EBF MORNING BRIEF Monday 12 December 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
CNBC: ECB warns that an EU gas price cap risks financial stability
The European Central Bank (ECB) is worried about the potential risks to financial markets from an EU-wide cap on natural gas prices. The comments are in line with concerns raised by countries such as Germany and the Netherlands, which have asked for stronger guarantees that the cap is not going to disturb markets, CNBC reports. Read more
Reuters: Some banks may struggle to pay back ECB loans
As reported by Reuters, after the European Central Bank (ECB) raised borrowing costs, banks are repaying ECB's Targeted Longer-Term Refinancing Operations (TLTRO). According to the European Banking Authority (EBA), some eurozone banks could struggle to pay back money borrowed from the ECB as volatile markets make it harder to raise funds. Read more
Bloomberg: UniCredit faces higher ECB capital requirement
UniCredit is facing the prospect of higher capital requirements next year, according to people familiar with the matter heard by Bloomberg. The European Central Bank (ECB) has indeed indicated to UniCredit that it’s considering raising the firm’s so-called Pillar 2 requirement to ensure the bank’s resilience against risks from Russia’s war in Ukraine. UniCredit confirmed that its Pillar 2 requirement 'may increase minimally'. 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
Finance Norway: Easing of lending regulation
In an evaluation of the current lending regulations, the Ministry of Finance has decided to keep the current requirements, with some relaxations. 'The evaluation shows that the ministry has been listening to the financial industry's inputs, a wise and correct assessment of the current economy,' says Erik Johansen from Finance Norway. Read more (NO)
Finance Latvia: Luminor Bank has the lowest ESG risks in the Baltics
Morningstar Sustainalytics, the world's leading environmental, social, and governance (ESG) rating company, assigned Luminor Bank the best ESG risk rating among banks in the Baltic States. As reported by Finance Latvia, data also emphasizes that Luminor has developed policies regarding responsible marketing and educating consumers. Read more (LAT)
ABI: Antonio Patuelli grieves Corrado Sforza Fogliani
Antonio Patuelli, President of the Italian Banking Association (ABI) grieves Corrado Sforza Fogliani, National President of the Association of Popular Banks and leading exponent of ABI. Patuelli recalls his culture, attention to the interests of savers, love for his bank, and his commitment to economic and social development. Read more (IT) |
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FROM THE INSTITUTIONS
EC: Taxation: New transparency rules require service providers to report crypto-asset transactions
The European Commission (EC) proposed new tax transparency rules for all service providers facilitating transactions in crypto-assets for customers resident in the EU. These complement the Markets in Crypto-assets (MiCA) Regulation and anti-money laundering rules. The proposal will require all crypto-asset service providers to report transactions of clients in the EU and aims to establish a common minimum level of penalties. Read more
EBA: Risk assessment warns about the impact of a deteriorating macroeconomic environment
The European Banking Authority (EBA) published its annual risk assessment of the European banking system. Banks should prepare for a likely deterioration in asset quality and strengthen their screening systems and controls to ensure a strict compliance with sanctions to prevent legal and reputational risks. Read more
BIS: "Front-loading" monetary tightening: pros and cons
Parsing the evidence from 11 advanced economies since 1970 indicates that “front-loading” of interest rate hikes is successful in countering inflation. In a Bulletin, the Bank for International Settlements (BIS) discusses the appropriate speed of interest rate adjustments, and analyzes the pros and cons, paying attention to the risk of shifting to a high-inflation regime and the implications for financial stability. 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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