EBF MORNING BRIEF Tuesday 9 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 The Banker: French banks face uncertainty after election outcome Concerns remain around higher credit spreads and funding costs for French banks following the surprise result of the country’s second round of voting for the parliamentary elections on Sunday. The left-wing New Popular Front coalition stunned the country by winning the most seats in France’s National Assembly, with the far-right National Rally, widely expected to win the most seats, coming in third place behind Emmanuel Macron’s alliance. Read more
Finextra: Banque de France & HKMA start cross-border CBDC project
Under the initiative, the Hong Kong central bank is collaborating with the Banque de France to test interoperability between their wholesale CBDC infrastructure. The Hong Kong Monetary Authority is to become the first central banking institution outside of the EU to participate in the European Central Bank's digital euro exploratory project. Read more PYMNTS: Open Banking rules need ‘new pathway forward’ Australian Banking Association (ABA) CEO Anna Bligh said its “time to go back to the drawing board” when it comes to the country’s open banking rules. Bligh made the remarks in a press release announcing research that found that four years after the implementation of Australia’s open banking rules, the Consumer Data Right regime, only 0.31% of bank customers were using this right to share their data between service providers. Read more |
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FROM EBF MEMBERS
BdB: Draft budget presented: Federal government takes steps forward
On draft budget's presentation, Heiner Herkenhoff, General Manager of the Association of German Banks (BdB), said: "The leaders of the traffic light government took two steps forward in economic policy today. They agreed on a draft budget for the coming year that keeps new debt within politically and economically acceptable limits. They also approved a growth package that will address some of the persistent hurdles to growth." Read more (DE)
AEB: The Spanish and Italian financial sector strengthen their cooperation ahead of the new European legislature
On the eve of the new legislature in Europe, representatives of Spanish and Italian financial associations met in Rome to exchange views on how to strengthen the competitiveness of the sector and strengthen cooperation in the face of the geopolitical and demographic challenges facing the region. Read more (ES) ABBL: Housing support vehicle Prolog S.A. now operational In response to the housing crisis, five Luxembourg banks have created a support mechanism for the residential property sector with a view to increasing the supply of completed homes. Announced at a press conference on 22 May 2024 in the presence of Finance Minister Gilles Roth, this mechanism, a Special Purpose Vehicle (SPV) in the form of a limited company called Prolog S.A., is now operational. This approach complements the government's measures to boost housing. Read more |
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FROM THE INSTITUTIONS
ECB: Embedding a strong data culture in supervision
A strong culture is key to delivering high-quality, efficient and effective supervision, says European Central Bank Supervisory Board Vice-Chair Frank Elderson. We are therefore developing supervisory technology tools to meet our business needs. Read more
EBA: Consultation on criteria to assess the materiality of CVA risk exposures arising from securities financing transactions
The European Banking Authority (EBA) launched a consultation on draft Regulatory Technical Standards (RTS) to specify the conditions and the criteria to assess whether the credit valuation adjustment (CVA) risk exposures arising from fair-valued securities financing transactions are material, as well as the frequency of that assessment. The concept of materiality set out in the draft RTS will determine whether fair-valued securities financing transactions can be exempted from own funds requirements for CVA risk. Read more ESMA: Consultation on Liquidity Management Tools for funds The European Securities and Markets Authority (ESMA) is seeking input on draft guidelines and technical standards under the revised Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. Both Directives aim to mitigate potential financial stability risks and promote harmonisation of liquidity risk management in the investment funds sector. 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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