EBF MORNING BRIEF Wednesday 10 April 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: Falling loan demand builds rate cut pressure as ECB gathers
Eurozone banks reported a “substantial” drop in loan demand from companies, prompting calls for the European Central Bank (ECB) to signal it will cut interest rates soon when it meets this week. The ECB said on Tuesday its quarterly survey of lenders showed “demand for loans from firms declined substantially, contrary to banks’ expectations of a recovery”, the Financial Times reports. Read more S&P Global Market Intelligence: Short sellers target European banks with commercial real estate links Germany's Deutsche Pfandbriefbank (PBB) and Svenska Handelsbanken, both of which have significant commercial real estate exposure, are the two most shorted banks in Europe. Short sellers held some 17.36% of PBB shares as of March 28, S&P Global Market Intelligence Securities Finance data shows. The bank, with considerable exposure to commercial real estate (CRE) in the US and Germany, has experienced a 40% share price drop in the last year. Read more
Reuters: EU leaders to call for harmonised EU bankruptcy, corporate tax laws
European Union leaders will call next week for a harmonisation of the 27-nation bloc's bankruptcy and corporate tax laws to attract more private capital for the EU shift to renewable energy and a more digital economy, a draft document showed. Draft conclusions of a summit of EU leaders scheduled for April 17-18, seen by Reuters, also showed leaders would call for the development of a European securitisation market and for better supervision of cross-border financial market actors. Read more |
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MAIN EVENTS Council Horizontal Working Party on Cyber Issues Council Working Party on the Environment |
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FROM EBF MEMBERS
Finance Denmark: Investment scams continue to grow
According to Finance Denmark, criminals got away with 47.7 million kroner last year by impersonating Danes that they could get good profits from exciting investments. But it was false and the money was lost. New EU legislation can hopefully stop more of the type of scams that start on social media. Read more (DK)
NVB: Action needed to protect financially vulnerable groups
In the eyes of banks, Buy Now, Pay Later (BNPL) services cause too much financial vulnerability, especially among young people and young adults. Banks pay attention to raising awareness for healthy financial choices on this subject. In the short term, however, banks, which do not offer BPNL, believe that more action is needed quickly to protect financially vulnerable groups, the Dutch Banking Association (NVB) reports. Read more (NL)
Finance Norway: Ready for demanding settlements
On Monday 22 April, negotiations will start in this year's main financial settlement. Then Finans Norge will meet with both the Norwegian Finance Association and the Norwegian Confederation of Trade Unions to negotiate wages and the content of the central agreement. "The frontline is, as always, the leader in our own negotiations", says Finans Norge's director of employment Therese Høyer Grimstad. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: Euro area bank lending survey
The European Central Bank *ECB) published the Euro area bank lending survey results for Q1 2024. Banks' credit standards remained broadly unchanged. Loan demand from firms continued to decline substantially. The ECB's balance sheet reduction is contributing to tighter lending conditions. The positive impact of policy rate decisions on bank profits is expected to diminish. Read more
ESMA: First overview of EU securities financing transactions markets
The European Securities and Markets Authority (ESMA) market report on EU securities financing transactions (SFT) markets provides first comprehensive market-level overview of the EU repo market, based on information reported by market participants. It contributes to ESMA’s financial stability objective, by monitoring repo market developments and providing key risk metrics for monitoring framework on securities financing transactions. Read more
EBA: Final guidelines on resubmission of historical data under the reporting framework
The European Banking Authority (EBA) published its final guidelines on the resubmission of historical data under the EBA reporting framework. The Guidelines provide a common approach to the resubmission of historical data by the financial institutions to the competent and resolution authorities in case of errors, inaccuracies or other changes in the data reported, in accordance with the supervisory and resolution reporting framework developed by the EBA. 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 EBF Tax Conference 2024: “Banks as Taxpayers and as Auxiliaries to Tax Authorities in the Digital Era” On 23 January 2024, the European Banking Federation (EBF), in collaboration with sponsors Deloitte, EY, KPMG and PwC, held a landmark event on Banks as Taxpayers and as Auxiliaries to Authorities in the Digital Era. The conference brought together leading experts and policymakers to discuss developments in the EU tax landscape and associated implications for financial institutions and financial markets. 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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