EBF MORNING BRIEF Monday 10 October 2022 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: Czech finance ministry proposes tax on energy and banks
The Czech Finance Ministry proposed to slap a 60% tax on excess profits for 2023-2025 in the energy sector and for large banks, minister Zbynek Stanjura said. As reported by Reuters, the scheme will only affect large banks, defined by an earnings threshold of 6 billion crowns. Read more
Bloomberg: ECB steps up pressure on banks to exercise bonus caution
The European Central Bank (ECB) is ratcheting up pressure on some banks to keep 2022 bonuses in check amid fears about the darkening economic outlook, according to people with knowledge of the matter heard by Bloomberg. The ECB has previously shown it’s ready to intervene if it believes a bank’s bonus plans are excessive against the backdrop of heightened economic risks. Read more
FT: ECB warns of potential for ‘self-reinforcing’ inflation
According to the Financial Times (FT), the European Central Bank (ECB)’s rate-setters have expressed concerns over the potential for “self-reinforcing” inflation, with governments’ fiscal packages and the weakness of the euro threatening to push up prices for years to come. “[The account] gives green light for further large hikes,” said Ken Wattret, head of European analysis and insights at S&P Global Market Intelligence. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS CBA: The euro is coming: what you need to know In 2023, the euro is going to become the official currency in Croatia. As explained by the Croatia Banking Association (CBA) it will be possible to pay in kuna (only in cash) until January 14. However, the process and procedure of introducing the euro is one of the most complex steps in history. Read more (HR) BdB: Sustainability in corporate customer business The new episode of the German Banking Association (BdB)'s podcast "Bank Secret" is about sustainability in the corporate customer business with a special focus on the automotive sector in Germany. It is key to plan the sustainable transformation of the individual companies to make investments and finance them. Read more (DE) AEB: Roadmap of measures to guarantee financial inclusion The Spanish Banking Association (AEB), CECA and the National Union of Credit Cooperatives (Unacc) have presented a roadmap to strengthen financial inclusion in rural areas. Under the agreement, the banking sector agrees on a new framework to ensure services in rural areas and establish mechanisms for monitoring commitments. Read more (ES) |
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FROM THE INSTITUTIONS EBA: Updates on the total loss-absorbing capacity and minimum requirement for own funds and eligible liabilities instruments The European Banking Authority (EBA) published an updated total loss-absorbing capacity and minimum requirement for own funds and eligible liabilities (TLAC/MREL) monitoring Report. The EBA has observed that its recommendations have been well implemented. However, it has identified the need for a few new notable provisions to be recommended and for some others to be avoided. Read more ECB: Consumer Expectations Survey results Perceived inflation continues to increase, with the median rate now standing at 8.0%, up from 7.9% in July. This is what emerges from the results of the latest survey on consumer expectations published by the European Central Bank (ECB). Read more BIS: Macroeconomic situation and monetary policy issues In a speech published by the Bank for International Settlements (BIS), Denis Beau, First Deputy Governor of the Bank of France discusses the future of the euro area. 'The new macroeconomic context implies a change of monetary policy,' Beau says. Read more |
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FROM THE EBF
EBF: Workshop with BaFin
As part of the banking industry’s involvement in the efforts towards reaching a European integrated reporting system, the European Banking Federation (EBF) and Germany’s Federal Financial Supervisory Authority (BaFin) hosted recently a workshop to delve into the findings from the feasibility study “Redesign for Regulatory Reporting” produced by BaFin together with Deutsche Bundesbank, Germany’s Federal Ministry of Finance and the German banking industry. 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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