EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 14 March 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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Coming next week: EBF and S&P Global Market Intelligence: 'Making it count: How to boost your bank’s performance with DE&I' |
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 | The European Banking Federation (EBF) and S&P Global Market Intelligence will host the 'Making it count: How to boost your bank’s performance with DE&I' webinar next Tuesday. Join the discussion between Katie Darden, Director, Financial Institutions Research at S&P Global Market Intelligence, and Agnieszka Milewczyk, Global HR Head of Transformation at Banco Santander moderated by Niels-Peter van Doorn, Chief Operating Officer at the EBF. During the event, they will discuss the latest research, developments, and best practices in the field. Register now |
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FROM THE MEDIA
Reuters: ECB to turn off money taps at Ukraine 'watershed' moment
The European Central Bank (ECB) will stop pumping money into financial markets this summer, it said on Thursday, paving the way for an increase in interest rates as soaring inflation outweighs concerns about the fallout from Russia's invasion of Ukraine. According to Reuters, the ECB said that bond buys in the third quarter will be "data-dependent", adding that the schedule could still be revised if the inflation outlook changes. Read more
Bloomberg: All the ways banks can get hit by Putin’s war
Investors aren’t just worried about loans into Russia and Ukraine: Direct exposures look manageable for even the handful of European lenders that have the biggest businesses inside President Vladimir Putin’s increasingly isolated country. The bigger concern is the global economic disruption caused by Putin’s aggression and the Western allies’ response, Paul J. Davies writes in an opinion column for Bloomberg. Read more
S&P Global Market Intelligence: Russia's foreign exchange constraints add to pressure on domestic banks
Sanctions have sharply reduced the Central Bank of the Russian Federation's access to its foreign exchange reserves, increasing the risk that Russian banks will face a liquidity squeeze. As a result, the central bank is less able to support the country's lenders with their own foreign exchange needs since the banks still have foreign exchange liabilities, S&P Global Market Intelligence says. Read more |
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FINANCIAL REGULATION AGENDA for next week Monday 14 March Tuesday 15 March Wednesday 16 March Thursday 17 March Friday 18 March
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN! European Money Week |
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 | This European Money Week, we’re putting financial skills front and center in Brussels and around Europe with a campaign dedicated to supercharging financial skills. Being financially skilled is crucial for making good use of the wider financial market opportunities, either in funding or investments. Join us on Thursday 24 March to learn more on how the use of financial skills for capital markets can be enhanced. Best practices and areas for improvement will be at the center of our discussions! |
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SECURE YOUR VIRTUAL SEAT NOW! |
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FROM EBF MEMBERS NVB: Renewing code of conduct for small business financing In the coming months, the Dutch Banking Association (NVB) will start discussions with business organizations and other stakeholders to see if and how the Code of Conduct for Small Business Financing can be renewed. An evaluation by an economic research agency shows that the code has provided more clarity and that its minimum standards have ensured that there is more uniformity in the treatment of customers. An additional monitoring report shows that customer satisfaction has improved in particular in the area of special management and complaint handling. Read more (NL) Finance Norway: Lower insurance fraud during Covid-19 Last year, less insurance fraud was found compared to the previous year. This is mostly attributed to a decrease in travel fraud as a result of lower travel activity during the Covid-19 pandemic. Nevertheless, Finance Norway reports that a total of NOK 392 million in insurance fraud was uncovered in 2021. Read more (NO)
Finance Latvia: How has the war in Ukraine affected pension plans?
While global investors are much more pragmatic, Latvia is looking at the impact of the war in Ukraine on financial markets through a different lens. Events in Ukraine have also not significantly affected the prices of Latvian government securities, but our government bond risk premiums have increased over the past 2 weeks, writes Jānis Rozenfelds, Chairman of the Board, SEB Investment Management for Finance Latvia. More than 75% of SEB pension plan assets are diversified in global equity and bond markets and do not have direct investments in Russia. Read more (LV) |
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FROM THE INSTITUTIONS ECB: Monetary policy decisions The President of the European Central Bank (ECB) Christine Lagarde presented the Governing Council’s monetary policy decisions. The Governing Council has expressed its full support to the people of Ukraine, and will ensure smooth liquidity conditions as well as implement the sanctions decided by the European Union and European governments. The Governing Council will take whatever action is needed to fulfill the ECB’s mandate to pursue price stability and safeguard financial stability. Read more
EBA: Releases of phase 1 of the 3.2 reporting framework and updates on validation rules
The European Banking Authority (EBA) published phase 1 of its 3.2 reporting framework. The technical package supports the implementation of the reporting framework by providing standard specifications and includes the validation rules, the Data Point Model (DPM), and the XBRL taxonomies for version 3.2. Phase 2 and 3 of the same framework will be published in Q2 and Q3 of this year. The EBA also published a revised list of validation rules for the reporting frameworks currently in use. Read more
ESMA: Shortcomings in the supervision of cross-border investment activities and issues specific recommendations to CySEC
The European Securities and Markets Authority (ESMA) is publishing its peer review report on the supervision of cross-border activities of investment firms. With this peer review, ESMA is also issuing Article 16 recommendations to the Cyprus Securities and Exchange Commission (CySEC), the first time ESMA has issued such recommendations to a National Competent Authority (NCA). ESMA identifies in the peer review the need for home NCAs to significantly improve their approach in the authorization, ongoing supervision, and enforcement work, relating to investment firms’ cross-border activities. Read more |
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FROM THE EBF this week
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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