FROM THE MEDIA

FT: ECB says Sberbank’s European subsidiaries face failure

The European Central Bank (ECB) has warned that the European subsidiaries of Russia’s largest bank, Sberbank, face failure because of the impact of sanctions. The ECB’s assessment “follows a rapid and significant deterioration of the liquidity situation” at Sberbank Europe in Austria and its subsidiaries in Croatia and Slovenia, the Single Resolution Board (SRB) announced. As reported by the Financial Times (FT), the SRB had suspended payments, enforcement and termination rights. Read more

Reuters: Russia hikes rates and introduces capital controls

Russia's central bank more than doubled its key policy rate and introduced some capital controls as it scrambled to shield the economy from Western sanctions. The main interest rate will rise to 20%, Reuters writes. The monetary authority also ordered companies to sell 80% of their foreign currency revenues and increased the range of securities that can be used as collateral to get loans. Read more

Bloomberg: Eurozone may be at risk of stagflation

Mario Centeno, Governor of the Bank of Portugal and Member of the European Central Bank (ECB) governing council says that in spite of the war in Ukraine, “the traction of growth that the economy was following will prevail.” But, “stagflation is not out of the possibilities that we can face," Centeno added during an interview with Bloomberg. Watch now

MAIN EVENTS

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• Council Horizontal Working Party on Cyber Issues

• French Council presidency conference on the circular economy

• EESC 'Circular Economy Stakeholder Conference | Towards a new normal: Sustainable products for sustainable consumption' conference

For a full-year overview of key financial regulation events: click here

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FROM THE EBF MEMBERS

AEB: Markets uncertainty

José Luis Martínez, spokesman for the Spanish Banking Association (AEB) discusses the current state of financial markets in Europe and the ways forward for the banking sector. "The most prudent thing to do in the short term is to subordinate any decision to reinforcing financial stability," he says. Read more (ES)

UK Finance: Economic Crime Bill

UK Finance welcomes the government’s announcement to bring forward an Economic Crime Bill to tackle money laundering through the UK. "The banking and finance industry is committed to making the UK the safest and most transparent place in the world to do business," David Postings, Chief Executive of UK Finance said. Read more

Finance Norway: The financial sector for a sustainable future

To achieve the goal of cutting greenhouse gas emissions in line with the obligations in the Paris Agreement, the financial industry is an important tool. Public budgets are not enough but public and private capital must pull in the same direction. Commenting on the work of Associate Professor Espen Henriksen, Finance Norway calls for the support of academia to pave the way for a sustainable future. Read more (NO)

FROM THE INSTITUTIONS

SRB determines Sberbank Europe in Austria, and its subsidiaries in Croatia and Slovenia as failing or likely to fail

Following the European Central Bank (ECB)’s assessment, the Single Resolution Board (SRB) has decided that Sberbank Europe in Austria and its subsidiaries in Croatia and Slovenia are failing or likely to fail. The SRB has applied a suspension of payments, enforcement, and termination rights, known as a moratorium. Depositors will be able to withdraw a daily allowance amount, determined by the respective national resolution authorities. Read more

ECB: Small steps in a dark room

Faced with exceptionally high uncertainty, the European Central Bank (ECB) should accompany the economic recovery with a light touch, adjusting the monetary policy moderately and progressively as it receives feedback on the effects of its actions, says ECB Executive Board member Fabio Panetta. Read more

BIS: Quarterly Review

The March 2022 Bank for International Settlements (BIS) Quarterly Review showcases research that highlights the key issue of the funding sources of financial intermediaries and how this affects the volatility of lending by both banks and non-banks. The Quarterly also reviews financial market developments in the three-month period before the recent eruption of geopolitical conflict. Read more

FROM THE EBF

The EBF on the latest developments in the legislative process of the proposal for a corporate sustainability reporting directive

The EBF reiterates its support for the proposal for the Corporate Sustainability Reporting Directive, which will be a key enabler in ensuring financial institutions are able to assess the sustainability profile of their portfolios and allocate capital effectively to serve the goals of the European Green Deal. Read more

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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European Banking Federation