (ECB), a high-level Environmental, Social, and Governance Risk Roundtable (C-ESG Risk RT) was set up by the European Banking Federation (EBF) with the participation of 13 European banks. On 26 September, we will be launching the fourth report of the C-ESG Risks RT resulting from the discussions of its Physical Risk workstream. The report will be available on the EBF website on 26 September,
after the launch event. |
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FROM EBF MEMBERS BPFI: Housing finance report This Banking & Payments Federation Ireland (BPFI) report looks at how lending capacity of the banking sector can be fully leveraged to meet the Stateâs significant funding challenge to deliver increased housing output. Read more BdB: Herkenhoff: ECB's tact still needed Heiner Herkenhoff, CEO of the Association of German Banks (BdB), considers the reduction of the European Central Bank's (ECB) deposit rate to 3.5 percent to be appropriate: "The inflation rate in the euro area was recently 2.2 percent, very close to the ECB's inflation target for the first time in three years". Read more (DE)
Finance Latvia: SEB: Reckless handling of the state's social budget can lead to irreversible consequences within the next decade
According to Arnolds ChulkstÄns, Chairman of the Board of SEB Life and Pension Baltic, in the context of tax reform, the proposed 1/6 reduction of pension level 2 contributions from 6% to 5% has caused justified public concern about the sustainability and reliability of the pension system. Read more (LV) |
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FROM THE INSTITUTIONS
ECB: Monetary policy decisions
The European Central Bank (ECB) has published the monetary policy decisions. The Governing Council decided to lower the deposit facility rate â the rate through which it steers the monetary policy stance â by 25 basis points. Read more
EBA: Revised list of ITS validation rules
The European Banking Authority (EBA) has issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems. Read more BIS: House price responses to monetary policy surprises: evidence from US listings data Evidence on the contemporaneous effects of interest rates on house prices has been elusive. The Bank for International Settlements (BIS) presents direct evidence of the high-frequency causal relationship between interest rates and house prices in the United States. 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.
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