EBF MORNING BRIEF Thursday 10 November 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: Shareholder payouts at risk as ECB tells banks to hold capital Investors hoping for fat payouts from eurozone banks may be disappointed as supervisors are urging them to preserve capital in the face of a souring economic outlook, sources told Reuters. With the eurozone heading for recession and supervisors urging caution, bankers will likely find it harder to reward shareholders generously next year, as their capital buffers may be smaller than they expect now, the three supervisory sources said. Read more
Finextra: G20 urged to intervene to prevent bank funding of fossil fuels
Leading economists, bankers, and investors have said G20 leaders must prioritize ambitious regulation to prevent a global financial crash caused by continued financing of fossil fuel. According to Finextra, as greenwashing concerns mount, regulatory intervention is seen as a key policy tool to force banks to hasten their retreat from the fossil fuel industry. Read more
FT: Cloud computing dependence imperils banks
By adopting cloud computing technology, financial services companies are launching new, improved digital products and streamlining their operations. But, at the same time, cyber specialists are warning that this cloud migration is exposing companies to a greater risk of cyber-attacks and data breaches, the Financial Times (FT) writes. Read more |
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MAIN EVENTS Thursday 10 November Council Working Party on Tax Questions (Indirect Taxation) Friday 11 November Economic and Financial Affairs Council (Budget) For a full-year overview of key financial regulation events: click here |
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NEW EBF AND EY JOINT REPORT OUT! |
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During our side event at COP27 with the French Banking Federation, we presented our latest EBF and EY joint report!
The publication is based on a survey of 27 major European banks from 18 jurisdictions and aims to shed light on the impact of the current macroeconomics and geopolitical circumstances on the path to Net-Zero. How is the situation impacting transition plans? Is short-term noise distracting banks from the decades-long process of decarbonization? Can banks stay on track to deliver their net zero commitments?
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FROM EBF MEMBERS
Finance Finland: Taxes paid by the financial sector rose to a 900 million euros
In 2021, the financial sector was once again one of the most significant taxpayers in Finland. "Financial companies' top positions in corporate tax statistics are a good reminder that banks and insurance companies have long been Finland's largest taxpayers. Taxation also has its limits," says Piia-Noora Kauppi, CEO of Finance Finland. Read more (FI)
FBF: A dynamic training and support policy for employees
The French Banking Federation published its 2022 Training Report. With 485 million euros allocated to the professional training budget, representing 4.3% of its payroll, the profession stands out by its dynamic policy of training and support for employees in changes in the sector. Read more (FR)
Finance Denmark: Two out of five homes have been reduced in price
In a housing market with a larger supply and increasing occupancy times, sellers have continuously started to lower the price of their homes. The trend is strongest in the Capital Region, where slightly more than half of the homes on offer have been reduced in price. This is shown by the latest figures from Finance Denmark. Read more (DK) |
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FROM THE INSTITUTIONS ECB: A green transition supports price stability Greening our economies faster will reduce the costs of the transition to a low-carbon economy and will help to ensure price stability in the long run. The latest blog by the European Central Bank (ECB) explains why fighting climate change and fighting inflation can go hand-in-hand. Read more
EBA: Contribute to a more resilient and sustainable financial system
The European Banking Authority (EBA) published its environmental statement in the context of the 2022 United Nations Climate Change Conference (COP27), highlighting its work aimed at increasing sustainability in the banking sector by enhancing market transparency and discipline and by translating sustainability considerations into risk management practices and supervision. Read more
BIS: The importance of transition plans for the green transition
Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank addresses transition plans, scenario analyses and stress tests, and the role of central banks and supervisors in a speech published by the Bank for International Settlements (BIS). "Driving forward the green transition will require substantial public-sector and private-sector engagement and financing," she says. Read more |
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FROM THE EBF
New EBF/EY joint report: Are Volatile Geopolitics and Macroeconomics Disrupting the Path to Net Zero?
The world has changed significantly since European banks began making their net zero commitments. The COVID-19 pandemic and the war in Ukraine have completely altered the operating environment. How is the current situation impacting the implementation of transition plans? To answer this question, the EBF and EY conducted a survey of 27 major European banks from 18 jurisdictions. Read more
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 v.barbieri@ebf.eu
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