EBF MORNING BRIEF Monday 27 November 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
Reuters: ECB's Holzmann wants cut in PEPP reinvestments from March
European Central Bank (ECB) policymakers should discuss at their meeting next month whether to wind down bond reinvestments under the Pandemic Emergency Purchase Programme (PEPP) early, Austrian Governor Robert Holzmann said. Those reinvestments are slated to run until the end of 2024 but some policymakers have made the case for starting to wind them down early, Reuters points out. Read more
Bloomberg: Eurozone growth outlook faces downside risks
European Central Bank (ECB) Vice President Luis de Guindos said there are risks to the current growth outlook and that the euro-area economy may perform worse than currently expected. According to Bloomberg, updated figures are due when policymakers set interest rates in Frankfurt on Dec. 14. Read more
Finextra: EU considers widening the scope of cybersecurity regulation
The EU is contemplating the need to widen the scope of cybersecurity regulation to impact Big Tech and banks, as more companies move to the cloud to drive innovation. As reported by Finextra, the draft includes strict requirements for cloud services to be operated within the EU, with data being stored and processed in the EU, and the cloud service provider required to follow EU regulations. Read more |
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Launch of the Report of the
C-ESG Risk Roundtable Data Workstream
Wednesday 29 November 2023 10 am CET - ONLINE
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 | Banks do recognize that environmental factors could be a source of financial risk.
While some will need to be addressed at the level of individual organizations, others
will benefit from collaborative approaches.
To further strengthen the dialogue within the banking sector and to facilitate the discussion with the European Central Bank (ECB), a high-level Environmental, Social, and Governance Risk Roundtable (C-ESG Risk RT) was set up by the European Banking Federation (EBF) with the participation of 13 European banks. The EBF and ECB are acting in an observing capacity. On 29 November 2023, we will be launching the first report
resulting from the discussions and deliberations of the C-ESG Roundtable Data Workstream. |
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FROM EBF MEMBERS
Finance Latvia: The negative consequences of new fee for banks
Finance Latvia repeatedly called on the parliament to use the support opportunities provided by the current tax regime without creating a new, illogical, disproportionate bureaucratic burden-creating levy. Banks primarily defend the interests of the borrowers as they will be the ones facing the negative consequences. Read more (LAT)
BPFI: Mortgage Approvals Report for October 2023
The Banking & Payments Federation Ireland (BPFI) has published the latest figures from the Mortgage Approvals Report for October 2023. The total number and value of mortgages approved fell by 20.1% and 16.9%, driven by lower switching levels. Read more
NVB: Easier access to payment transactions for sex workers
It will become easier for sex workers who file tax returns to open a business bank account. This is the most important result of a series of round table discussions between the Dutch Banking Association (NVB), banks, representatives of sex workers, and supervisory authorities. The NVB has incorporated the results of those conversations into the new Sector Standard for risk-based customer research among sex workers. Read more (NL) |
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FROM THE INSTITUTIONS
ECB: Now is the time to climate-proof Europe’s economy
Europe must accelerate the green transition to remain globally competitive, and should make it inclusive to ensure its success, writes European Central Bank (ECB) President Christine Lagarde in a blog post. Read more
EBA: Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes
The European Banking Authority (EBA) launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes. Read more
BIS: Inflation and labor markets
Labor markets did not cause the recent rise in inflation in emerging markets but will play a role in the path toward disinflation. A paper by the Bank for International Settlements (BIS) explores the link between labor markets and inflation in emerging market economies in the wake of the pandemic. Read more |
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FROM THE EBF
European Banks call for developing a shared vision for the financial sector to preserve Europe’s competitiveness
The Board of the European Banking Federation (EBF) met in Madrid on 24 November 2023. It was the opportunity to reflect on the resilience built up over the last years, with a focus on recent advancements during the Spanish Presidency. It also allowed a discussion on the key areas where further progress is needed to enhance the competitiveness of the sector and the economy as a whole. Read more
Joint Statement on Duplication in the Cyber Resilience Act
The European Banking Federation (EBF), together with the European Association of Co-operative Banks (EACB), the European Savings Banks Group (ESBG), the Association for Financial Markets in Europe (AFME), and the European Payment Institutions Federation (EPIF) released a joint statement on the ongoing process of finalizing the trilogue discussions on the Cyber Resilience Act (CRA). Read more
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
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