EBF MORNING BRIEF Thursday 13 July 2023 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: EU watchdog calls for early adoption of stablecoin standards As reported by Reuters, the EU banking watchdog urged stablecoin issuers to voluntarily comply with 'guiding principles' on managing risks and protecting consumers ahead of mandatory rules due in a year's time. The EU approved its Markets in Crypto Assets Regulation (MiCAR) in April, the world's first comprehensive set of rules for trading crypto assets and issuing stablecoins. Read more
Bloomberg: ECB hiking puts euro-zone growth in peril, Portugal warns
Further interest-rate increases by the European Central Bank (ECB) would add to the dangers for the euro-area economy as it seeks to exit a recession, Portugal’s finance minister cautioned. Warnings about the consequences of additional tightening are growing louder as the ECB nears the end of a campaign that began a year ago and has brought its deposit rate to 3.5% from below zero, Bloomberg reports. Read more
FT: UK banks to pass on higher interest rates to savers
Andrew Bailey has called on UK banks to pass on higher interest rates to savers, as the Bank of England (BoE) concluded that the country’s top eight lenders are sufficiently resilient to withstand a severe economic downturn. According to the Financial Times (FT), bank officials however warned that the wider financial sector faced risks from a “highly uncertain” economic outlook and a “challenging” environment for risk. Read more |
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MAIN EVENTS
Thursday 13 July
Council Financial Services Attachés Council Horizontal Working Party on Cyber Issues Council Trade Policy Committee Friday 14 July For a full-year overview of key financial regulation events: click here |
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The Banks’ Integrated Reporting Dictionary (BIRD) has published the very first edition of its newsletter. The newsletter will be an effective and easy way to follow the latest news and developments in BIRD. The newsletter is part of a new set of communication tools featuring, among others, also a new BIRD website launched in May 2023 offering a fresh new design together with comprehensive information and an improved user experience.
BIRD is a collaboration in which the European Central Bank, the European Banking Federation, several participating banks and national central banks work closely together to provide a harmonized data dictionary, data model and transformation rules to help banks generate the reports required by authorities. BIRD helps to reduce the reporting burden and improve the quality of the data reported while fostering cooperation in the field of regulatory reporting. Consultancy companies and software providers for bank reporting are also involved in the BIRD project. |
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For any further information about BIRD, please contact Francisco Saravia F.Saravia@ebf.eu |
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FROM EBF MEMBERS
UK Finance: Managing deposits in the new interest rate environment
UK Finance discusses how banks could upgrade their deposit strategies and stay competitive in the new interest rate environment. As interest rates have returned to more conventional levels, deposit accounts have become an attractive option to those looking for return on their money with minimal risk. Read more
Finance Latvia: 10 million euros to strengthen public education in Latvia
As reported by Finance Latvia, Swedbank will establish a new fund related to support for education, thereby promoting the growth of society and financial literacy. The initial investment allocated to the establishment of the fund is 10 million euros, which makes it one of the most significant private sector initiatives to strengthen the educational society in modern Latvian history. Read more(LAT) CBA: June's share of unemployed persons fell slightly to 3.4% The share of unemployed persons fell slightly to 3.4% in June from 3.5% in May, according to analysts' expectations. The Czech Banking Association (CBA) commented that in general, the fall in unemployment in June is still typical and is related to traditional seasonality and the start of seasonal work in construction, tourism, hotel industry, etc. However, if we seasonally adjust the data, the share of unemployed persons has mostly stagnated since the end of last year. Read more(CZ) |
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FROM THE INSTITUTIONS
ECB: The banking channel of monetary policy tightening in the euro area
Philip R. Lane, Member of the Executive Board of the European Central Bank (ECB), in his speech at the Panel Discussion on Banking Solvency and Monetary Policy focused on the banking channel of monetary policy. He affirmed that the transmission of monetary policy through banks is likely to further strengthen in the coming months. Read more
EBA: Consultation on technical standards on EU market access of issuers of asset-referenced tokens
The European Banking Authority (EBA) consulted on two sets of draft regulatory technical standards (RTS) and one set of implementing technical standards (ITS) relating to the authorisation as issuer of asset-referenced tokens (ARTs) and the assessment of acquisition of qualifying holdings in issuers of ARTs under the Markets in Crypto-assets Regulation (MiCAR). Read more ESMA: Seeking the first input on detailed rules for crypto markets The European Securities and Markets Authority (ESMA) published its first consultation package under the Markets in Crypto-Assets Regulation and invites comments from stakeholders by 20 September 2023. In this first of three consultation packages, ESMA is seeking input on proposed rules for crypto-asset service providers (CASPs), in particular related to their authorisation, identification and management of conflicts of interests and also how CASPs should address complaints. Read more |
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FROM THE EBF
EBF: Credit Spread Risk in the Banking Book: Banking Industry Common Understanding
In October 2022, the European Banking Authority (EBA) published a set of Guidelines on Credit Spread Risk in the Banking Book (CSRBB) with an end-of-2023 entry into force. These Guidelines published in 2022 replace the 2018 Guidelines “on the management of interest rate risk arising from non-trading book activities”. 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.
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