EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 6 May 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
CNBC: Fed and ECB divergence on rate cuts could spell trouble for Euro
The prospect of the European Central Bank (ECB) diverging from the Federal Reserve (Fed) on interest rate cuts is likely to be “particularly negative” for the 20-nation euro zone, according to one economist. “The problem of cutting rates right now is that the ECB takes for granted the strength of the euro. And if they start to cut rates ahead of the Federal Reserve, that is basically giving the world a signal that the euro needs to weaken,” Daniel Lacalle, chief economist at Tressis Gestion, told CNBC. Read more
Bloomberg: ING unveils €2.5 billion buyback as profit beats estimates
According to Bloomberg, ING Group announced a fresh share buyback after reporting a first-quarter profit that beat estimates. The Netherlands’ biggest bank will repurchase stock worth as much as €2.5 billion ($2.7 billion), it said in a statement. Read more
The Banker: EU banks’ profitability outlook has deteriorated
As reported by the Banker, the European banking industry faces a deteriorating outlook for asset quality and profitability, real estate vulnerabilities and “more aggressive” cyber threats, according to the three European Supervisory Authorities in their Spring 2024 Joint Committee risk assessment. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 6 May
Tuesday 7 May
Wednesday 8 May
Thursday 9 May
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FROM EBF MEMBERS
FBF: Latest figures on personal loans
According to the Banque de France's latest figures, at the end of February 2024, first-time buyers of a primary residence accounted for more than half of all new loans, while the least affluent households continued to account for more than half of all borrowers, the French Banking Federation (FBF) reports. Read more (FR)
BPFI: Defective concrete blocks
"BPFI and our members reiterate our commitment to support homeowners where possible, and to continue to engage proactively on issues where the banking sector has a role to play and where we believe we can make a positive contribution" says Brian Hayes, Chief Executive, Banking & Payments Federation Ireland (BPFI) at the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach. Read more Finance Norway: Debt collection agreement to be settled on 7 May On Tuesday 7 May, Finance Norway will meet Finansforbundet to negotiate wages and the content of the debt collection agreement. ‘In this settlement, it is crucial to reach a result that is financially sustainable for the debt collection industry. The industry is on its knees and excessive wage increases will make the situation even more difficult,’ says Finance Norway's head of negotiations Therese Høyer Grimstad. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Closing the blinds on banks’ window dressing
Some banks reduce balance sheet items around reporting dates. Such “window dressing” camouflages the true risks of a bank, impairs markets as well as bank resilience and supervision. The European Central Bank (ECB) Blog looks at how regulators and supervisors are taking action. Read more
EBA: Collection of information on natural persons
Starting from May 2024, supervisors across the European Union will be able to report names of natural persons to EuReCA, the EU central database on anti-money laundering (AML) and countering the financing of terrorism of the European Banking Authority (EBA). Read more
EIOPA: Recommendation for improvements in the supervision of the 'Prudent Person Principle' following the peer review
The European Insurance and Occupational Pensions Authority (EIOPA) published the results of its Peer Review on the supervision of the Prudent Person Principle (PPP) under Solvency II. The review focused primarily on the supervision of investments in non-traditional and complex assets, including derivatives, and the use of such assets in unit-linked and index-linked contracts – where market risk is typically borne by the policyholder. 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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