EBF MORNING BRIEF Tuesday 16 January 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
FT: Fund managers urge European regulators to mirror US move to T+1
Asset managers have warned of a “major and serious risk” to European capital markets if regulators do not copy the US and cut settlement cycles to one day, the Financial Times (FT) reports. According to the European Fund and Asset Management Association (EFAMA), there is “a compelling case” for the EU to move to T+1. A timely transition to T+1 in the EU should be done in lockstep with the UK to avoid further settlement misalignment. Read more
Bloomberg: ECB’s Holzmann warns rate cuts not guaranteed this year
Threats stemming from lingering inflation will prevent the European Central Bank (ECB) from lowering interest rates this year, says Governing Council member Robert Holzmann. Speaking to Bloomberg, Bundesbank President Joachim Nagel agreed that it’s premature to discuss monetary easing, suggesting no movement before the summer. Read more
PYMNTS: EU consumers trust card networks to provide everyday app
As reported by PYMNTS, the demand for everyday apps that integrate banking, shopping, and personal activities is rapidly growing in the EU. When it comes to institutions that European consumers trust to offer an everyday app, PayPal and card networks emerged as their overall top choices, edging out banks and FinTechs. To meet this demand, providers must prioritize robust data security features in their apps. Read more |
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EBF Tax Conference 2024 “Banks as Taxpayers and as Auxiliaries
to Tax Authorities in the Digital Era”
23 January 2024, 09:30 – 16:30 CET
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 | In collaboration with Deloitte, EY, KPMG, and PwC, we are pleased to invite you to the forthcoming Tax Conference on Banks as Taxpayers and as Auxiliaries to Authorities in the Digital Era. Leveraging the expertise of distinguished panelists and moderators, including top EU and international policymakers, as well as industry experts, the conference will explore the role of banks in tax processes in the digital era and discuss pertinent policy questions ahead of the next EU legislature.
The conference will be held exclusively in person.
Only a few spots left!
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FROM EBF MEMBERS
Febelfin: New protocol to make savings accounts easier to compare
The protocol Febelfin signed together with the Secretary of State for Consumer Protection, the Minister of Economy, and the Minister of Finance to make savings accounts more transparent entered into force. Savers can now consult their bank's uniform webpage to compare the savings accounts offered by their bank. Read more
FBF: Reaction to the CCSF report on the application of the Lemoine Law
The application of the law relating to borrower insurance is recent and took place in a real estate market in transition. The report of the Financial Sector Advisory Committee (CCSF) seems to be comprehensive in its conclusions, according to the French Banking Federation (FBF). The banking industry shares the analysis that the framework allows borrowers to take full advantage of competition. Read more (FR)
Finance Denmark: Danes active in the housing market in Q4 2023
In the last quarter of 2023, Danes' appetite for borrowing to buy a house has increased. In that period, Danes obtained 10,294 loan offers for home purchases which is 42 percent higher than the same period in 2022, Finance Denmark notes. Read more (DK) |
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FROM THE INSTITUTIONS
ECB: CBDC: when price and bank stability collide
This European Central Bank's (ECB) paper shows the existence of a central bank trilemma. When a central bank is involved in financial intermediation, either directly through a central bank digital currency (CBDC) or indirectly through other policy instruments, it can only achieve at most two of three objectives: a socially efficient allocation, financial stability (i.e., absence of runs), and price stability. Read more
ESRB: Macroprudential stance framework improved
The European Systemic Risk Board (ESRB) published a report setting out improvements to the way it assesses the macroprudential stance. This helps the ESRB to see whether the financial system is resilient enough and whether a country’s macroprudential policy stance is neutral, loose, or tight relative to the risks it aims to address. Read more
EIOPA: Second Report on the application of the IDD The European Insurance and Occupational Pensions Authority (EIOPA) published its second Report on the application of the Insurance Distribution Directive (IDD). The report examines the improvement of the quality of advice and selling methods and the impact of the IDD on insurance intermediaries which are small and medium-sized enterprises. 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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