EBF MORNING BRIEF Tuesday 19 September 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 may need until spring to conclude that no more hikes are needed: Kazimir
Last week's European Central Bank(ECB)'s rate hike may have been its last but policymakers will need until March to be sure and further rate hikes cannot yet be ruled out, policymaker Peter Kazimir said. According to Reuters, even if the ECB was at the so-called terminal rate, the bank would need to chart a steady course for an extended period. Read more
FT: BoE expected to raise interest rates to 5.5%
Financial markets and economists are expecting the Bank of England (BoE) to raise interest rates by another quarter point at its next meeting, taking the cost of borrowing to 5.5 percent, its highest level since early 2008. The rise would follow a similar move from the European Central Bank (ECB), the Financial Times (FT) reports. Read more
Bloomberg: SocGen sees capital hit as ECB probes structured products
Societe Generale’s capital will be hit more than previously estimated after a regulatory probe of its structured products business. The probe by the European Central Bank (ECB) will lower SocGen’s common equity Tier 1 ratio by about 20 basis points. As reported by Bloomberg, a plan to increase SocGen’s capital strength is a key element in a new strategy unveiled by Chief Executive Officer Slawomir Krupa. Read more |
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MAIN EVENTS BaFin and Deutsche Bundesbank 'BaFinTech 2023' event Freshfields Bruckhaus Deringer and the Institute for Law and Finance at Goethe University '10th Conference on the Banking Union' event |
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FROM EBF MEMBERS
Finance Denmark: Danish shares delivered the largest long-term return
"Danish shares have continued to deliver the very highest returns on average," says investment manager Kåre Valgreen, Investing and Savings in Finance Denmark. Investments are always associated with risk, so returns only tell part of the story when comparing how different investment areas have performed. Read more (DK)
Finance Latvia: SEB Banka's School Heralds Program for students
For the third year in a row, SEB Banka is implementing the School Ambassadors Program in all the Baltic States, inviting 10th and 11th-grade students to become financial literacy experts and lead financial literacy lectures in their schools. Program participants are provided with an extensive training program, as well as mentor support throughout the entire program, Finance Latvia writes. Read more (LAT)
LBA: Expansion of the Liechtenstein DTA network
As reported by the Liechtenstein Bankers Association (LBA), the double taxation agreement (DTA) was signed between Liechtenstein and Italy. The agreement regulates the elimination of double taxation in cross-border situations. Read more (DE) |
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FROM THE INSTITUTIONS
ESAs: Risks resulting from a fragile economic outlook
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty. Read more
ECB: Survey of Monetary Analysts (SMA), September 2023
The European Central Bank (ECB) published a report summarising the aggregated results of the Survey of Monetary Analysts (SMA) of September 2023. Read more
EC: EU-China: Second High-level Digital Dialogue
The European Commission (EC) held its second High-level Digital Dialogue with China. Both parties engaged in a thorough discussion on crucial areas of digital policy and technologies. The Commission provided an update of EU regulatory developments including the Digital Services Act and the Digital Markets Act. 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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