EBF MORNING BRIEF Monday 18 September 2023 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
Bloomberg: EU banks to voluntarily repay €34.2 billion ECB funding
Banks in the euro area decided to voluntarily hand back another €34.2 billion in cheap long-term funding to the European Central Bank (ECB), on top of €67 billion that falls due at the end of the month. As reported by Bloomberg, the repayments will further shrink the outstanding amount of the so-called TLTRO loans to less than €600 billion. Read more
FT: ECB hawks warn of December rate rise if inflation stays hot
Three people involved in Thursday’s monetary policy meeting told the Financial Times (FT) that, if eurozone inflation were higher than forecast, the door was still open to raise rates again when the central bank updates its projections in December. Read more
Reuters: EU considers easing post-Brexit derivatives clearing plan
The European Commission has proposed a law to end "excessive exposures" to clearing houses that are based outside the bloc. According to Reuters, the draft law proposes that customers in the EU would have to open an "active account" to clear a minimum amount of euro derivatives, effectively forcing banks to shift business from London to Deutsche Boerse's Eurex in Frankfurt. Read more |
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FROM EBF MEMBERS
Finance Latvia: Swedbank increases savings rates for the 8th time
As reported by Finance Latvia, Swedbank is increasing savings interest rates for its customers for the 8th time since the autumn of last year. The annual interest rate for term deposits has increased from 3.75% to 4%. Read more (LAT)
UK Finance: Navigating the affordability landscape: a closer look at essential bill payments and financial realities
As the weight of the cost-of-living crisis gradually lessens, attention shifts to the aftermath. How have consumers weathered the storm of escalating expenses and managed their crucial bills amid these challenges? A blog published by UK Finance responds. Read more
SBA: Bankers' Day 2023: Responsibility, stability, and cybersecurity
In response to recent events, Marcel Rohner, President of the Swiss Bankers Association (SBA), considers it necessary to adapt the institutional framework to destigmatize aid in the form of liquidity but also to establish a culture of risk credible and shared on a daily basis within banks. This is the only way to preserve trust, this major asset in banking, and thus strengthen the stability of the financial center. Read more (FR) |
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FROM THE INSTITUTIONS
ECB: Indicative operational calendars for 2024
The European Central Bank (ECB) published indicative calendars for Eurosystem’s 2024 regular tender operations and reserve maintenance periods. The indicative calendar incorporates the alignment of the announcement, allotment, and settlement dates of three-month longer-term refinancing operations (LTROs) with the corresponding dates of main refinancing operations (MROs). Read more
SRB: Liquidity in resolution: a missing piece in the framework
Liquidity is key to crisis management. "The Single Resolution Board’s (SRB) resolution toolkit is strong but must be backed up by effective liquidity provisions to ensure the successful resolution of any crisis," a Eurofi article by SRB Chair Dominique Laboureix says. Read more
ESRB: Insurers’ investment behavior and the coronavirus pandemic
Research by the European Systemic Risk Board (ESRB) explores European insurers’ investment behavior related to crises. Findings are very relevant from a policy perspective as they suggest active and heterogeneous cyclical investment behavior in the European insurance market with differences across issuer and holder countries of domicile. 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.
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