EBF MORNING BRIEF Wednesday 12 July 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 Reuters: Euro zone ministers to agree to move to restrictive fiscal stance in 2024 According to Reuters, euro zone finance ministers will agree to withdraw energy support measures to their economies and use the savings to cut budget deficits and help the European Central Bank (ECB) curb inflation. The ministers will also say that gradual, determined and realistic fiscal consolidation is warranted to rebuild fiscal buffers after high public spending during the pandemic and the energy price crisis. They will also say that structural reforms were needed. Read more Bloomberg: Commerzbank CEO is set to promise higher payouts, profits Commerzbank AG Chief Executive Officer Manfred Knof is likely to raise a key profitability goal when he unveils his next financial targets. As reported by Bloomberg, Knof wants Commerzbank to aim for a return on tangible equity of more than 10% under the new plan, compared with the more than 7.3% that he has pledged for next year. The lender is also considering increasing shareholder payouts as part of the new strategy, which is likely to cover the period after the current turnaround plan concludes at the end of 2024. Read more S&P Global Market Intelligence: Appeal of European bank stocks S&P Global Market Intelligence reports that the European banks stocks have outperformed their global peers so far in 2023, with investors seeing reasons to be positive going forward. The S&P Europe BMI Banks index has risen 13% since the end of last year, compared to declines for the S&P US BMI Banks and S&P Pan Asia BMI Banks indices. Many European banks are geared to book higher net interest income in 2023 and, for some, the figure could be even higher in 2024. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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Amid escalating climate change and energy crises, the European Commission Joint Research Centre’s 5th Sustainable Finance Summer School unites global experts to examine risk, digital technology’s role, and strategies for scaling sustainable finance in emerging economies. Combining academic sessions and policy-oriented lectures, this pivotal event fosters innovation, research, and policymaking in sustainable finance.
Registration is free, encouraging diverse attendance for vital cross-sector discussion. |
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FROM EBF MEMBERS FBF: Nearly 50,000 recruitments in 2022 in the bank In 2022, French banks are having a record year in terms of recruitment: 48,900 hires, an increase of 21% over one year. With 349,100 employees at the end of 2022 in banks belonging to the French Banking Federation (FBF) representing nearly 1.7% of private salaried employment, the French banking sector is a major employer. Read more(FR) Finance Denmark: More and more Danes have a share savings account Finance Denmark reports that the number of Danes who own a share savings account continues to grow. In the first half of 2023, the number of share savings accounts increased by 18,000, bringing the number of Danes with a share savings account to 311,000. Compared to 2021 and 2022, however, growth has leveled off. Read more(DK) HUB: Croatia ranks first in the EU in terms of the intention to start a business venture The latest GEM survey for the year 2022 confirmed that there is a high level of perception in Croatia about opportunities for entrepreneurial ventures with a strong growth tendency. However, the research also confirmed that the entrepreneurial environment in Croatia still has a more limiting than stimulating effect on entrepreneurial activity. Read more(HR) |
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FROM THE INSTITUTIONS ESMA: Guidance on the definition of advice in a supervisory briefing The European Securities and Markets Authority (ESMA) issued a Public Statement on the sustainability disclosure expected to be included in prospectuses. The statement sets out ESMA’s expectations on how the specific disclosure requirements of the Prospectus Regulation in relation to sustainability-related matters in equity and non-equity prospectuses should be satisfied considering the Environmental, Social and Governance (ESG) transition. Read more EBA: Supervisors of banks are making progress in the fight against financial crime The European Banking Authority (EBA) published the findings from its 2022 review of competent authorities’ approaches to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector. For this Report, the EBA staff assessed 12 competent authorities from nine Member States. Read more
EIOPA: Paper on methodological principles of insurance stress testing of cyber risks
The European Insurance and Occupational Pensions Authority (EIOPA) published its fourth paper in a series of papers on methodological principles of insurance stress testing. The paper focuses on the cyber risk component, and it is a further step in enhancing EIOPA’s bottom-up insurance stress testing framework. 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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