EBF MORNING BRIEF Wednesday 13 March 2024 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
Bloomberg: ECB oriented to keep banks' minimum reserve level at 1%
The European Central Bank (ECB) is leaning against any immediate change in the amount of money lenders need to park with it interest-free, removing for now the threat of a hit to bank profitability. Ahead of a meeting on a revamp of the ECB’s framework for implementing monetary policy, a push by some officials to increase the Minimum Reserve Requirements from the current 1% has struggled to gain momentum. Bloomberg reports. Read more Reuters: Euro zone banks should consider using profits to fix IT Euro zone banks should consider using their current, high profits to fix issues such as shortcomings in their digital infrastructure, said European Central Bank's (ECB) chief supervisor Claudia Buch. "With the higher profits that we're seeing now, it is also [a] very good opportunity (for banks) to consider, given the uncertainties we are facing, given some of the issues that we have" she said as reported by Reuters. Read more
Finextra: Banks to be given more time to investigate APP fraud
According to Finextra, UK banks will be given an extra 72 hours to stall payments if they suspect authorised push payment fraud. The UK Government confirmed that will introduce a bill to deal with APP fraud, where customers are tricked into sending payments to scammers. The extended timeline for processing payments is intended to give banks more leeway to investigate payments where they believe a suspected fraud may be in operation. Read more |
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MAIN EVENTS Council Working Party on Tax Questions (Indirect Taxation) Council Horizontal Working Party on Cyber Issues SME Observatory of the Belgian Federal Public Service Economy “Access to Finance for SMEs: Assessment and Perspectives” high level event (Sebastien de Brouwer, EBF Deputy CEO, & Burçak İnel, EBF Director of Financing Sustainable Growth, speaking) |
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THE FIRST 2024 BANKING ESSENTIALS WEBINAR
Navigating the Green Asset Ratio: What can it tell us about the sustainability performance of banks?
Thursday 14 March 2024 | 3:00 - 4:00 PM (CET)
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Investors are demanding more sustainability related disclosure, and regulators are also closely monitoring the impact of climate change on companies and financial institutions. In principle, the GAR is a simple ratio quantifying EU Taxonomy-aligned assets as a percentage of total covered assets. As banks disclose their GAR alignment for the first time, what does it tell us about their sustainability performance and efforts to finance the green transition? Can GAR be considered an indicator of progress on meeting institutions’ sustainability commitments? In this upcoming webinar you can learn how to navigate GAR and also what to expect from the upcoming revision to improve its usability. |
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FROM EBF MEMBERS
SBA: The Swiss banking centre is successful and stable
The updated Swiss Banking Outlook published by the Swiss Bankers Association (SBA) points to solid prospects for 2024. As far as economic developments are concerned, the outlook for this year is expected to be mixed. As regards net income in 2024, stronger commission business and services should make up for the expected decline in interest operations. Expectations on cross-border net new money inflows are cautious. Read more
BPFI: Welcoming the statement of the Eurogroup on the future of CMU
The Banking & Payments Federation Ireland (BPFI) claims that further progress on completing Capital Markets Union (CMU) is critical to the long-term funding requirements of Irish and European businesses, alongside boosting the competitiveness of the EU economy. With significant investment needed to deliver the sustainability and digitalisation transitions, having more liquid and efficient capital markets is essential. Read more
Finance Denmark: Investment appetite is back among young people
Throughout the 2010s we saw a declining investment appetite among young people. Covid-19 changed this, and now investment appetite is higher than in the years before the financial crisis, shows a new analysis from Finance Denmark. This is due to the amount of "home time" during the pandemic and inspiration from friends and family. Read more (DK) |
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FROM THE INSTITUTIONS
ECB: Consumers' payment preferences and banking digitalisation
This European Central Bank (ECB) paper contributes to understanding consumers' retail payment preferences and digitalisation in personal finances. It focuses on the acceptance of cashless payments in everyday situations and the use of mobile banking apps in the euro area, where the payment services market has changed significantly in recent years. In particular, it studies app-based tools for day-to-day (offline) purchases that involve small amounts of money as well as digital tools for managing personal finances. Read more
EIOPA: Union-wide Strategic Supervisory Priorities 2024-2026
The European Insurance and Occupational Pensions Authority (EIOPA) identified two strategic objectives that should be monitored in cooperation with the national competent authorities: Financial robustness of insurance undertakings and consumer protection in a disruptive environment. Considering both objectives EIOPA identifies three specific areas to be considered as supervisory priorities. Read more
EP: Better data sharing and less red tape
The European Parliament (EP) voted on new rules to streamline reporting obligations and reduce the administrative burden for the European Union’s financial sector. In the text adopted, MEPs stressed that growing demand for data makes it necessary to gather them in a consistent and standardised way across jurisdictions. 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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact v.barbieri@ebf.eu
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