| EBF MORNING BRIEF Monday 25 April 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 Reuters: ECB keen for quick end to bond buys, early rate hike European Central Bank (ECB) policymakers are keen to end their bond purchase scheme at the earliest possible moment and raise interest rates as soon as July but certainly no later than September, sources familiar with ECB thinking told Reuters. Nearly all of the sources said that they see at least two rate hikes this year, but some argued that a third is also possible, although highly dependent on how markets digest its moves. Read more
Bloomberg: BoE Chief says it’s problematic to call inflation ‘transitory’
Bank of England (BoE) Governor Andrew Bailey said it’s increasingly difficult for policymakers to call inflation “transitory,” noting that the term has fallen into “disrespect” after repeated shocks. The BoE “is on a tightening path” for interest rates after inflation hit a 30-year high and a surge in energy prices and taxes threatens to push it up further in the coming months, Bloomberg points out. Read more
FT: The flood of Russian sanctions has left banks in need of help
Targeted sanctions oblige banks to conduct enterprise-wide reviews of their client relationships, held assets, transactions, and the counterparties linked to the payments they process. To what degree banks will be held accountable for failing to stop prohibited payments or freeze targeted funds remains uncertain. According to an opinion published in the Financial Times (FT), sanctions and anti-money laundering compliance professionals will need to work internally and with external peers to prepare for the possibilities ahead. Governments must engage directly with the private sector. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
Finance Norway: Financial Market Report 2022
The Norwegian government presented the financial market report for 2022 that provides a good and broad recognition of the role of the financial industry in several areas. Finance Norway agrees that the Norwegian banking and securities markets are functioning well and that Norwegian companies generally have good access to financing. Read more (NO) UK Finance: Cloud in financial services The pandemic has led to many changes, including increasing cloud adoption among financial services companies, argues Rohan Wilson, Senior Manager at Advantage Reply in a blog for UK Finance. A Reply report published last year, which brought together lessons learned from 1,000 cloud projects and a survey of over 100 financial institutions, identified on-demand scalability as the main benefit of cloud adoption. Read more UBCG: Circular transition as a recipe for green economic growth and development A representative of the Association of Montenegrin Banks (UBCG) participated in an event on the publication of the Roadmap of Montenegro to the circular economy. The Roadmap is the first document that identifies priority sectors for the development of the circular economy and the implementation of circular practices. Read more (CNR) |
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FROM THE INSTITUTIONS ECB: A new global map: European resilience in a changing world Russia’s invasion of Ukraine has triggered a reassessment of economic relations and dependencies, says European Central Bank (ECB) President Christine Lagarde in a speech at the Peterson Institute for International Economics. Lagarde adds that Europe is well placed to combine the pursuit of a rules-based international order with a drive to reduce strategic vulnerabilities. Read more EBA: Progress in MREL shortfall reduction by largest institutions while smaller institutions are lagging behind The European Banking Authority (EBA) published its annual Report on minimum requirements for own funds and eligible liabilities (MREL). The report shows progress in closing MREL shortfalls, as of December 2020, which was mostly driven by the largest institutions while smaller institutions lagged somewhat behind. Read more
SRB: 2022 Resolution Planning Cycle Booklet
The Single Resolution Board (SRB) has published its 2022 Resolution Planning Cycle Booklet. The booklet informs stakeholders about the SRB’s resolution planning activities and describes the main processes and phases of the current Resolution Planning Cycle (RPC). The RPC aligns the resolution planning of the banks under the SRB remit on the same 12-month cycle running from April to March. Read more |
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FROM THE EBF
EBF response to EBA Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive
The EBF has recently responded to the European Banking Authority (EBA)’s Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive. The EBF’s response highlights that the data collected by the EBA reflects a low level of incidence of fraud, showing that the safety measures taken by European Payment Service Providers are adequate. Read more
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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