EBF MORNING BRIEF Tuesday 5 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
Bloomberg: EU’s green banking metric will mislead stakeholders
The EU planned metric for showing which banks have the greenest balance sheets won’t reflect their efforts to put the economy on a more sustainable footing, the Association of German Banks says. As such, politicians and regulators should refrain from developing policies based on the green asset ratio, Bloomberg reports. Read more
S&P Global Market Intelligence: Global green bond issuance may accelerate on new EU rules, stable interest rates
Global green bond sales are likely to accelerate thanks to supportive EU policy and a more stable interest rate. "The urgency of the climate transition has given increased impetus to both corporates in relation to their energy transitions and the global banking sector which continues to finance an increasing number of green projects," Amelia Rice, capital markets managing associate at Linklaters told S&P Global Market Intelligence. Read more
Reuters: Italy's windfall tax on banks can be improved
Italy's new tax on bank profits can be improved on, economy minister Giancarlo Giorgetti said, denying that the levy is unjust. As reported by Reuters, Italy's government dealt a surprise blow to banks by imposing a one-off 40% tax on lenders' profits resulting from higher interest rates, after reprimanding lenders for failing to reward deposits. Read more |
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REGISTRATION OPEN! Testing times: What do Europe’s bank stress tests tell us about financial stability, and how might they change in the future? |
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Join our panel of experts as we discuss the key takeaways from the first post-COVID stress test. How does the methodology stack up against that of previous tests, how might it change in the future and how useful are the results? In this webinar we'll also look at how the EU stress test compares to tests in the US and UK, and what the results mean for the stability of the EU’s banking sector at a critical time for the global economy. |
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MAIN EVENTS Council Working Party on Tax Questions (Direct Taxation)
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
BdB: The informative value of the Green Asset Ratio is limited
The Association of German Banks (BdB) presented a study on the taxonomy profile of the industry. "Our analysis of the Green Asset Ratio (GAR) ratios of 450 companies shows that the GAR does not adequately reflect the sustainability profiles of banks," said Heiner Herkenhoff, CEO of the banking association. Read more (DE)
Finance Denmark: Consultation: Amendment of the Act on debt collection and the Act on credit agreements
Finance Denmark recognizes the intentions in the bill to ensure that consumers receive the necessary information from the creditor and that the creditor has dealt with and determined the detailed framework for when enforcement procedures are initiated. However, they find the bill to leave a lot of ambiguities on a large number of points. Read more (DK)
SBA: Reforms to be carried out after the takeover of Credit Suisse
In a report, the expert group “Banking Stability” examines the question of the reforms to be carried out after the takeover of Credit Suisse by UBS. The Swiss Bankers Association (SBA) notes that the report makes a valuable contribution to the in-depth analysis of the crisis at Credit Suisse, especially regarding liquidity and the provision of liquidity. Read more (FR) |
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FROM THE INSTITUTIONS
ECB: Frank Elderson: Addressing the risks of climate and environment-related litigation for the banking sector
Frank Elderson, Member of the Executive Board of the European Central Bank (ECB) discussed climate-related litigation and its impact on the financial sector. "We need to take action now to anticipate and mitigate this source of risk," he says. Read more
ESRB: Policy options to address risks in corporate debt
The European Systemic Risk Board (ESRB) published an issues note on how the EU regulatory framework for investment funds could enhance the prevention and mitigation of systemic risks. The note focuses on investment funds with large exposures to corporate debt and real estate. Read more
SRB: MoU with the ECB to share confidential data
The European Central Bank (ECB) and the Single Resolution Board (SRB) have signed a Memorandum of Understanding (MoU) on the exchange of certain types of confidential statistical information, in order to improve analysis related to bank resolution. 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.
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