EBF MORNING BRIEF Wednesday 15 November 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
Bloomberg: Banks’ crypto businesses shouldn’t escape scrutiny
As noted by Bloomberg, Europe’s top financial watchdog warned that lenders will be able to escape regulatory scrutiny of their crypto businesses unless lawmakers expand the definition of what makes up a bank. While the crypto sector is relatively small, growth outside of the purview of regulators “could give rise to wider financial stability concerns,” Andrea Enria, who leads the European Central Bank (ECB)’s Supervisory Board said. Read more
Reuters: ECB to hold rates through mid-2024 despite stalling economy
The European Central Bank (ECB) will hold interest rates steady well into next year, with a majority of economists polled by Reuters sticking to forecasts the first cut will have to wait until at least July despite expectations of a eurozone recession. Read more
EURACTIV: As EU struggles to finance green investments, French businesses bet on capital markets union
Relaxing state aid rules is a step forward in unlocking new green financing, but “we must move quickly” on the capital markets union (CMU) to reach private investors’ money, French business association Medef’s chief Patrick Martin said. “We are not opposed to the EU unlocking new financing,” Martin told journalists from EURACTIV. Read more |
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EBF and S&P Global Market Intelligence Banking on the Cloud: Exploring the evolving
landscape of digital finance 3:30 - 4:30 (CET) | ONLINE |
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 | In an evolving marketplace driven by the surging demand for digital services, banks are embracing the public cloud to meet customer needs, boost efficiency, accelerate business growth, and stay competitive. Yet, for many organizations, moving to the cloud is more challenging than expected. Key hurdles revolve around governance and regulation. Join our panel of experts as they discuss the key benefits and challenges of public cloud banking in 2023 and beyond. |
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FROM EBF MEMBERS
Finance Norway: Faith in the financial future is weakening
The Expectations Barometer shows households intend to hold back on larger purchases due to increased costs. "Households are really starting to feel the effect of the five interest rate hikes this year," says Finance Norway's managing director Kari Olrud Moen. Read more (NO)
CBA: New Contact Payments service
Six banks launched the Contact Payments service. As reported by the Czech Banking Association (CBA), this will facilitate domestic transactions between people by only asking clients to log in and pair their phone numbers with their bank accounts. Read more (CZ)
UK Finance: Basel 3.1 revised timelines: Is it a game changer?
According to UK Finance, the finalization of Basel 3.1 offers an opportunity for financial institutions to reflect on past experiences, establish a robust plan, assemble a talented team, and work with regulatory experts to meet the new Basel deadline. This groundwork will help build a solid regulatory compliance foundation for the future. Read more |
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FROM THE INSTITUTIONS
ECB: Making finance fit for Paris: achieving “negative splits”
Frank Elderson, Member of the Executive Board of the European Central Bank (ECB), spoke about banks' progress in sustainable finance. "We have told banks to remedy the shortcoming by a certain date and, if they don’t comply, they will have to pay a penalty for every day the shortcoming remains unresolved," he said. Read more
EBA: 2023 EU-wide transparency exercise and Risk Assessment Report
The European Banking Authority (EBA) announced that its 2023 Risk Assessment Report and transparency exercise with bank-by-bank data will be released on Tuesday 12 December 2023 at 18:00 CET. Read more
BIS: New chair of the BIS Committee on the Global Financial System
Chang Yong Rhee, Governor of the Bank of Korea, is appointed Chair of the Committee on the Global Financial System (CGFS) at the Bank for International Settlements (BIS). Mr Rhee's term is for three years from 1 November 2023. 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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