EBF MORNING BRIEF Monday 27 May 2024 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: ECB won’t cut in September after June move, Danske says
Danske Bank no longer predicts the European Central Bank (ECB) will lower interest rates in September, citing sticky inflation and the strong start to 2024 by the euro-zone economy. As reported by Bloomberg, borrowing costs will be cut in June and in December. Read more The Banker: Non-EU banks may opt to produce CSRD reports ahead of deadline Large banks headquartered outside the EU may opt to bring forward compliance with the bloc’s Corporate Sustainability Reporting Directive (CSRD) requirements ahead of the 2029 deadline, with reporting by their European-based peers set to kick off next year. Read more Reuters: Panetta says consensus growing on need for rate cut There is growing consensus within the European Central Bank (ECB) over the need for a first rate cut as inflation is diminishing, creating the conditions to ease its monetary policy, ECB policymaker Fabio Panetta said on Saturday. "It seems to me that a fairly general consensus has emerged on the possibility of a rate cut," he said as quoted by Reuters. Read more |
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Launch of the C-ESG Risk Roundtable Scenario Analysis Workstream Tuesday, 28 May 2024 | 2:00 - 3:30 PM (CET) |
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Bank, as as well as supervisors, do recognize that environmental factors could be a source of financial risk. While banks are making tangible progress, they are facing numerous operational and implementation challenges, many of which are neither originated, nor inherent to the banking industry. Some will need to be addressed at the level of individual organizations, others will benefit from collaborative approaches. To further strengthen the dialogue within the banking sector and to facilitate the discussion with the European Central Bank (ECB), a high-level Environmental, Social, and Governance Risk Roundtable (C-ESG Risk RT) was set up by the European Banking Federation (EBF) with the participation of 13 European banks. On 28 May 2024, we will be launching the third report resulting from the discussions and deliberations of the C-ESG Risk Roundtable Climate Scenario Analysis Workstream. The report will be available on the EBF website on 28 May, after the launch event |
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FROM EBF MEMBERS
CBA: Confidence in the economy fell slightly in May
According to the Czech Banking Association (CBA), economic confidence fell slightly in May, both among businesses and households. In the case of businesses, the development was different for services and retail, where confidence increased and is the highest in the last year, on the other hand, it fell in industry after the previous more favorable months, and it is also falling for the third month in construction. Read more (CZ)
BFI: Mortgage Approvals – April 2024
The Banking & Payments Federation Ireland (BPFI) has published the latest figures from the BPFI Mortgage Approvals Report for April 2024. Figures show strong growth in mortgage approvals in April, with volumes up 14% year-on-year. Read more
Finance Latvia: Magnetiq Bank starts offering Google Pay to companies
Magnetiq Bank expands its range of services to simplify payment acceptance for its e-commerce customers and ensure safe and convenient customer service. By Google Pay, payments are directly credited to the company's bank accounts, thus simplifying financial processes for companies of all sizes Read more (LAT) |
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FROM THE INSTITUTIONS
ECB: Schnabel warns against lowering rates too quickly
The European Central Bank (ECB) shouldn’t lower borrowing costs too rapidly as the retreat in Eurozone inflation is “bumpy,” according to Executive Board member Isabel Schnabel. “I would caution against moving too quickly because there is a risk of cutting interest rates too fast. And we should definitely avoid that”, she said. Read more
EBA: divergences in the issuance and regulation of virtual IBANs in EU
The European Banking Authority (EBA) published a Report on the issuance of what is commonly referred to as ‘virtual IBANs’ (vIBANs). The Report observes that the industry issues vIBANs in different ways and for different purposes and national authorities diverge in interpreting and applying regulatory requirements. Read more ESMA: Consultation on commodity derivatives under MiFID review The European Securities and Markets Authority (ESMA) is launching a public consultation on proposed changes to the rules for position management controls and position reporting. The changes come in the context of the review of the Market in Financial Instruments Directive (MiFID II) and aim to minimise the burden on reporting entities. 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.
For questions or suggestions contact r.hrelja@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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