| EBF MORNING BRIEF Thursday 3 March 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
The Guardian: Sberbank pulls out of Europe after facing failure
Sberbank, Russia’s biggest lender, is pulling out of the European market, after it said its subsidiaries had faced “abnormal cash outflows” and it could no longer supply them with liquidity. Sberbank said it had sufficient capital to be able to make payments to all of its depositors, the Guardian points out. Read more
Reuters: ECB expects Ukraine war to weigh on eurozone growth
Russia's invasion of Ukraine will weigh on European economic growth but it remained too early to assess the full impact of the conflict, European Central Bank (ECB) Vice President Luis de Guindos said. As reported by Reuters, de Guindos said February's 5.8% inflation reading, published earlier in the day, was a negative surprise for the bank. Read more
Bloomberg: Euro-area inflation hits record high
As reported by Bloomberg, eurozone inflation quickened to an all-time high, outstripping expectations as Russia’s invasion of Ukraine threatens to send energy costs soaring at an even faster pace. Consumer prices jumped 5.8% from a year ago in February. Read more |
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MAIN EVENTS -
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French Council presidency informal meeting of the High Level Working Party on Tax Questions -
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For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS Finance Denmark: Banks are key to stopping fraud with state money Almost 10,000 reports of possible fraud with compensation schemes during the COVID-19 crisis have been received between 2020 to 2021, according to new figures from Finance Denmark. This shows the key role of banks in stopping fraud; information-sharing between banks and authorities could allow even more fraud to be stopped. Read more (DK)
AEB: A year to consolidate the recovery
Spanish banks entered the Covid-19 crisis with solid armor in terms of capital and liquidity, allowing them to play an essential role in the recovery. But the commitment of Spanish banks goes beyond this and responds to society's new demands to make a decisive contribution to the construction of a more sustainable and fairer economy, writes José María Roldán, President of the Spanish Banking Association (AEB). Read more (ES)
Finance Latvia: Payment accounts for Ukrainian refugees
In support of the Ukrainian people, several banks have introduced simplified procedures for drawing up an account and a payment card for Ukrainian refugees in Latvia. In some banks, the application for opening an account and the issuance and use of a payment card is free of charge, says Finance Latvia. Read more (LV) |
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FROM THE INSTITUTIONS EBA: Adjustments to the proposed EU Green Bond Standard The European Banking Authority (EBA) published a report analyzing the recent developments and challenges of introducing sustainability in the EU securitization market. The report examines how sustainability could be introduced in the specific context of securitization to foster transparency and credibility in the EU sustainable securitization market and to support its sound development. Read more ECB: Euro area insurance corporation statistics The European Central Bank (ECB) has released the Euro area insurance corporation statistics for the fourth quarter of 2021. The total assets of euro area insurance corporations amounted to €9,231 billion in fourth quarter of 2021, €52 billion higher than in third quarter. Debt securities accounted for 37.8% of the sector's total assets. Read more
SRB: Sberbank Europe AG
In close collaboration with the national resolution authorities, the Single Resolution Board (SRB) decided that no resolution action was necessary for the Austrian parent, Sberbank Europe and adopted resolution schemes for its subsidiaries in Croatia and Slovenia. The European Commission has endorsed the two resolution decisions. Read more |
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FROM THE EBF
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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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