EBF MORNING BRIEF Monday 5 December 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 FT: Eurozone bank lending predicted to fall for first time since 2014 Eurozone banks are expected to cut lending next year for the first time since 2014 as countries fall into recession. Banks will reduce their lending in the face of rising interest rates and volatile economic conditions, making it harder for cash-strapped companies to borrow, according to a report by EY seen by the Financial Times (FT). Read more
Bloomberg: ECB’s Villeroy wants 50 basis-point hike to fight inflation
The European Central Bank (ECB) should raise interest rates by 50 basis points this month to help tame surging consumer prices, said Governing Council member Francois Villeroy de Galhau, who added that inflation will peak during the first half of 2023. According to Bloomberg, the ECB is determined to curb price gains and should get inflation back to its 2% target by 2024 or 2025. Read more
S&P Global Market Intelligence: Many European banks report weaker liquidity ratios in Q3
Many large European banks recorded declines in their liquidity coverage ratios in the third quarter of 2022, data compiled by S&P Global Market Intelligence shows. In a sample of 34 European banks, 22 reported a deterioration in their liquidity coverage ratio. Read more |
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MAIN EVENTS Joint meeting of the European Parliament Committee on the Environment, Public Health and Food Safety and the Committee on Committee on Economic and Monetary Affairs
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
Finance Denmark: Love scams
Criminals take advantage of the fact that many people make new contacts via social media or dating apps. This can expose people to so-called love scams. 'Criminals are still successful in stealing money from people who think they have found love. This can have major consequences for the victims, who will be robbed of both money and emotions,' says Michael Busk-Jepsen, director of digitization at Finance Denmark. Read more (DK)
Finance Latvia: A third of Latvians save money for Christmas
About a third of Latvians are already preparing for more significant spending at the end of the year, Finance Latvia says. According to a survey by SEB Banka, 32% of respondents start saving money for Christmas gifts in time. Comparatively, 22% of Lithuanian and 23% of Estonian residents save money for Christmas in advance. Read more (LAT)
UK Finance: The future of UK modern slavery law
Like its UK equivalent, Australia’s Modern Slavery Act requires businesses to report on their efforts to eradicate modern slavery from their operations and supply chains. UK Finance reflects on the penalties for companies who fail to comply and whether a set of mandatory slavery reporting criteria should be harmonized across jurisdictions. Read more |
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FROM THE INSTITUTIONS
ECB: Decisions taken by the Governing Council of the ECB
The European Central Bank (ECB) Governing Council decided to extend the availability of the EUREP framework until 15 January 2024, based on the conclusion that providing backstop euro liquidity lines via EUREP was still warranted from a monetary policy perspective. The Governing Council also confirmed its readiness to maintain all existing temporary swap and repo lines with non-euro area central banks until 15 January 2024. Read more
SRB: New procedure for the provision of advice and assistance on economic and financial valuation services
The Single Resolution Board (SRB) is planning to award a Multiple Framework Service Contract with the reopening of competition for the provision of advice and assistance on economic and financial valuation services. The SRB intends to award the contract to a maximum of 10 economic operators. Read more
EC: Political agreement on new EU rules for consumer credit
The European Commission (EC) welcomes the provisional political agreement reached between the European Parliament and the Council on the core elements of the new EU rules on consumer credit. With this agreement, the Consumer Credit Directive is reviewed to ensure it is adapted to the digital era, providing higher protection for consumers taking out credits online. 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.
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