EBF MORNING BRIEF Thursday 23 February 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 Bloomberg: Villeroy pushes back against âoverreactionâ on ECB rate bets Markets may have overshot in recent days when placing bets on the peak for European Central Bank (ECB) interest rates, according to the ECB Governing Council member and Bank of France Governor Francois Villeroy de Galhau. As reported by Bloomberg, Villeroy also affirmed that the ECB is âin no wayâ obliged to raise borrowing costs at every meeting between now and September, with the deposit rate already at a level that restricts the euro-zone economy. Read more Finextra: ECB to monitor digital transformation efforts at banks The European Central Bank (ECB) is to undertake targeted reviews and on-site inspections at banks after uncovering a number of shortcomings in digital transformation strategies, Finextra reports. Last summer, the ECB conducted a survey among 105 large banks to assess the status of their digital transformation. The survey reveals that almost all European institutions have a digital transformation strategy, typically consuming a fifth of the IT budget, although the degree of maturity differs. Read more Reuters: Deutsche bank lifts forecasts for ECB terminal rate to 3.75% Deutsche Bank has lifted its forecast for where the European Central Bank (ECB)'s key rate will rise to in this tightening cycle to 3.75% from 3.25%. According to Reuters, Deutsche economists now expect the ECB to raise interest rates by 50 basis points (bps) at its March and May meetings, followed by a final hike of 25bp in June. Moreover, they had previously expected a 50 bps hike in March and a final 25 bps rise in May. Read more |
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MAIN EVENTS Thursday 23 February
Friday 24 February
Council Horizontal Working Party on Cyber Issues For a full-year overview of key financial regulation events: click here |
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EBF and S&P Global Market Intelligence webinars are back! Staying strong in volatile markets: How banks can overcome challenges to funding and lending Tuesday 14 March, 2023 || 3:30 â 4:15 PM CET Banks in Europe today must navigate a new environment of rising interest rates, changing customer priorities and recession risk. Smart management of lendersâ funding needs and lending profiles is essential if they are to remain profitable and competitive. Join our panel of experts as they explore what the market will be watching for and how banks can react to fast-moving geopolitical events and regulatory changes. |
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FROM EBF MEMBERS CBA: Activity on the real estate market fell by 50% last year According to the Czech Banking Association (CBA) and Dataligence the activity on the real estate market fell by 50% last year while prices fell by an average of 4% and for the time being slower than expected. in particular, the mortgage market slowed down significantly from the second half of 2022. The volume of mortgages granted is the lowest in the last 10 years. Read more(CZ)
FBF: New Chairman of the FBF Auvergne-RhĂŽne-Alpes Regional Banking Committee
The Banking Committee of the French Banking Federation (FBF) Auvergne-RhĂŽne-Alpes has elected Didier Pariset to its presidency, succeeding Philippe Delacarte. âI am extremely honored to take over from Philippe Delacarte and to be the voice of the banking profession in our region", he declared. Read more(FR) BdB: Heiner Herkenhoff new general manager Heiner Herkenhoff becomes the new general manager of the Association of German Banks (BdB). The board of directors of the banking association has appointed Herkenhoff as the successor to Christian Ossig, who resigned from office in January for personal reasons. Read more(DE) |
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FROM THE INSTITUTIONS
ECB: Banksâ digital transformation: where do we stand?
Digital transformation is not just an option for banks, but a necessity to remain competitive and continue meeting customersâ evolving demands. While the European Central Bank (ECB) Banking Supervision will maintain a neutral approach to business models and technology, one of the key supervisory priorities is ensuring that banks properly manage the long-term sustainability of their business model and the risks stemming from digital transformation. Read more BIS: Innovation and the future of the monetary system AgustĂn Carstens, General Manager of the Bank for Internationals Settlements (BIS) spoke about the future of the monetary system and the role of central banks in driving innovation. In a speech published by the BIS, he said "tokenised deposits and CBDCs can open the door for more efficient payment arrangements for businesses and people, reducing complexity and its associated costs and facilitating inclusion". Read more ESMA: Latest edition of newsletter The European Securities and Markets Authority (ESMA) published the latest edition of its Spotlight on Markets Newsletter. In particular, February marked the release of ESMAâs inaugural market report on the EU Money Market Funds. 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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