EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 7 November 2022 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: EU could fall foul of global banking rules, regulators warn The EU could fall foul of global banking rules if proposed changes that would make them looser are passed, the EU's top banking regulators say. According to Reuters, EU states and the European Parliament are scrutinizing proposals from the Commission to implement the final leg of the Basel III accord, including a delay of its implementation from next year to 2025 and several changes designed to save European banks some capital. Read more
FT: ECB raises concerns over Spainâs proposed windfall bank tax
The European Central Bank (ECB) has criticized Spainâs proposed windfall tax on its banks, warning it could damage the capital position of lenders, disrupt monetary policy, and prove difficult to enforce. As reported by the Financial Times (FT), commercial lenders have said the fact the government wants to stop them from passing the cost of the tax on to clients is incompatible with EU rules and potentially destabilizing. Read more
Bloomberg: Lagarde says âmild recessionâ wonât tame inflation
European Central Bank (ECB) President Christine Lagarde warned that a âmild recessionâ is possible but that it wouldnât be sufficient in itself to stem soaring prices, Bloomberg reports. While a contraction isnât her âbaselineâ scenario, Lagardeâs Latvian colleague, Martins Kazaks, said he expects one in the coming months. Executive Board member Fabio Panetta, meanwhile, warned about the economic risks of rapid rate rises. Read more |
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EBF and FBF joint side event at COP27 Net zero in a new reality, one year after GFANZ 9 November / 16:30 -17:30 (CET) |
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Despite current geopolitical and macroeconomic disruptions, European banks remain fully committed to Net Zero.
But what do banksâ Net Zero commitments mean in practice? And what is success depending on at this stage? Next Thursday, do not miss our side event at COP27 with the French Banking Federation (FBF) to listen to CSO from two major European banks, and banking associations as they discuss these key questions. During the event, we will also present exclusive insights from the new EBF/EY joint report on the effects of current geopolitics and macroeconomics on the transition. |
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FINANCIAL REGULATION AGENDA for next week
Monday 7 November
Joint meeting of the European Parliament Committee on the Environment, Public Health and Food Safety, the Committee on Budgets and the Committee on Budgetary Control Tuesday 8 November Deutsche Bundesbank symposium 2022 Wednesday 9 November European Parliament plenary session (Brussels) Council Horizontal Working Party on Cyber Issues European Banking Federation (EBF) and French Banking Federation (FBF) COP 27 side event: 'Net zero in a new reality, one year after GFANZ' webinar (EBF CEO Wim Mijs speaking) CEPS 'ECMI 2022' Annual Conference
Thursday 10 November
Council Working Party on Tax Questions (Indirect Taxation) Friday 11 November Economic and Financial Affairs Council (Budget)
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS BPFI: Sustainable finance report As energy costs continue to soar, new research from Banking & Payments Federation Ireland (BPFI) shows that two-thirds (64%) of consumers have carried out at least one significant energy efficiency home improvement with 42% planning to do at least one in the next three years. Also the BPFI Sustainable Finance Report sets out key recommendations to enable scaling up of green finance to households and businesses. Read more SBA: The best reaction to the "perfect storm" In the new edition of the Swiss Bankers Association's (SBA) podcast "Voices from the Financial Center", Claude Maurer, Chief Economist at Credit Suisse explains how investors should react to the current economic turbulences. According to him, the best remedy in times of uncertainty is risk diversification. In other words, risk diversification is the best reaction to a "perfect storm". Read more (DE) BdB: Buy now, pay later â a debt trap? Online shopping is enjoying great and increasing popularity, especially in times of the pandemic. According to the Association of German Banks (BdB), payment after receipt of the goods is the preferred means of payment for Germans. The downside of the possibility of postponing payment is that it can develop into a consumption trap. Read more(DE) |
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FROM THE INSTITUTIONS ECB: The euro area economy and the energy transition Energy price developments and the ensuing energy crisis are posing challenges. 'We are committed to doing our part to address climate change and promote the green transition, as this is necessary for price stability,' says European Central Bank (ECB) Vice-President Luis de Guindos. Read more
EBA: Assessment of the application of the supporting factor to infrastructure lending
The European Banking Authority (EBA) published a Report, which analyses some qualitative as well as quantitative aspects of the lending trends and riskiness of infrastructure loans that have benefitted from a capital reduction due to the introduction of the so-called infrastructure supporting factor (ISF) under the Capital Requirements Regulation (CRR). Read more
EIOPA: Sustainability: a key issue for EIOPA
Petra Hielkema, Chair at the European Insurance and Occupational Pensions Authority (EIOPA), discussed the impact of climate change-related risks on insurers and on the resilience of societies. In her speech, she explored what insurers can do to strengthen resilience and how EIOPA promotes a proactive approach to the management of sustainability issues. Read more (DE) |
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FROM THE EBF this week
Joint Statement: Proposals for the Platform Workers Directive
Major industry representatives are concerned by the direction that the European Parliament is taking in negotiations over the Platform Workers Directive, which reclassifies self-employed collaborators in the EU as digital platform workers. 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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