EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 23 January 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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FROM THE MEDIA
Reuters: ECB pushes back against bets on smaller rate hikes
The European Central Bank (ECB) pushed back against market bets that it would slow the pace of its interest rate hikes given recent falls in inflation. As reported by Reuters, ECB President Christine Lagarde and fellow policymaker Klaas Knot said investors were underestimating the ECB's determination to bring inflation back to its 2% target. Read more
FT: Global anti-money laundering fines surge 50%
Global fines for failing to prevent money laundering and other financial crime surged more than 50 percent last year, the Financial Times (FT) reports. Banks now have a “genuine desire to do the right thing” but given the time lag between failings and fines, “the extent to which banks are behaving” may only be seen in future years, said Roger McCormick, who worked on a long-running project on conduct costs at the Bayes Business School. Read more S&P Global Market Intelligence: More European bankers earning €1M+ than ever before The number of European bankers earning more than €1 million reached the highest level on record in 2021, according to figures from the European Banking Authority (EBA). The increase is due to the strong performance in the sector, relocation of staff from the UK to the EU, and a general increase in salaries, S&P Global Market Intelligence writes. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 23 January
Tuesday 24 January -
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QED Conference on Euro Instant Payments (Anni Mykkänen, EBF Senior Policy Adviser on Payments and Innovation speaking) -
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Wednesday 25 January Thursday 26 January -
Council Working Party on Tax Questions (Direct Taxation) -
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2023 World Banking Forum Winter Edition (Sébastien de Brouwer, EBF Chief Policy Officer speaking) -
ENISA Cybersecurity Policy Conference (Alexandra Maniati, EBF Senior Director Innovation & Cybersecurity speaking) -
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Friday 27 January
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
BdB: New initiative shows advantages of tokenization
The European Commission and the Association of German Banks (BdB) are launching a joint initiative on tokenization. The initiators of the project emphasize how important a tokenized economy is for Europe in global competition and that a simple set of rules and better digital skills are needed to encourage innovation. Read more (DE)
Finance Norway: Policy rate unchanged
As reported by Finance Norway, Norges Bank's committee for monetary policy and financial stability has decided to keep the policy rate unchanged at 2.75 percent. At the same time, Norges Bank warns that they will most likely raise the interest rate at the next meeting in March. Read more (NO) Finance Denmark: Homeowners rescheduled loans for DKK 375 billion In 2022, homeowners have restructured mortgage loans for almost DKK 375 billion, which is the second-highest amount in 27 years. "Although trading activity is lower on the housing market than in previous years, there is still great demand for Danish mortgage loans," says Ane Arnth Jensen, deputy managing director of Finance Denmark. Read more (DK) |
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FROM THE INSTITUTIONS
ECB: Interview with Andrea Ernia
'Capital requirements placed on European banks by European supervisors are on a par with those placed by peers in other jurisdictions, if not a little bit lighter', Supervisory Board Chair of the European Central Bank (ECB), Andrea Enria says. Moreover, ECB aims to make banks stronger and strengthen their controls, proactively managing credit risk and getting prepared to avoid a new wave of NPLs. Read more EBA: Increase in the number of high earners across EU banks in 2021 The European Banking Authority (EBA) published its Report on high earners for 2021. The analysis shows a significant increase in the number of individuals working for EU banks and investment firms who received a remuneration of more than EUR 1 million. This increase is linked to the overall good performance of institutions, continuing relocations of staff from the UK to the EU, and a general increase in salaries. Read more
ESMA: Consultation on post-trade transparency
The European Securities and Markets Authority (ESMA) is seeking feedback on certain technical issues to provide further guidance in its future manual on post-trade transparency. This Consultation Paper focuses on the new Level 3 guidance that will be included in the manual. The manual will provide a general overview of the post-trade transparency regime for equity, equity-like and non-equity instruments. Read more |
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FROM THE EBF this week
EBF: ESAs Call for evidence on better understanding greenwashing
Sustainability has been attracting considerable and growing attention over the last few years. The resulting increased risk of wrongful greenwashing claims and potential reputational implications may finally deter financial institutions from increasing transition and sustainability financing. In this context, EBF supports the objective of a focused approach to greenwashing covering all sectors of the economy. Read more
EBF: Joint Business Statement on the due diligence proposal (CS3D)
The European business community supports an EU due diligence framework. However, it calls for realism, proportionality, and workability for this framework to truly enable and guide businesses in taking necessary steps towards more sustainable supply chains. This includes companies under the scope but also SMEs that will be impacted. 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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact v[email protected]
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