EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 27 February 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 posts loss as it pays price for its own rate hikes As reported by Reuters, the European Central Bank (ECB) made a loss last year as its own interest rate increases forced it to write down the value of some bonds and fork out billions of euros on balances created during a decade of money-printing, its annual accounts showed. While the 1.6 billion euro ($1.7 billion) loss was entirely covered by provisions, it raises questions about whether the ECB might one day run out of such buffers and who will foot the bill of its past largesse now that inflation is back and rates high. Read more Bloomberg: ESG shock triggers split in EU According to Bloomberg, European Union (EU) efforts to address criticism of its ESG investing rulebook are being challenged by the financial supervisory authority of France. The French watchdog wants the EU to quickly adjust the legislation that underpins the bloc’s landmark ESG investing rulebook, instead of waiting for a planned review of the regulatory framework to run its course. Read more S&P Global Market Intelligence: Banks, funds on alert as Europe's enforcement of Russia sanctions ramps up More aggressive policing of sanctions against Russia is on the cards as European Union (EU) and U.K. regulators move to strengthen their enforcement powers, putting financial institutions on alert, S&P Global Market Intelligence reports. Banks and other financial institutions can expect increased scrutiny over the robustness of their sanctions controls and potential involvement in breaches, and face a heightened risk of investigations and penalties, said Rory Doyle, financial crime policy manager at Fenergo, a regulatory technology company. Read more |
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FINANCIAL REGULATION AGENDA for next week Monday 27 February Tuesday 28 February Wednesday 1 March
Thursday 2 March
Friday 3 March
For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS FBF: Latest Business Finance figures As reported by the French Banking Association (FBF) despite the tightening of financing conditions, companies in France do not report any change in the willingness of banks to grant loans. According to the Banque de France, in the 4th quarter of 2022, 96% of SMEs obtained all or most of the investment loans requested and 83% cash loans requested. Read more(FR) Febelfin: Energy crisis: more than 10.000 payment delays for home loans granted In the autumn of 2022, the financial sector committed itself to providing the best possible assistance to private individuals in financial difficulties due to the energy crisis by offering, under certain conditions, a payment deferral for capital for home loans. After 5 months, the counter stands at 10,441 granted payment deferrals, as shown by Febelfin. Read more (NL) Finance Norway: Job creation number 69,200, further cooling Finance Norway's job creation figures for the fourth quarter of 2022 show that there have been 69,200 more people employed in the last 12 months, a noticeable decrease from the previous measurement. In contrast, the proportion of job creation in the private sector has never been higher. Read more(NO) |
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FROM THE INSTITUTIONS ECB:Financial statements for 2022 The European Central Bank’s (ECB’s) audited financial statements for 2022 show that the ECB’s profit was zero (2021: €192 million) and thus there will be no profit distribution to the euro area national central banks (NCBs). This result takes into account a release of €1,627 million from the provision for financial risks to cover losses incurred during the year. Read more BIS: Invitation to market stakeholders to join cross-border payments interoperability and extension task force The Bank for International Settlements (BIS)' Committee on Payments and Market Infrastructures (CPMI) invited firms that offer cross-border payment services, payment system operators and relevant industry associations to nominate senior representatives to serve on a newly established task force on cross-border payments interoperability and extension (the "PIE task force"). Read more EIOPA: Demystifying pensions In a keynote speech, Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA) spoke about the pensions landscape in Europe, by demystifying pensions. In particular, she explained that the major challenge is how to provide citizens with adequate retirement income and to ensure as well that public finances are sustainable. Read more |
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FROM THE EBF this week
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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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