| EBF MORNING BRIEF Tuesday 12 April 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
Reuters: SocGen severs Russia ties with sale of Rosbank to oligarch
Societe Generale said it would quit Russia and take a 3 billion euros income hit from selling its Rosbank unit to Interros Capital, a firm linked to Russian oligarch Vladimir Potanin. Citi analysts said the news was "a welcome surprise for the market, given the small capital impact and the reduction of future risk, as well as confirmation of dividend policy." However, as reported by Reuters, the sale to Potanin was not universally applauded. Read more
FT: ECB has a narrow path to tread on interest rates and spreads
According to the Financial Times (FT), given the current low levels, there is certainly room for interest rates and spreads to rise. But it is also important that spreads be bounded in some way. The worst thing the European Central Bank (ECB) could do would be to ignore political and economic realities and simply proceed full speed ahead with the termination of asset purchases and the raising of ECB policy rates. Read more
Bloomberg: ECB discord on war impact masks consensus on hikes
European Central Bank (ECB) officials may differ on how to respond to the war in Ukraine, but they’re increasingly aligned on the need to raise interest rates. As reported by Bloomberg, it’s tough to find opposition to the normalization path even if no major decisions are expected at this week’s meeting. 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 FBF: New measures to simplify applications for the eco-PTZ In order to encourage households to undertake the necessary energy renovation work on their homes, the French Banking Federation (FBF) and the French banks, alongside the public authorities, want to simplify the procedures for taking out zero-interest eco-loans (eco-PTZ). The banking sector proposed changes that will make it easier for households wishing to carry out energy renovation work to take out an eco-loan. Read more (FR)
CBA: March inflation accelerated above expectations to 12.7%
The inflation rate accelerated significantly, from 11.1% in February to 12.7% in March, above the market estimate of 12.4%. The acceleration in March was mainly due to a jump in fuel prices, but also further increases in electricity and gas prices for households. Inflation is likely to increase in the months ahead due to the Russian attack on Ukraine and it is therefore relatively impossible to estimate the peak inflation for this year, says Jakub Seidler, Czech Banking Association (CBA)'s Chief Economist. Read more (CS)
HBA: Delphi Economic Forum VII 2022
The theme of the Delphi Economic Forum's Annual Meeting, organized by Tsomokos, was "New Realities". The forum sought to provide answers to key questions on current issues, such as how to build better and more resilient societies after the COVID-19 pandemic, and how to better prepare for an ever-changing and fast-paced world. According to the Hellenic Banking Association (HBA), Greek banks actively participated in the forum with contributions from senior executives. Read more (EL) |
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FROM THE INSTITUTIONS BIS: Analysis highlights need to continue work on CCP financial resources The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS), and the International Organization of Securities Commissions (IOSCO) have published a report analyzing existing financial resources and tools for central counterparty (CCP) recovery and resolution, which confirmed the need for further work on CCP financial resources. Read more
ESMA: Complementary annual transparency calculations
The European Securities and Markets Authority (ESMA) has started to make available the results of the annual transparency calculations for equity and equity-like instruments. ESMA’s annual transparency calculations are based on the data provided to Financial Instruments Transparency System (FITRS) by trading venues and approved publication arrangements in relation to the calendar year 2021. Read more
ENISA: Cybersecurity Market Analysis in support of Informed Cybersecurity Business Decisions
To improve market penetration, value for money, quality, and acceptance of products, processes, and services, performing cybersecurity market analysis has become an important tool for a variety of stakeholders. The European Union Agency for Cybersecurity (ENISA) has introduced a framework to perform cybersecurity market analyses and has dived into the market of the Internet of Things (IoT) distribution grids for validation. Read more |
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FROM THE EBF
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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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