EBF MORNING BRIEF Thursday 19 October 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
CoinDesk: Digital Euro project moves to 'preparation' phase
The European Central Bank (ECB) is moving its digital euro project to a preparation phase, which could pave the way for a "potential future decision" to issue one. As reported by CoinDesk, the preparation phase is due to start in November and is set to last two years. During this phase, the ECB will finalize a digital euro rulebook, select providers to develop a CBDC platform, and conduct further testing. Read more
S&P: Raiffeisen BI unit leads increase in riskier loans at Czech banks
Austrian lender Raiffeisen Bank International's Czech subsidiary demonstrated the largest increase in riskier loans in the first half of 2023 among the biggest banks in central and southeast Europe, data by S&P Global Market Intelligence shows. Read more
Finextra: EU data watchdog calls for more privacy for digital euro
The European data protection watchdog has recommended changes to EU draft legislation for a digital euro in order to boost privacy standards, Finextra reports. The European Data Protection Board and the European Data Protection Supervisor say that the regulation underpinning a future CBDC should "further clarify" the data protection responsibilities of the ECB and of payment services providers. Read more |
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MAIN EVENTS Thursday 19 October Council Horizontal Working Party on Cyber Issues Friday 20 October Council Working Party on Tax Questions (Direct Taxation) |
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UNEPFI - ECOFACT WEBINAR Climate alignment and
transition plans for banks |
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| | In addition to driving the environmental crisis, climate change poses important risks to the financial system. Misalignment of financial flows with the global climate objectives of limiting global warming to 1.5°C may result in short-, medium- and long-term financial risks for banks individually as well as threaten financial stability overall.
The first part of this webinar focuses on how the financial sector can increase its resilience to climate-related impacts. The second part instead focuses on the prudential value of transition plans. Secure your spot today! |
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FROM EBF MEMBERS
BdB: Open questions about the ECB's digital euro "The digital euro is a European joint project in which the Association of German Banks (BdB) continues to actively participate. However, we have many questions that should still be answered by the European Central Bank (ECB). Among other things, there is no concrete answer to what risks a digital euro may have for financial market stability," says BdB Chief Executive Heiner Herkenhoff. Read more (DE)
Finance Denmark: Unnecessary capital requirements for banks
Denmark has proposed introducing a systemic buffer for exposures to property companies. The requirement means that banks and mortgage credit institutions are subject to another capital requirement. The new requirements come with a high and unnecessary price that the whole society must pay, according to Ane Arnth Jensen, deputy managing director at Finance Denmark, and Jan Ellebye, deputy director at Property Denmark. Read more (DK)
Finance Latvia: Baltic Capital Markets Conference
For the second year, the Baltic Capital Markets Conference, the most ambitious capital market conference in the Baltics, was held. The conference provided an opportunity to discuss the development and current affairs of the Baltic capital market both among entrepreneurs and investment experts, Finance Latvia says. Read more (LAT) |
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FROM THE INSTITUTIONS
ECB: Digital euro project moves forward
The European Central Bank (ECB) Governing Council has decided to move to the preparation phase of the digital euro project. Building on the findings collected over the last two years, this phase will lay the foundations for the possible issuance of a digital euro. A decision on issuance will come at a later stage. Read more
European Council: Capital Market Union
The European Council published the final compromise texts on the markets in financial instruments regulation and directive MiFIDII and MiFIR. The revision will establish EU-level ‘consolidated tapes’ for different kinds of assets, bringing together market data provided by platforms on which financial instruments are traded in the EU. Read more
BIS: Linking fast payment systems across borders
The Bank for International Settlements (BIS) has published a consultative report, issued in the context of the G20 cross-border payments programme, outlining initial considerations on governance and oversight for fast payment system interlinking across borders. Read more |
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FROM THE EBF
EBF encourages wider debate on a digital euro and close public-private collaboration as the project moves to its next phase
The European Banking Federation (EBF) commented on the European Central Bank’s decision to move from the investigation phase of a retail digital euro to its preparation phase. As outlined by the ECB, this is initially expected to last two years and can pave the way for a decision to issue a digital euro. 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.
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