EBF MORNING BRIEF Monday 7 February 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: Dutch central bank head calls for ECB to raise interest rate Klaas Knot has become the first member of the European Central Bank (ECB) governing council to say publicly it should raise interest rates this year, warning that eurozone inflation will stay at 4 percent for most of this year. As reported by the Financial Times (FT), the Dutch central bank governor called for the ECB to end its net bond purchases “as soon as possible” in preparation for raising interest rates in the fourth quarter, which would be the first time it has done so in over a decade. Read more
Bloomberg: France calls on EU to block London clearing after 2025
France is advocating for the EU to bar U.K.-based clearinghouses from the bloc after 2025, Bloomberg reports. EU minister Clement Beaune says financial markets need clarity. “It is desirable that we set a credible horizon for building a eurozone clearing market,” he said. That clarity is needed to ensure finance firms can adapt in time. Read more
EURACTIV: EU seeks a way out of the impasse in DMA negotiations
Little progress was made in the second political trilogue on the Digital Markets Act (DMA), but a breakthrough might soon be found by linking the negotiations with the Digital Services Act. The meeting agenda, seen by EURACTIV, included references to SMEs, killer acquisitions, regulatory dialogue, and the gatekeeper designation process. The discussion continued on the core of the legislative proposal, the obligations for gatekeepers contained in Articles 5 and 6, particularly regarding accessibility and interoperability. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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| | On 18 February 2022, the EBF will cohost with the EACB, EAPB, and ESBG the “Access to better technology for (Supervisory) Reporting” workshop. Drawing on the conclusions of the EBA on the study of the cost of compliance with supervisory reporting requirements, this event will provide participants with a forum to learn, discuss and share experiences about technologies that FinTech/RegTechs providers have developed, and banks have been using for their supervisory reporting. Register now |
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FROM THE EBF MEMBERS BPFI: Principles on Financial Abuse The Banking & Payments Federation Ireland (BPFI) member banks have published the Principles on Financial Abuse and have rolled out expert training by Women’s Aid for bank staff to help them recognize and respond to customers who may be subject to financial abuse and coercive control. New research from BPFI has found that over 20% of young women aged 18-34 do not have control over their finances and are more likely to rely on others for help with their money. Read more
BdB: ECB fails to recognize the seriousness of the situation
"Inflation has far exceeded European Central Bank (ECB) forecasts also at the beginning of the year. Nevertheless, the ECB continues to remain in its wait-and-see position," said Christian Ossig, Chief Executive of the Association of German Banks (BdB), referring to the ECB monetary policy statement. The ECB must quickly present a concept to end the purchase programs and exit from the negative interest rate policy. Read more (DE)
FBF: French banks continue to contribute to the success of PER
The launch of the Retirement Savings Plan (PER) at the beginning of 2020 has been met with great success, exceeding its estimated target of 3 million savers by 2022. As marketing efforts continue, professionals including the French Banking Federation (FBF) have come together to propose increased transparency of PER and life insurance fees. Read more (FR) |
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FROM THE INSTITUTIONS ECB: Survey of Professional Forecasters Results of the European Central Bank (ECB) Survey of Professional Forecasters (SPF) for the first quarter of 2022 show that HICP inflation expectations were revised up, standing at 3.0%, 1.8% and 1.9% for 2022, 2023 and 2024 respectively. GDP growth expectations were revised down for 2022, up for 2023, and remained the same for the longer term. The profile of the expected unemployment rate was revised down for all horizons. Read more
ESMA: Liquidity concerns for Alternative Investment Funds
The European Securities and Markets Authority (ESMA) published its fourth annual statistical report on the Alternative Investment Fund (AIF) sector covering the 30 members of the European Economic Area (EEA30). The main risk faced by the sector relates to a mismatch between the potential liquidity of the assets, and the redemption timeframe offered to investors, as AIFs with a liquidity deficit, especially real estate funds and funds of funds, would face challenges if large redemptions were to occur. Read more
EIOPA: Solvency II Relevant Risk Free Interest Rate Term Structures
The European Insurance and Occupational Pensions Authority (EIOPA) published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of January 2022. Read more |
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FROM THE EBF
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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