EBF MORNING BRIEF Tuesday 20 February 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: Europe’s largest banks top €100 Billion profit for first time
Europe’s largest banks exceeded €100 billion in profit for the first time last year as the lift from rising interest rates handed most of them record earnings. Three-quarters of the lenders in the group achieved the highest profit in their history, data compiled by Bloomberg shows. The surge in profitability has allowed banks to ratchet up the amount of money they’re returning to investors and bolstered their share. Read more
FT: Santander returns record profits to investors in bid to boost shares
Santander has boosted its dividend by 50 percent and unveiled a €1.5bn share buyback as it channels record profits back to investors in a bid to lift its lagging stock price, the Financial Times (FT) reports. It is the latest European bank to raise shareholder returns after enjoying the boost from central bank interest rate increases. Read more
Finextra: How to implement an instant payments system
As banks prepare for the transition to instant, implementing an instant payment solution requires careful planning before partnerships are embarked upon. Finextra explains what to consider before adopting an instant payment solution. Read more |
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MAIN EVENTS Council Working Party on the Environment |
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THE FIRST 2024 BANKING ESSENTIALS WEBINAR
Navigating the Green Asset Ratio: What can it tell us about the sustainability performance of banks?
Thursday 14 March 2024 | 3:00 - 4:00 PM (CET)
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Investors are demanding more sustainability related disclosure, and regulators are also closely monitoring the impact of climate change on companies and financial institutions. In principle, the GAR is a simple ratio quantifying EU Taxonomy-aligned assets as a percentage of total covered assets. As banks disclose their GAR alignment for the first time, what does it tell us about their sustainability performance and efforts to finance the green transition? Can GAR be considered an indicator of progress on meeting institutions’ sustainability commitments? In this upcoming webinar you can learn how to navigate GAR and also what to expect from the upcoming revision to improve its usability. |
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FROM EBF MEMBERS
Finance Finland: New Board Chair
Sara Mella, Head of Personal Banking in the Nordic region at Nordea, started as the Executive Chair of Finance Finland’s Board of Directors. Mella highlights the importance of Finland’s EU membership and encourages Finland to be active in the international community to ensure national specificities are taken into account. Read more
UK Finance: Unlocking Financial Inclusion for SMEs
Across the UK, small and medium-sized enterprises (SMEs) are vital in driving innovation, creating jobs, and fostering economic growth. "The path to financial inclusion for SMEs is not without its challenges, but the solution lies in harnessing the power of financial data," John Griffith said in a conversation with UK Finance. Read more
Finance Norway: Pension savings must become part of the settlement
According to Finance Norway, the Storting can make a broad settlement on a sustainable pension system. They should use the chance to strengthen IPS, and support that own savings for pensions are one of the important pillars of the pension system. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Digital euro: Debunking banks’ fears about losing deposits
Many banks worry their customers might withdraw deposits to hold digital euro instead. These fears are misplaced: a digital euro will be designed as a means of payment and not for investment, argue European Central Bank (ECB) Executive Board member Piero Cipollone, Ulrich Bindseil, and Jürgen Schaaf. Read more
EIOPA: RFR for duration calculation in financial stability reporting
The European Insurance and Occupational Pensions Authority (EIOPA) published its first shocked risk-free interest rate term structures (RFR). The shocked RFR aims to ensure consistent calculation of the “Option-adjusted” duration. EIOPA will update the term structures and publish them twice a year on its website. Read more
SRB: A stronger crisis framework in a financial world always in motion
The Single Resolution Board (SRB) has published a speech by Dominique Laboureix, Chair of the SRB, on the lessons learned after the 2023 bank failures in the US and Switzerland, and the new risks that we may be facing. "The Basel III package, the Banking and Capital Markets Unions packages are good examples of reforms that have been pending for a long time and that would improve our financial systems," he says. 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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