EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 28 November 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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FROM THE MEDIA FT: Spain to push ahead with windfall tax on banks and energy groups Spain will push ahead with its controversial plan to impose windfall taxes on banks and energy companies with lawmakers set to approve the move despite the concerns of international institutions. As reported by the Financial Times (FT), an amendment says that at the end of 2024 the Spanish authorities should evaluate whether the taxes should be made permanent. Read more
Bloomberg: Schnabel signals it may be too soon to slow rate hikes
European Central Bank (ECB) Executive Board member Isabel Schnabel signaled it may be premature to scale back increases in interest rates with inflation continuing to pose dangers to the euro-zone economy. In a speech, Schnabel said the biggest risk for central banks at present is assuming price gains will ease rapidly and underestimating their persistence, Bloomberg reports. Read more
Reuters: ECB accounts show inflation fears justifying more rate hikes
European Central Bank (ECB) policymakers feared that inflation may be getting entrenched at their last policy gathering so rates would need to rise further, the accounts of the Oct 26-27 meeting showed. According to Reuters, policymakers also put the reduction of the bank's 9 trillion euro balance sheet on the agenda. Read more |
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The Global Banking Summit 2022 organized by the Financial Times is a 3-days event dedicated to 'Sustaining a Growth Mindset: Innovating for Consumer Needs'.
At the conference, more than 80 speakers will discuss how banks will navigate high inflation, advance climate targets, and digital innovation. Besides, can European banks thrive as they divorce themselves from Russian-linked clients & assets?
Register now to discover more!
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FINANCIAL REGULATION AGENDA for next week
Monday 28 November
Tuesday 29 November -
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Suade RegTech Forum 2022 (Gonzalo Gasos, EBF Senior Director of Prudential Policy and Supervision speaking) -
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Wednesday 30 November
Thursday 1 December
Friday 2 December For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS SBA: PACTA 2022 climate test The report on PACTA climate compatibility tests provides new information on the development of the Swiss financial sector in this area. The Swiss Bankers Association (SBA) welcomes the regular inventory that is made of the climate compatibility of financial flows, but at the same time identifies the potential for improvement in terms of differentiated assessment of the orientation of financial flows in accordance with the Agreement of Paris on the climate. Read more (FR)
AEB: Interview with Alejandra Kindelán on the COPE network
Alejandra Kindelán, President of the Spanish Banking Association (AEB) spoke about the new mortgage agreement, a very important commitment from the banking sector to help families with difficulties handling the impact of the rise in interest rates on mortgage payments. "The sector has to assume a series of costs and we have been working hard to ensure that we can continue to provide credit in the future," she explained. Read more (ES)
BPFI: Growth in mortgage approvals
Banking & Payments Federation Ireland (BPFI) published the latest figures from the BPFI Mortgage Approvals Report for October 2022. Speaking on the publication of the data, Brian Hayes, Chief Executive of BPFI stated that the latest mortgage data is showing continued growth in mortgage activity driven solely by a sharp increase in non-purchase mortgages, mainly switching. Read more |
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FROM THE INSTITUTIONS ECB: Finding the right policy mix Broad-based, untargeted fiscal measures risk fuelling medium-term inflation, says European Central bank (ECB) Executive Board member Isabel Schnabel. Incoming data signal that inflation is more persistent, limiting the room for slowing down the pace of interest rate adjustments. Read more
ESMA: Proposals for leverage limits on real estate funds in Ireland
The European Securities and Markets Authority (ESMA) has issued its advice on proposed leveraged limits by the Central Bank of Ireland (CBI) on Irish real estate funds. ESMA recommends that the CBI closely monitors the evolution of the Irish real estate sector to ensure the effectiveness of its measure and to assess the necessity to recalibrate the leverage limit. Read more
EIOPA: Cyber component in insurance stress testing framework
The European Insurance and Occupational Pensions Authority (EIOPA) published a Discussion Paper on Methodological Principles of Insurance Stress Testing with a focus on Cyber Risk. This discussion paper contains a set of approaches to support the design phase of potential future insurance stress tests with a focus on cyber risk. Read more |
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FROM THE EBF this week
EBF welcomes new member: the Association of German Public Banks
The EBF has welcomed the Association of German Public Banks (VÖB) as an adherent member. VÖB represents 62 member banks, including the Landesbanken and the promotional and development banks on the federal and regional levels. Read more
Christian Sewing appointed as new EBF President
The European Banking Federation takes great pride in announcing Christian Sewing, Chief Executive Officer at Deutsche Bank as its next President. He will succeed Ana Botín, Group Executive Chair at Banco Santander SA, who will conclude her two-year term in February next year. Read more
EBF Board highlights: Powering sustainable growth in Europe
Stark economic predictions of the past few months have become a reality, with inflation continuing to climb and forecasted to increase by 9.3% this year in the EU. European industry and individuals are facing an energy crisis and cost-of-living pressures, as the bloc’s leaders work to stay the course on delivering its strategic objective of sustainable transition. In this uncertain world, the banking sector is a key source of resilience. Read more
EBF: Eelco Dubbeling, Managing Director of NVB appointed the new Chair of the EBF Executive Committee
The European Banking Federation (EBF) is thrilled to announce Eelco Dubbeling, Managing Director of the Dutch Banking Association (NVB), as the new Chair of the EBF’s Executive Committee for a two-year term, starting from January 1st, 2023. Read more
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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