EBF MORNING BRIEF Monday 25 March 2024 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation. Recommend the EBF newsletters to a colleague. Click here to sign up! |
|
|
FROM THE MEDIA Bloomberg: Lagarde tells Eurozone leaders price slowdown to continue The easing in euro-area inflation is expected to persist, thanks to the effectiveness of monetary policy, European Central Bank President (ECB) Christine Lagarde told euro-area leaders at a summit in Brussels, according to Bloomberg. Read more S&P Global Market Intelligence: Sabadell warned against move for Unicaja Banco de Sabadell SA would be unwise to make a move to acquire domestic rival Unicaja Banco SA as it could threaten its recovery from a prolonged period of underperformance, analysts warn. Speculation about a potential deal persists in Spain even as Sabadell's president Josep Oliu recently denied any plans or negotiations to merge the banks, S&P Global Market Intelligence reports. Read more Reuters: ECB increasingly likely to cut rates before summer break The European Central Bank (ECB) may be in a position to cut interest rates before the summer recess, possibly in June, as inflation is on its ways back to the bank's 2% target, said Bundesbank President Joachim Nagel as reported by Reuters. Nagel's comments add to a list of policymakers backing a cut in June and suggest the ECB will be the second central bank after its Swiss ccounterpart to start reducing its record series of rate hike. Read more |
|
MAIN EVENTS Council Horizontal Working Party on Cyber Issues |
|
FROM EBF MEMBERS BdB: Capital markets union must be a priority in the next EU legislature "It is a success that the European heads of state and government have approved the Eurogroup's proposal to finally move forward with the Capital Markets Union. The issue must be a priority for the next EU Commission and must be pursued with determination." says Heiner Herkenhoff, German Bankers Association (BdB) Managing Director. Read more (DE) ABBL: Make a wish and go ESG! The Luxembourg Bankers' Association (ABBL) has conducted a survey about the integration of MiFID sustainability-rules into investment advice and portfolio management services. The survey highlights the actions implemented by 17 banks across four main dimensions of the suitability assessment regarding clients’ sustainability preferences. Read more Finance Denmark: Consultation response to the Act on Amendments to the Payments Act The Danish Financial Supervisory Authority has submitted a proposal for a law amending the Payments Act for consultation. Finans Danmark supports the proposal and, in addition to meeting the challenges that frequent payments with 1,000 krone notes can pose to the retail trade in relation to having enough change, also finds it positive that the proposal can limit the possibility of money laundering. Read more (DK) |
|
FROM THE INSTITUTIONS ECB: Who buys bonds now? The Eurosystem is shrinking its balance sheet, which makes more government bonds available for purchase. The European Central Bank (ECB) Blog looks at how markets are adjusting to this new situation with regard to bond price volatility, liquidity and the impact on repo markets. Read more ESMA: Fine to Scope for breaches of conflict of interest obligations The European Securities and Markets Authority (ESMA) has fined Scope Ratings GmbH (Scope) a total of EUR 2,197,500, and issued a public notice, for breaches of the Credit Rating Agencies Regulation (CRA Regulation). ESMA found that Scope fell short of the CRA Regulation’s requirements on handling conflicts of interest. This finding resulted from structural failures and specific breaches of the conflict of interest obligations. Read more EBA: Revised list of ITS validation rules The European Banking Authority (EBA) 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. Competent Authorities throughout the EU are informed that data submitted in accordance with these ITS should not be formally validated against the set of deactivated rules. Read more |
|
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 EBF welcomes plans by ECB and EBA to step up efforts to make banking industry data reporting more efficient The EBF welcomes the announcement by the ECB and the EBA regarding the formal establishment of the Joint Bank Reporting Committee (JBRC) that will intensify the joint work towards achieving an integrated and standardized reporting framework in Europe helping to reduce the extensive reporting burden for banks and improving the quality of the data reported to the authorities. Read more EBF Response to the Basel Committee’s consultation on a Pillar 3 disclosure framework for climate-related financial risk The EBF welcomes the opportunity to respond to the Basel Committee’s consultation on a Pillar 3 disclosure framework for climate-related financial risk. The EBF recognize the critical importance of addressing climate-related risks within the financial sector while ensuring the stability and resilience of the global financial system. Read more EBF & S&P webinar: Navigating the Green Asset Ratio (GAR) On 14th March the European Banking Federation & S&P Global Market Intelligence held a webinar titled 'Navigating the Green Asset Ratio (GAR): What can it tell us about the sustainbility performance of banks?' The recording of the event is now available. Read more |
|
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 |
|
This newsletter is published by the EBF Mediacentre. For questions or suggestions contact v.barbieri@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
|
|
|