EBF MORNING BRIEF Thursday 26 January 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 urges European banks to step up funding for minerals EU Commissioner Thierry Breton urged European banks to provide more funding to suppliers of minerals needed for the energy transition, as the EU prepares its Green Deal industrial plan. "I want you to invest in operations in the critical raw materials value chain," Breton told a roundtable of European banks, according to a transcript seen by Reuters. Read more
Risk.net: More EU banks will fail new IRRBB test
According to Risk.net, many more banks in the EU are likely to be classified as outliers due to a new regulatory test that will check the amount of interest rate risk present in their loan and deposit books. The European Banking Authority (EBA) originally calibrated the rules for interest rate risk in the banking book (IRRBB) at a time when central banks were holding rates close to zero. Read more
FT: UK regulator criticizes City preparations for new consumer rules
The UK’s financial watchdog has identified several failures in how banks, insurers, and asset managers are preparing for new consumer protection rules, warning some will “struggle” to meet the deadline for implementation. The Financial Conduct Authority (FCA) also criticized companies for seeming “rather complacent” in how their previous initiatives in customer service had prepared them for the new duty, the Financial Times (FT) reports. Read more |
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MAIN EVENTS Thursday 26 January Council Working Party on Tax Questions (Direct Taxation) 2023 World Banking Forum Winter Edition (Sébastien de Brouwer, EBF Chief Policy Officer speaking) ENISA Cybersecurity Policy Conference (Alexandra Maniati, EBF Senior Director Innovation & Cybersecurity speaking) Friday 27 January Council Horizontal Working Party on Cyber Issues
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
FBF: Market agreement on the restructuring of PGE extended
The market agreement on the restructuring of State-Guaranteed Loans (PGE) within the framework of Business Credit Mediation has been extended until December 31, 2023. By renewing the agreement, all the players involved, including the French Banking Federation (FBF), undertake to support companies in actual difficulty with repayment. Read more (FR)
Finance Finland: Finnish banks took up the EIF’s offer
The Government has approved Finland’s participation in the European Investment Fund’s (EIF) InvestEU loan guarantee scheme for SMEs, households, and housing companies. As reported by Finance Finland, the scheme enables enterprises and housing companies to acquire funding for their green transition projects on more favorable terms and with lighter collateral than usual. Read more Finance Norway: New finance course established On 24 January, the new master's course at NHH and Finance Norway "Internship in Asset Management" was presented to the NHH students. ''With this program, we have found a solution where practical experience becomes an integral part of the formal course of study,'' says Idar Kreutzer, managing director of Finance Norway. Read more (NO) |
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FROM THE INSTITUTIONS
ECB: A single monetary policy for heterogeneous labor markets
The European Central Bank (ECB) published a paper on the implications of cross-country heterogeneity in labor market institutions for the conduct of monetary policy in a monetary union. Read more
ESMA: Recognition of UK benchmark administrators in the EU
The European Securities and Markets Authority (ESMA) and the UK Financial Conduct Authority (FCA) have agreed on a new Memorandum of Understanding (MoU) regarding cooperation and the exchange of information with respect to benchmark administrators based in the UK. The MoU concerns benchmark administrators who seek recognition or are recognized in the EU. Read more
ESRB: Recommendation on vulnerabilities in the commercial real estate sector in EEA
The European Systemic Risk Board (ESRB) has published a recommendation on vulnerabilities in the commercial real estate sector in the European Economic Area (EEA). The ESRB recommends that EU and national authorities improve the monitoring of systemic risks stemming from the commercial real estate sector. 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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