EBF MORNING BRIEF Tuesday 31 August 2021 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: Villeroy: ECB to take account of improved financing conditions
The European Central Bank (ECB) should take account of recent improvements in financing conditions when discussing the future of its pandemic-related monthly asset purchases, ECB policymaker Francois Villeroy de Galhau said. However, as reported by Reuters, he also stated that there is no urgency to decide on the future of the Pandemic Emergency Purchase Programme at the next ECB's meeting because, unlike the U.S. Federal Reserve, the ECB could adjust its monthly purchases according to financing conditions. Read more
FT: German inflation surges to 13-year high of 3.4%
German inflation has risen to its highest level since 2008, driven by rebounding economic activity, higher energy prices and disruption to global supply chains. According to the Financial Times (FT), the increase is likely to intensify concerns that the eurozone’s ultra-loose monetary policy could cause its largest economy to overheat. Read more Bloomberg: ESG investors warned of ‘shock’ ahead without a shift in strategy Knut Kjaer, the founding chief executive of the Government Pension Fund of Norway and co-author of the UN Principles for Responsible Investment, argues that good climate strategies require much longer time horizons than stock markets generally allow, Bloomberg reports. He says that “for every investment we do and every action we take in a portfolio company, we must have a 10-year-plus horizon”. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
APB: Portuguese Banking Sector Overview
The Portuguese Banking Association (APB) has published a quarterly publication that systematizes and contextualizes the evolution of the banking sector in Portugal. This includes the recent evolution and main indicators highlighting the critical role of the sector in supporting the economy's financing and liquidity needs during the pandemic and also the crucial challenges it still faces in consequence of the COVID crisis and the measures to control it. Read more
Finance Latvia: The Recovery and Resilience Facility is not the only driving force of competitiveness of Latvian companies
The competitiveness of Latvian companies and their development is a widely discussed issue, which became particularly topical due to restrictions caused by the pandemic. In the long term, the plan of the European Union Recovery and Resilience Facility is of huge importance. However, there is a range of other support instruments, also at the national level, says Rolands Legzdiņš, Chairman of the Management Board of AS Expobank to Finance Latvia. Read more
Finance Denmark: EU benchmark for social sustainability on the way
There must be more focus on the social aspects of the sustainable agenda to achieve the UN's global goals. To that purpose, Finance Denmark has drafted five principles to support the EU's work to develop a common standard for socially sustainable activities. This comes after Platform on Sustainable Finance, which advises the European Commission on various aspects of EU taxonomy, has published a preliminary report on how to expand the social dimension of EU taxonomy. Read more (DK) |
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FROM THE INSTITUTIONS
ESRB: EU Non-bank Financial Intermediation Risk Monitor 2021
The European Systemic Risk Board (ESRB) has published the EU Non-bank Financial Intermediation Risk Monitor 2021 (NBFI Monitor). This issue of the NBFI Monitor includes three special features on the vulnerabilities of commercial real estate (CRE) funds; the role of insurers in credit intermediation, their interconnectedness with funds, and the derivatives they hold, as well as the Gamestop, Greensill and Archegos incidents, which highlight the search for yield behavior, interconnectedness and the use of derivatives to increase leverage positions. Read more
ECB: Euro area insurance corporation statistics: 2021 second quarter
Total assets of euro area insurance corporations increased to €9,118 billion in the second quarter of 2021. Debt securities accounted for 39.0% of the sector's total assets in the second quarter of 2021. The second-largest category of holdings was investment fund shares (28.8%), followed by equity (11.4%) and loans (7.2%). Total insurance technical reserves of euro area insurance corporations rose to €6,855 billion, up €57 billion from the first quarter of 2021. Read more
EPC: Call for candidates for the SEPA Payment Account Access Multi-Stakeholder Group (SPAA MSG)
The SEPA Payment Account Access Multi-Stakeholder Group (SPAA MSG) is expected to be established by the European Payments Council (EPC) for the EPC to take up the role of manager of a pan-European scheme in relation to access to payment accounts. The main objective for the first phase of the work of the SPAA MSG is to develop a SPAA rulebook covering prioritized business requirements, for publication by November 2022. 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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