EBF MORNING BRIEF Tuesday 2 July 2024 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: Lagarde: ECB needs time to weigh inflation uncertainties
The European Central Bank (ECB) doesn’t yet have sufficient evidence that inflation threats have passed, President Christine Lagarde and her top economist said, feeding expectations that officials will take a break from cutting interest rates this month. “It will take time for us to gather sufficient data to be certain that the risks of above-target inflation have passed", she said as quoted by Bloomberg. Read more
The Banker: Interlinked systems are revolutionising cross-border fast payments
The European Central Bank is facing mounting speculation that it could intervene if the French election triggers widespread market panic, as policymakers prepare for their annual conference in Portugal next week. According to the Financial Times (FT), French bonds have been sold off in recent weeks as investors fear that Marine Le Pen’s far-right Rassemblement National or the leftwing Nouveau Front Populaire alliance will win a parliamentary majority in the upcoming elections. Read more Reuters: UniCredit contests ECB demands to cut Russia risks According to Reuters, UniCredit said on Monday it was challenging the terms set by the ECB for the Italian bank to cut its exposure to Russia, and seeking a ruling from the EU's General Court, as well as a freezing of the request in the meantime. Read more |
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FROM EBF MEMBERS
UK Finance: Why trust is good for business
Until recently, caveat emptor ("buyer beware") was the governing principle of commerce and trading. In financial services, this has been replaced by a requirement to treat customers fairly and more recently under Consumer Duty to ensure ‘good customer outcomes’. As UK Finance points out, companies that are proactive in addressing this shift will reap the rewards, by appealing more to investors and customers alike. Read more
VÖB: SSD: Default rates remain low, trend towards green products
Corporate Schuldscheindarlehen (SSD) is an attractive investment opportunity for investors, characterized by low default rates and a growing trend towards "green" products. This conclusion is drawn by an evaluation conducted by the Federal Association of German Public Banks (VÖB) among the leading arrangers in the German SSD market. According to the report, the five VÖB member institutions - BayernLB, DZ Bank, Helaba, LBBW and NORD/LB – dominated the market with a share of 86.5 percent in 2023. Read more Finance Latvia: Sound suspicious? Throw it away! In order to draw the public's attention to the ever-increasing risks of telephone fraud, Mastercard in cooperation with Finance Latvia is organizing the informational #smartshopper campaign "Met nost!" in July. Its aim is to help citizens, with a special focus on the elderly audience, arm themselves with knowledge and stay confident to avoid falling into the trap of phone scammers. Read more (LV) |
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FROM THE INSTITUTIONS
ECB: SAFE to update inflation expectations?
This paper provides new survey evidence on firms’ inflation expectations in the euro area. Using the European Central Bank's (ECB) Survey on the Access to Finance of Enterprises (SAFE), it introduces consistent measurement of inflation expectations across countries and shed new light on the properties and causal effects of these expectations. Read more
BIS: Project Nexus: phase three
The Bank for International Settlements (BIS) and partners announced that they have completed the comprehensive blueprint for phase three of Project Nexus, which will allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems. Read more EBA: Guidelines on arrears and foreclosure following changes to the Mortgage Credit Directive The European Banking Authority (EBA) published its amended Guidelines on arrears and foreclosure following the changes introduced in the Mortgage Credit Directive (MCD). The EBA assessed the impact of the recent revision of Article 28(1) of the MCD and concluded that, in order to adhere to the principle that EBA Guidelines must not repeat, amend or contradict requirements set out in Level 1 legislation, the EBA Guidelines on arrears and foreclosure needed to be amended. 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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This newsletter is published by the EBF Mediacentre.
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