EBF MORNING BRIEF Thursday 26 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
Bloomberg: EU markets are on alert for stricter ECB bank reserve rules
Speculation is building over whether European lenders will be forced to park more cash with the central bank, a move that may hit their profitability and increase volatility in short-term euro rates. Strategists heard by Bloomberg have warned the European Central Bank (ECB) could surprise markets and increase the so-called Minimum Reserve Requirements (MRR) as soon as this week as it seeks to reduce costs and drain excess liquidity. Read more
Reuters: Europe's ESG funds suffer more outflows
The European sustainable fund industry suffered another quarter of outflows in the three months to the end of September as investors worried about economic uncertainty and regulatory changes. In Europe, the introduction of the Sustainable Finance Disclosure Regulation, which aims to tackle misleading claims from fund houses over their sustainability efforts, has led managers to downgrade hundreds of their funds to a lower sustainability category, Reuters adds. Read more
Cointelegraph: Bank of Spain embraces ‘digital euro’
As reported by Cointelegraph, the Bank of Spain has joined a chorus of European banking institutions preparing their customers for the potential benefits of a digital euro. The central bank published a short text explaining the nature and uses of the European Union’s potential central bank digital currency (CBDC). Read more |
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MAIN EVENTS Thursday 26 October European Council meeting
Friday 27 October
European Council Euro Summit meeting |
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EBF and S&P Global Market Intelligence Banking on the cloud: Exploring the evolving
landscape of digital finance
3:30 - 4:30 (CET) | ONLINE WEBINAR
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In an evolving marketplace driven by the surging demand for digital services, banks are embracing the public cloud to meet customer needs, boost efficiency, accelerate business growth, and stay competitive. As adoption continues, the perceived benefits are evolving beyond mere cost savings to more strategic issues: the cloud helps banks innovate, scale their services on demand, speed up modernization of digital offerings and reduce reliance on legacy systems.
Yet, for many organizations, moving to the cloud is more challenging than expected. Key hurdles revolve around governance and regulation. There is still an immaturity when it comes to cloud strategy and its alignment with business and broader technology objectives. The governance of risks and core capabilities that enable the operation of digital services on the cloud is at an early stage. Regulatory requirements around third-party risk, outsourcing of services and data residency could also complicate public cloud adoption. Join our panel of experts as they discuss the key benefits and challenges of public cloud banking in 2023 and beyond. |
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FROM EBF MEMBERS
AEB: Banks regain profitability and that benefits everyone
The profitability on equity of Spanish banks grew in the second quarter to 11.92%, according to the figures published by the Bank of Spain. Profitability becomes the main line of defense against existing uncertainties so that banks continue to contribute to finding solutions to the global challenges facing society. This is what José Luis Martinez Campuzano, spokesperson for the Spanish Banking Association (AEB) writes. Read more (ES)
SBA: Approach to greenwashing
The Asset Management Association Switzerland (AMAS), the Swiss Bankers Association (SBA), and the Swiss Insurance Association (ASA) therefore reject any form of greenwashing. The associations continue to support the Federal Council in its efforts fully and to actively engage in dialogue with the authorities to jointly strengthen Switzerland's position as a leader in sustainable finance. Read more (FR)
Finance Norway: Inclusion of interim results in capital adequacy
In a letter sent by the Norwegian Financial Supervisory Authority to banks, it is specified that permission must be granted to include interim results in capital adequacy. Finance Norway believes it is important for banks that authorities have a fast and predictable process for processing such applications. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Monetary developments in the euro area: September 2023
The European Central Bank (ECB) has published the monetary developments in the euro area as of September 2023. Data shows that the annual growth rate of the broad monetary aggregate M3 stood at -1.2% in September 2023, after -1.3% in August, averaging -1.0% in the three months up to September. Read more
ESAs: Joint criteria on the independence of supervisory authorities
The three European Supervisory Authorities (ESAs) published their joint criteria on the independence of supervisory authorities. Supervisory independence is key to ensuring that fair, effective and transparent decisions are taken by appropriately resourced supervisory authorities. Read more
ESMA: ESA’s suspends the ESMA decision to withdraw the recognition decision of DCCC as a Tier 1 third-country central counterparty
The Joint Board of Appeal of the European Supervisory Authorities (ESAs) decided that the application for suspension brought by Dubai Commodities Clearing Corporation (DCCC) against the European Securities and Markets Authority (ESMA) is admissible and suspends the ESMA Decision. 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
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