EBF MORNING BRIEF Monday 4 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. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA Bloomberg: ECB cutting too soon would be worse than delaying Lowering interest rates prematurely would be a worse mistake for the European Central Bank (ECB) than reducing them too late, according to a survey of economists. Almost two-thirds of respondents reckon moving too hastily to reverse the barrage of rate hikes enacted to tame inflation would carry greater dangers than waiting too long a sentiment voiced by several members of the Governing Council, Bloomberg reports. Read more PYMNTS: EU Mandates Instant Payments Availability The European Council approved a new rule to enable instant payments across the European Union and European Economic Area. Under this regulation, instant credit transfers must arrive in recipients’ accounts within 10 seconds, regardless of the date or time of day. All payments must arrive in euros irrespective of the currency posted by the sender, although the permitted transfer time will be extended to allow for currency conversion. Read more Reuters: SNB's Jordan defends Credit Suisse role as he announces exit Swiss National Bank (SNB) Chairman Thomas Jordan defended the central bank's role in managing the demise of Credit Suisse in 2023, as he announced he was stepping down as SNB chief. According to Reuters, Jordan said the collapse of the lender had no influence on his decision to leave his role as head of the central bank three years before his current mandate concludes. Read more |
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MAIN EVENTS Council Working Party on the Environment Deutsche Bundesbank, Joint Vienna Institute and the Bank of Austria ‘Monetary policy implementation’ course |
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Access to Finance for SMEs: Assessment and Perspectives Wednesday 13 March 2024 | 8:45 AM - 6:30 PM (CET) |
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The SME Observatory of the Belgian Federal Public Service Economy is pleased to announce that, on initiative of the Vice Prime Minister and Minister of SMEs of Belgium, the event “Access to Finance for SMEs: Assessment and Perspectives” will be heldon 13 March 2024 from 8:45 a.m. until 6:30 p.m. This event, in the context of the Belgian Presidency of the Council of the European Union, will feature a series of high-level panels dedicated to the theme of SME financing. The panel discussions will cover topics such as late payment regulation, intangible assets, and ESG reporting, among others. |
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FROM EBF MEMBERS Finance Denmark: Technical advice on CSDR penalty mechanism Finance Denmark believes that it is still too early to evaluate the effect of the introduction of the settlement discipline regime's penalty mechanism from February 2022. A longer observation period is needed to see the effect over a longer period of time. Read more (DK) ABBL: IT careers in Luxembourg: key findings for the financial sector The widening gap between the skills required by employers and those possessed by the workforce is a pressing concern. To address this, the Ministry of Labour, in collaboration with the National Employment Agency (ADEM), has launched sector studies focusing on the IT industry. The Luxembourg Bankers' Association (ABBL) participated in the study, as it provides ABBL members with an overview of the evolving skills landscape. Read more BPFI: Mortgage Approvals Report January 2024 Banking & Payments Federation Ireland (BPFI) has today published the latest figures from the BPFI Mortgage Approvals Report for January 2024. Figures show that first-time buyer mortgage approvals remain robust despite continued wider market slowdown. Read more |
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FROM THE INSTITUTIONS SRB: Welcoming European Parliament Daisy Chains Act adoption The Single Resolution Board (SRB) welcomes the adoption of the Daisy Chains Act by the European Parliament. This will allow resolution authorities more scope in setting internal minimum requirements for own funds and eligible liabilities (MREL) in banking groups, in order to ensure sufficient loss-absorbing capacity. It also simplifies MREL treatment for liquidation entities. The SRB will implement the new rules in its MREL policy. Read more ESMA: Results of the annual transparency calculations for equity and equity-like instruments The European Securities and Markets Authority (ESMA) has published the results of the annual transparency calculations for equity and equity-like instruments, which will apply from 1 April 2024. Read more ESRB: The market liquidity of interest rate swaps This European Systemic Risk Board (ESRB) paper examines market liquidity in interest rate swaps (IRS) before and during the global tightening of monetary policy. IRS constitute the single largest derivatives segment globally. Banks and Pension Funds extensively rely on IRS to hedge interest rate risk. Hence, providing an understanding of this market and the drivers of market liquidity is a key research question in the current market context. 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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This newsletter is published by the EBF Mediacentre. For questions or suggestions contact v.barbieri@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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