EBF MORNING BRIEF Tuesday 24 October 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
FT: European banks to reveal profit boost from higher rates
European banks will reveal a boost to profits from higher interest rates when they report results this week, but face pressure to find new engines of growth as central banks’ efforts to tighten monetary policy near an end. As reported by the Financial Times (FT), shares in UK banks have struggled this year, in contrast to European lenders. Read more
Reuters: UK, EU discuss risks, reforms, in financial services meeting
Officials from Britain's finance ministry and the European Commission have discussed geopolitical risks and the vulnerabilities of non-bank financial firms, in the first official forum between the two sides on finance since Brexit. Brussels has stressed that the new forum has no remit to decide on EU market access for UK financial services which were largely cut off from the bloc due to Brexit, Reuters points out. Read more
Bloomberg: Europe’s biggest money managers bet on higher ECB rate
Some of the biggest money managers in Europe say traders are wrong to bet the European Central Bank (ECB) is done hiking interest rates. According to Bloomberg, ECB President Christine Lagarde and colleagues would still need to weigh the economic impact of a hike carefully, even if energy prices extend their climb. Read more |
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FROM EBF MEMBERS
SBA: Credit Suisse: Resolution could have worked
The Credit Suisse resolution measures could have worked, but more needs to be done to improve regulation and supervision. This is the conclusion of the reports of the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB) regarding the takeover of Credit Suisse. The Swiss Bankers Association (SBA) remains in favor of targeted and effective adaptations of the prudential framework. Read more (FR)
ABI: Cybersecurity campaign for businesses
The Italian Banking Association (ABI) announced the launch of a cybersecurity information campaign targeting businesses and raising awareness about the importance of investing in IT security and data protection for employees in the banking sector. The online campaign will go on until December. Read more (IT)
BdB: The role of banks in biodiversity conservation Besides climate change, the preservation of biodiversity is one of the central challenges of our time. This paper by the Association of German Banks (BdB) reflects on the link between biodiversity and the banking sector, especially considering the foundational role the latter could play in financing sustainable transformation. Read more (DE) |
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FROM THE INSTITUTIONS
ESMA: Verena Ross at ECON Committee hearing
Verena Ross, Chair of the European Securities and Markets Authority (ESMA) appeared in front of the Economic and Monetary Affairs Committee (ECON) of the European Parliament. In her statement, she reported on how ESMA has been delivering over the past year on all its tasks and responsibilities. Read more
EIOPA: Petra Hielkema at ECON Committee hearing
Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA), participated in the annual hearing of the Economic and Monetary Affairs Committee (ECON) of the European Parliament. Ms Hielkema focused on the importance of closing the insurance protection gaps, cyber insurance gap and pensions savings gap. Read more
BIS: Single Supervisory Mechanism: where do we stand after 10 years?
Alessandra Perrazzelli, Deputy Governor of the Bank of Italy, outlined the main future achievements and challenges in the field of banking supervision. "Three concepts must remain our guiding stars: a rigorous approach, cooperation, and openness to innovation," she says in a speech published by the Bank for International Settlements (BIS). 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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