EBF MORNING BRIEF Monday 18 July 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: ECB rates picture unclear after September, says Rehn The European Central Bank (ECB) is likely to raise interest rates by 25 basis points next week and by 50 in September, but the rate path thereafter is murkier given uncertainty over developments in Ukraine, Finnish policymaker Olli Rehn said. According to Reuters, Rehn said it was clear that the ECB's mandate was price stability "and we act accordingly and emphasize that each euro state has its own responsibility for its own economy and economic policy". Read more
FT: Ukraine accuses US and European banks over Russia links
The Ukrainian government has told US and European bank bosses to sever ties with groups that trade Russian oil, as a top aide to president Volodymyr Zelenskyy accused the lenders of âwar crimesâ. In the letters, seen by the Financial Times (FT), banks were accused of âprolongingâ the war by providing credit to companies that ship Russian oil and told they would be blocked from participating in the postwar reconstruction of Ukraine. Read more
Finextra: FCA continues âheavyâ tech investment for decision making
Nikhil Rath, the chief executive of the UKâs Financial Conduct Authority (FCA), explained that the regulator has âinvested heavily in data and technologyâ to take a more proactive stance and spot harm and intervene more quickly and more broadly. As reported by Finextra, Rath explained that the watchdogâs analytics tools are speeding up case management and providing improved visibility of risk in each firm. 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 THE EBF MEMBERS
CBA: Hypomonitor: rate increased to 5%
According to the Czech Banking Association (CBA) Hypomonitor June 2022, the volume of mortgages granted decreased slightly compared to May while the significant year-on-year drop is gradually deepening. Data shows that the interest rate for truly new mortgages without refinancing reached the 5% mark. Read more (CZ)
AEB: Interview with Alejandra KindelĂĄn on Channel 24 hours
Alejandra KindelĂĄn, president of the Spanish Banking Association (AEB) talks about the government's announcement of a banking tax and its impact on the economy in an interview on TVE's Canal 24h. "We are in a time of economic uncertainty in which we have to fight inflation and measures like this hardly achieve this," she points out. Read more (ES)
UK Finance: Technology enables lendersâ readiness in changing market
During a recent session with UK Finance, Tom Chaplin, head of mortgages, EMEA, NCINO presented a perspective on where the industry is going and offered his point of view on how lenders can prioritize the right investments to help future-proof their business. Read more |
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FROM THE INSTITUTIONS
BIS: MFSF and external financial conditions
Global economies face the challenge of dealing with surging inflation and tightening global financial conditions amid elevated financial vulnerabilities. This highlights the importance of a macro-financial stability framework (MFSF). A report by the Bank for International Settlements (BIS) outlines the key features of MFSFs that could durably safeguard macro-financial stability, with emphasis on how to deal with the risks linked to ebbs and flows in global financial conditions. Read more ESRB: EU Non-bank financial intermediation risk monitor 2022 The European Systemic Risk Board (ESRB) has published the EU Non-bank Financial Intermediation Risk Monitor 2022. This is the seventh edition of an annual series monitoring systemic risks and vulnerabilities related to certain aspects of non-bank financial intermediation, including investment funds and other financial institutions (OFIs). Read more
European Commission: Statement by Commissioner Gentiloni at G20 Finance Ministers and Central Bank Governors meeting
European Commissioner Gentiloni made a speech at G20 Finance Ministers and Central Bank Governors meeting. The Commissioner highlighted the downwards revision of the EU economic outlook for 2022 and 2023. He stressed that economic support to Ukraine will continue, fiscal policies should remain âagileâ and countries should implement reforms and investments in line with the green and digital transitions. 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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