| EBF MORNING BRIEF Monday 2 May 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 Bloomberg: EU aims for joint deposit fund in Banking Union push European officials are pushing for a breakthrough in the negotiations over completing the bloc’s banking union with a common deposit insurance fund. Eurogroup President Paschal Donohoe wants to have a common European deposit guarantee fund in place by 2024 to bring added protection for savers and to strengthen the European banking system, according to a proposal seen by Bloomberg. Donohoe’s plan envisages gradual adjustments on all fronts in parallel. Read more
Reuters: EU watchdog targets misleading online financial promotions
Regulators across the EU need more powers to crack down on misleading online financial promotions, the bloc's securities watchdog said. The European Commission asked European Securities and Markets Authority (ESMA) for advice and the watchdog set out several recommendations, including a revision of the bloc's MiFID securities law to give national regulators powers to take "timely and effective actions" against misleading marketing practices. "I believe these are fundamental shifts in how the market works and who engages in the market," Verena Ross, ESMA chair told Reuters. Read more
CoinDesk: Banks don’t need extra crypto protections yet
Banks’ exposures to crypto aren't yet big enough to warrant extra protections designed to limit risks to the overall economy, the European Banking Authority (EBA) said. The EBA "considers it premature to introduce new macroeconomic tools to address the systemic aspects of these risks at this stage,” CoinDesk reports. 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
BPFI: Mortgage Drawdowns
The Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Drawdowns Report for Q1 2022 and the BPFI Mortgage Approvals Report for March 2022. The reports show continued growth in mortgage activity driven mainly by first-time buyers (FTBs) and re-mortgage/switching. Read more Finance Norway: Consultation on the Financial Market Report The Storting's Finance Committee held a hearing on the Financial Market Report 2022 where Idar Kreutzer, CEO of Finance Norway participated on behalf of the banking association. A key goal for financial market policy should be to ensure good and stable framework conditions so that the financial industry can contribute to job creation, digitalization, and the green shift, he said. Read more (NO)
CBA: The economy grew by 4.6% year on year
According to the CZSO's preliminary estimate, the domestic economy grew by 0.7% in the first quarter of this year. Slight growth of around 1% is also expected. The favorable performance of the economy is good news, especially given the continuing problems in supply chains and the negative consequences of the energy crisis and accelerating inflation, writes Czech Banking Association (CBA) Chief Economist Jakub Seidler. Read more (CS) |
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FROM THE INSTITUTIONS EBA: Propose to simplify and improve the macroprudential framework The European Banking Authority (EBA) published its response to the European Commission’s Call for Advice on the review of the macroprudential framework, proposing a set of recommendations to simplify the procedures around some of the existing macroprudential tools and to increase harmonisation for others. Read more
ESMA: Recommendations to improve investor protection
The European Securities and Markets Authority (ESMA) advises the European Commission on certain aspects relating to retail investor protection. ESMA puts forward proposals that will make it easier for investors to get the key information they need to take well-informed investment decisions, whilst also protecting them from aggressive marketing techniques and detrimental practices. Read more
ECB: No predetermined path for rate rises
"Markets may be pricing in a series of rate hikes, but in the Governing Council we are driven by data", says European Central Bank (ECB) Vice-President Luis de Guindos. A predetermined path for rate rises has not been discussed yet, he adds. Read more |
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FROM THE EBF EBF response to ESMA consultation on the review of MIFID II suitability guidelines While the EBF welcomes the ultimate objective of the European legislators and supervisors of promoting sustainable development, EBF would like to stress that the new regulation gives rise to a number of inconsistencies, concerns, and doubts which we believe will hinder its implementation. Read more
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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