| EBF MORNING BRIEF Wednesday 18 May 2022 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: ECB hawk raises the prospect of a steeper rate increase in July
As reported by the Financial Times (FT), a top European Central Bank (ECB) official has raised the prospect of a half percentage point interest rate increase in July, the first time such an aggressive shift has been mooted. Dutch central bank chief Klaas Knot is the first ECB governing council member to say it could raise its deposit rate by half a percentage point, taking the rate from minus 0.5 percent to zero in a single move. Read more
Reuters: EU says legal Russian gas payments possible, warns against rouble accounts
The European Commission said opening accounts in roubles at a Russian bank to pay for gas would breach the bloc's sanctions against Moscow. Although the EU sanctions do not prevent companies from opening an account at a designated bank, companies can pay for Russian gas provided they do so in the currency agreed in their existing contracts. As pointed out by Reuters, nearly all of the supply contracts EU companies have with Russian gas giant Gazprom are in euros or dollars. Read more
Bloomberg: Germany considers EU guarantees to fund Ukraine rebuild
Germany is open to discussing a broad set of measures to help Ukraine rebuild, including offering EU guarantees for financing, according to government officials. Berlin’s preference would be to mobilize billions of euros via the European Investment Bank, which would then issue an EU guarantee for investors, Bloomberg reports. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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COMING TOMORROW New Technologies for KYC |
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 | The series of EBF and SAS masterclasses to explore the most advanced technologies for Anti-Money Laundering is back tomorrow! Tomorrow, tune in to hear our speakers as they examine the ways new technologies can facilitate the Know Your Customer (KYC) and customer due diligence processes. During the event, we will delve into the legislative developments in the field and show how solutions such as digital identification and network visualization can improve the transparency and efficiency of customer onboarding. |
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FROM THE EBF MEMBERS Finance Denmark: Danish investors shake less hands than other Europeans Despite market turmoil at the beginning of 2022, investors will continue to buy up in Danish funds. This suggests that fund investors are relatively calm about the current turmoil. According to Finance Denmark, the Danish fund investors have also been remarkably unaffected by the market turmoil compared with other European investors. Read more (DK)
BdB: IFRS separate financial statements
With the entry into force of the European IAS regulation, capital market-oriented companies, banks, and insurance companies were obliged to prepare and publish their group financial reports in accordance with the international accounting standards International Financial Reporting Standards (IFRS). A liberating IFRS individual deal must also be possible in Germany as this would strengthen its financial center and increase its attractiveness, writes the Association of German Banks (BdB) in its latest blog. Read more (DE)
Finance Finland: Finland to host Insurance Europe’s conference
Insurance Europe’s international conference will take place in Helsinki in 2024. Finance Finland is closely involved in arranging the multi-day event. "This is a fantastic opportunity because not only can we promote the Finnish insurance sector on a European level, but we can also bring more visibility to the sector in the eyes of the Finnish public," says Esko Kivisaari, deputy managing director at Finance Finland. Read more (FI) |
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FROM THE INSTITUTIONS EBA: Peer review on management of non-performing exposures The European Banking Authority (EBA) published the conclusion of its peer review of how prudential and consumer protection authorities supervise the management of non-performing exposures (NPE) by institutions and have implemented the EBA Guidelines on the management of NPE. The analysis suggests that the competent authorities across the EU have applied a risk-based approach to the supervision of NPE management. Read more
ESMA: Consultation on notifications for cross-border marketing and management of funds
The European Securities and Markets Authority (ESMA) is consulting stakeholders on the information and templates to be provided by firms when they inform regulators of their cross-border marketing and management activities under the UCITS Directive and the AIFMD. The closing date for responses to the consultation is 9 September 2022. Read more
ECB: Consolidated financial statement of the Eurosystem
The European Central Bank (ECB) published the consolidated financial statement of the Eurosystem as of the week ending 13 May. For this week, the net position of the Eurosystem in foreign currency increased by EUR 0.2 billion to EUR 329.8 billion. Read more |
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FROM THE EBF
EBF Vacancies: Work with us!
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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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