EBF MORNING BRIEF Thursday 27 October 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: Bank instant payment shift to help business and consumers
European Commissioner Mairead McGuinness proposed a draft EU law that will require banks across the 27-country union to offer and receive "instant payment" services for a fee that is the same or lower than they charge for traditional credit transfers. As reported by Reuters, the move has been defined as a "seismic" shift to make the economy more efficient and reap savings for businesses and customers. Read more
FT: European banks’ bumper quarter raises prospect of windfall taxes
Europe’s largest banks generated huge profits on the back of rising interest rates in the third quarter, raising the prospect of governments targeting the lenders with windfall taxes. According to the Financial Times (FT), profits are an attractive target for cash-strapped governments. Read more
Finextra: Industry pushes back on instant payments timeline
Industry association Payments Europe has criticized the European Commission's plan for the mandatory provision of instant credit transfers in euros, arguing that the tight timeframe could "endanger the safety and security" of transactions. In contrast, the Open Finance Association has offered full-throated support for the plan, Finextra reports. Read more |
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MAIN EVENTS Thursday 27 October Council Working party on Tax Questions (High Level) European Commission 'Sustainable Finance Research Forum' launch event (Sébastien de Brouwer, EBF CPO speaking) Friday 28 October For a full-year overview of key financial regulation events: click here |
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| | Global banking is at a crossroads. Financial institutions hoping for a return to a post-pandemic norm are adjusting to a new geopolitical setting, spearheaded by sanctions in the fallout of the war in Ukraine. How will banks navigate the highest inflation seen for decades? What are banks doing to reach their climate targets and digital innovation?
Find out the answer to these questions and more at the Global Banking Summit 2022 by the Financial Times dedicated to 'Sustaining a Growth Mindset: Innovating for Consumer Needs'. |
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FROM EBF MEMBERS BdB: Sustainable investment: what is it and how does it work? Although more and more investors want to invest as sustainably as possible, there is still a considerable need for information on the term "sustainable investment". These information gaps need to be closed because the commitment of private investors is also important in order to restructure the entire economy in the direction of sustainability, says the Association of German Banks (BdB). Read more (DE)
Finance Finland: Borrowers not to be forgotten in Basel regulation
The Parliament's Economic Committee and the Finance Committee have given two unanimous but significantly different opinions on the implementation of Basel III. Finance Finland supports the goal of ensuring that the risk calculation takes into account the risks exactly as they really are and reminds us that borrowers should also be taken into account when evaluating the effects of regulation. Read more (FI)
CBA: Cybersecurity Index 2022
Czechs are cautious in the online space. The Cyber Security Index reached 67 points and is thus close to last year's result. As reported by the Czech Banking Association (CBA), banks emerged as the most trusted institutions for the Czech Republic when it comes to protection against data leakage. Read more (CZ) |
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FROM THE INSTITUTIONS EC: Proposal to accelerate the rollout of instant payments in euro The European Commission (EC) has adopted a legislative proposal to make instant payments in euros, available to all citizens and businesses holding a bank account in the EU and in EEA countries. The proposal aims to ensure that instant payments in euros are affordable, secure, and processed without hindrance across the EU. Read more
ESMA: Product Intervention Measure on Futures taken by Germany
The European Securities and Markets Authority (ESMA) has issued an opinion on a product intervention measure on futures with additional payment obligations taken by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Read more
ECB: Monetary developments in the euro area
The European Central Bank (ECB) has published a press release on monetary developments in the euro area for September 2022. Data shows that the annual growth rate of broad monetary aggregate increased to 6.3% in September 2022 from 6.1% in August. Read more |
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FROM THE EBF
EBF: Open Finance must be approached as part of the European data economy to drive innovation and new consumer experiences
Following the publication of the report on Open Finance by the Expert Group on the European Financial Data Space, the European Banking Federation (EBF) stressed the importance of approaching Open Finance as part of the broader European Commission’s initiatives on a data-driven economy. 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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