EBF MORNING BRIEF Monday 11 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.
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FROM THE MEDIA
Reuters: Some ECB policymakers float back-to-back June, July cuts
European Central Bank (ECB) policymakers overwhelmingly back June for a first interest rate cut and some have informally floated the idea of a further move in July to win over a small group that would prefer an earlier start, three sources told Reuters. Several Governing Council members publicly expressed support for a rate cut before the summer as inflation in the euro zone is now falling faster than the ECB had anticipated. Read more
The Banker: UK could have second-mover advantage in crypto asset regulation
The UK has taken a slower and more phased approach than the EU in terms of regulating crypto assets, which could give it a second-mover advantage, according to legal experts, The Banker reports. Unlike the EU, the UK does not yet have a finalised regulatory regime, but consultation documents indicate a phased approach building on existing legislation, with the first phase limited to fiat-backed stablecoins. Read more RWG: The Luxembourg Rail Protocol enters into force At a ceremony during a special intergovernmental meeting at the Universal Postal Union in Bern, the Luxembourg Rail Protocol to the Cape Town Convention on International Interests in Mobile Equipment formally entered into force. “This is a momentous day for the rail industry,” said Rail Working Group (RWG) Chairman Howard Rosen. Read more |
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MAIN EVENTS Council Working Party on the Environment Deutsche Bundesbank, Bank of Austria and the Joint Vienna Institute ‘HR Issues in a Changing World’ event |
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THE FIRST 2024 BANKING ESSENTIALS WEBINAR
Navigating the Green Asset Ratio: What can it tell us about the sustainability performance of banks?
Thursday 14 March 2024 | 3:00 - 4:00 PM (CET)
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Investors are demanding more sustainability related disclosure, and regulators are also closely monitoring the impact of climate change on companies and financial institutions. In principle, the GAR is a simple ratio quantifying EU Taxonomy-aligned assets as a percentage of total covered assets. As banks disclose their GAR alignment for the first time, what does it tell us about their sustainability performance and efforts to finance the green transition? Can GAR be considered an indicator of progress on meeting institutions’ sustainability commitments? In this upcoming webinar you can learn how to navigate GAR and also what to expect from the upcoming revision to improve its usability. |
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FROM EBF MEMBERS
AEB: Women's visibility in banking, the best antidote to stereotypes
'Raising awareness among women leaders in the sector is one of the objectives of Women in Banking, the association we created two years ago and of which I am honorary president, a task that is completed by raising awareness, best practices, mentoring, attracting and promoting talent, as well as preparing reports with analysis and data on equality and diversity, real boosters of productivity and a good working environment,' says Alejandra Kindelán, president of the Spanish Banking Association (AEB). Read more (ES)
Finance Denmark: Younger female leaders are becoming more prominent in the financial services industry 39 per cent of younger managers in the financial sector are women, according to a new report from Finance Denmark. This is an increase of nine percentage points in just four years. This continues the positive development towards a more balanced gender diversity among managers in the country's banks and mortgage credit institutions. Read more (DK)
NVB: Greater efforts by banks to rule out discrimination
Banks will increase their efforts to continue to rule out discrimination.The Dutch Banking Association (NVB) and its members will soon set up a dialogue on this subject with Islamic interest groups, among others. The NVB is also discussing joining the national reporting point discrimination.nl. The banks will also exchange knowledge and experience to discuss any (unconscious) prejudices internally and to tackle them themselves. Read more (NL) |
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FROM THE INSTITUTIONS
ECB: Public guarantees, private banks’ incentives, and corporate outcomes: evidence from the COVID-19 crisis
This European Central Bank (ECB) paper shows that public guaranteed loans (PGL) increase credit availability improving real effects, but private banks’ incentives imply that weaker banks shift riskier corporate loans to taxpayers. It exploits credit register data during the COVID-19 shock in Spain, and a stylized model guides the empirics. Read more
EBA: Consultation on Guidelines on redemption plans under MiCAR
The European Banking Authority (EBA) launched a consultation on the Guidelines for the plans to orderly redeem asset-referenced or e-money tokens in the event that the issuer fails to fulfil its obligations under the Markets in Crypto assets Regulation (MiCAR). The Guidelines specify the content of the redemption plan, the timeframe for review and the triggers for its implementation. Read more
BIS: Global systemically important banks - revised assessment framework
The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) has issued a public consultation on potential measures to address "window-dressing" behaviour by some banks in the context of the framework for global systemically important banks (G-SIB). Such regulatory arbitrage behaviour seeks to temporarily reduce banks' perceived systemic footprint around the reference dates used for the reporting and public disclosure of the G-SIB scores. 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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