EBF MORNING BRIEF Monday 1 July 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.
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FROM THE MEDIA
Reuters: ECB's Villeroy: confident we can look through data noise
The European Central Bank (ECB) is gaining confidence in expectations inflation will fall back to its 2% target next year and that it can look through bumps in the data flow in the coming months, ECB policymaker Francois Villeroy de Galhau said as Reuters reports. Read more
The Banker: ESG concerns lead European banks to ‘debank’ defence firms, says EU defence body
European and UK banks are discriminating against defence companies by curbing lending to the sector and “debanking” customers, defence industry leaders claim. As noted by The Banker, they accuse banks of taking an “activist” stance against defence companies preventing them from opening bank accounts and excluding them from loans, investments and other financial services due to an increased focus on ESG criteria, a situation they say is “unacceptable” given a resurgent Russia and increased geopolitical tensions. Read more
FT: ECB faces speculation on market intervention after French elections
The European Central Bank is facing mounting speculation that it could intervene if the French election triggers widespread market panic, as policymakers prepare for their annual conference in Portugal next week. According to the Financial Times (FT), French bonds have been sold off in recent weeks as investors fear that Marine Le Pen’s far-right Rassemblement National or the leftwing Nouveau Front Populaire alliance will win a parliamentary majority in the upcoming elections. Read more |
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FROM EBF MEMBERS
NVB: New Standard for developing and applying innovative technologies in KYC processes
Innovative technologies such as Artifical Intelligence and machine learning are taking an increasingly prominent place in banks. Like people, self-learning models must do their work carefully and accurately. Moreover, they must be reliable, transparent and explainable and operate within laws and regulations. The new Dutch Banking Association (NVB) Standard Technical Model Documentation contains principles for banks' use of these technologies to manage money laundering and terrorist financing risks. Read more (NL)
Finance Denmark: Boost diversity in the banks
"As banks, we are not yet where we want to be. But we are on the right track. Women's access to management corridors is slowly opening up. The banks have the ambitions, the tools, the will, and not least many talented women. Now the changes must be turbocharged so that the financial sector can accelerate development in the coming years", says Stine Luise Goll, Finance Denmark Director of Public Affairs and Communications. Read more (DK) BPFI: Mortgage Approvals – May 2024 FTB mortgage approvals remain robust in May, but mover purchase volumes continue to slow – latest figures from Banking & Payments Federation Ireland (BPFI). Read more |
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FROM THE INSTITUTIONS
ECB: A roadmap for strategic investment in Europe
Europe needs trillions of euros to manage climate change, become digital and defend itself. How can we support these projects? The European Central Bank (ECB) Blog discusses the options in times of low growth and high public debt levels. Read more
EBA: Final draft technical standards on extraordinary circumstances for continuing the use of internal models for market risk
The European Banking Authority (EBA) published its final draft Regulatory Technical Standards (RTS) clarifying the extraordinary circumstances for continuing the use of internal models and disregarding certain overshootings in accordance with the Fundamental Review of the Trading book (FRTB) framework. Read more EIOPA: Europe’s insurance and pension fund sectors stay resilient amid tense risk landscape The European Insurance and Occupational Pensions Authority (EIOPA) published its June 2024 Financial Stability Report, which offers a stocktake of key developments and risks in Europe’s insurance and occupational pensions sectors. Read more |
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FROM THE EBF
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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 r.hrelja@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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