EBF MORNING BRIEF Wednesday 5 October 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 Bloomberg: European banks are too optimistic about macro risks European banks are not taking looming economic risks seriously as they enjoy the revenue-boosting benefits of higher interest rates, the European Central Bank (ECB) Supervisory Board Chairman Andrea Enria said. As reported by Bloomberg, Enria repeated warnings on the risks posed by the business of lending to indebted companies as the ECB will impose higher capital requirements on lenders that don’t grapple with those risks. Read more
Reuters: ECB to raise rates as high as needed to rein in core inflation
The European Central Bank (ECB) will raise interest rates as much as needed to bring down core inflation although the pace could possibly slow after the end of the year, ECB policymaker Francois Villeroy de Galhau said. According to Reuters, Villeroy said that the ECB should raise interest rates "without hesitation, by the end of the year" to the level at which they are neither stimulating nor putting a drag on the economy, which he estimated was somewhere "below or close to 2%". Read more
POLITICO: Illicit finance is an Achilles’ heel for EU security
The EU has begun grappling with criminal finance, introducing anti-money laundering directives, adopting action plans and debating the future location of the bloc’s Anti-Money Laundering Authority. After more than a decade of focus on strengthening systems and responses, Western democracies must fight to protect themselves from the influence of malign financial flows, strategic corruption and the broad weaponization of finance by adversary countries, an opinion piece by POLITICO says. Read more |
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MAIN EVENTS -
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Council Horizontal Working Party on Cyber Issues -
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European Securities and Markets Authority (ESMA) SMSG meeting -
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Czech Presidency of the Council of the European Union CSIRTs Network meeting
For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS BPFI: Personal Current Account Opening September Update Banking & Payments Federation Ireland (BPFI)'s members opened some 434,000 personal current accounts (PCAs) in 2022 up to 2 September. Account opening activity increased again in August with almost 70,000 PCAs opened in the four weeks ending 2 September, up from 68,000 in the previous four weeks and the second highest level since the data series began. Read more
Febelfin: Warning against high security account fraud and home banking card phishing
Febelfin warns against high security account fraud and home banking card phishing which are currently on the rise in the country. The Federation recalls that a bank or its employees will never ask customers for any of their codes, nor encourage them to make transfers, whether by telephone, SMS, e-mail, or at the home of the of the client. Read more (FR)
Finance Latvia: PayRay starts issuing loans with portfolio guarantees
PayRay SIA and Development Finance Institution ALTUM have signed an agreement that allows small and medium-sized companies to receive ALTUM portfolio guarantees in the amount of EUR 11 million. As mentioned by Finance Latvia, portfolio guarantees accelerate the receipt of financing for companies. Read more (LAT) |
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FROM THE INSTITUTIONS
BIS: Basel Committee reports on Basel III implementation progress In its latest press release, the Bank for International Settlements states that the Basel Committee will continue to monitor the implementation of Basel III reforms. Its oversight body recently reaffirmed its expectation that all aspects of the Basel III framework are fully and consistently implemented as soon as possible. Read more EIOPA: Better value for money in bancassurance The European Insurance and Occupational Pensions Authority (EIOPA) has issued a warning to insurers and banks to address consumer protection issues related to sale of credit protection insurance (CPI) products. In its warning, EIOPA calls on insurers and banks to take action or risk facing supervisory measures. Read more ESMA: Crypto-assets and their risks for financial stability The European Securities and Markets Authority(ESMA) outlines that crypto-assets have gained increasing attention due to their rapid growth and so has the interest around their implications for the traditional financial system, including financial stability. In particular, ESMA has been following these developments closely, considering their risks to consumer protection. 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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