EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 12 September 2022 An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation Recommend the EBF newsletters to a colleague. Click here to sign up! |
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The State of the Union 2022 is coming on 14 September! |
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On 14 September, the President of the European Commission delivers the State of the Union address before the European Parliament. The President takes stock of the achievements so far and sets out her vision for the future. "This is a watershed moment for our Union. We cannot take our security and the protection of people for granted. We have to stand up for it. We have to invest in it. We have to carry our fair share of the responsibility,"Ursula von der Leyen, President of the European Commission said. Read more |
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FROM THE MEDIA
CNBC: ECB raises rates by 75 basis points to tackle soaring inflation
The European Central Bank (ECB) announced a 75 basis point interest rate rise, taking its benchmark deposit rate to 0.75%. The central bank added it “expects to raise interest rates further, because inflation remains far too high and is likely to stay above target for an extended period,” CNBC reports. Read more
Reuters: ECB to pay interest on government deposits, easing bond squeeze fears
The European Central Bank (ECB) said it would start paying interest on government deposits, easing fears that eurozone countries would shift the cash into government bonds, worsening a shortage of key market collateral. According to Reuters, analysts expect demand for higher-rates bonds to use as collateral to remain high. Read more
Bloomberg: Denmark hikes rate to end subzero experiment
Denmark ended the world’s longest experiment with negative borrowing costs by raising its benchmark rate following a hike by the European Central Bank (ECB). As reported by Bloomberg, policymakers in Copenhagen increased their current account rate to 0.65% from minus 0.1%. Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 12 September
Tuesday 13 September Wednesday 14 September Thursday 15 September Friday 16 September For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS
Febelfin: Energy crisis: Banks ready to support
Energy and commodity prices have risen in recent months, with major consequences for the economic situation in Belgium. High energy prices also put a particular strain on the financial situation of many households and businesses. In this uncertain climate, the financial sector wants to assume its responsibility and stand ready to provide maximum assistance to customers who are in difficulty, Febelfin states. Read more (NL)
SBA: Repatriate business to Switzerland
Swiss history is marked by a pioneering spirit and an entrepreneurial mentality. On September 25, Swiss people are called to vote a reform of withholding tax which is said to bring increased value creation, new jobs and higher tax revenues. According to the Swiss Bankers Association (SBA), removing the withholding tax on bonds gives Switzerland the opportunity to repatriate business. Read more (FR)
BdB: Capital-forming benefits
400 euros for asset participation and 470 euros for savings and housing contracts per year is the maximum amount that employers can grant employees as a capital-forming benefit. The Association of German Banks (BdB) also notes that capital-forming benefits paid are not paid directly to the employee, but are paid directly into a savings contract. Read more (DE) |
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FROM THE INSTITUTIONS
ECB: Monetary policy statement at a glance
The European Central Bank (ECB) raised the interest rates by 0.75 percentage points. This is a major step to make sure inflation returns to the 2% target. Further action will depend on how the inflation outlook develops. Read more
EIOPA: Solvency II review: aims, topics for negotiation and challenges
Petra Hielkema, Chair of the European Insurance and Occupational Pensions Authority (EIOPA) spoke about the review of SolvencyII at Eurofi 2022. "It is important that the recent review concludes in a timely manner so that the regime remains fit for purpose, in particular given the current economic situation," she said. Read more
BIS: Client clearing: access and portability
The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions (IOSCO) published a report on client clearing access models. The report encourages industry to engage in further work to enhance transparency and disclosure regarding new access models and the facilitation of porting. Read more |
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FROM THE EBF this past month
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.
For questions or suggestions contact v.barbieri@ebf.eu
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