EBF MORNING BRIEF Tuesday 15 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 FT: EU rules out ban on bank payouts in response to Ukraine crisis EU regulators have ruled out a blanket ban on bank dividends and share buybacks in response to the escalating Ukraine crisis, adopting a more relaxed supervisory response than during the pandemic. A regulator told the Financial Times (FT) that Andrea Enria, chair of the European Central Bank (ECB), and his peers would be “extremely cautious about across the board bans” in the future and that the preferred approach would be “more tailor-made [restrictions] for some specific institutions”. Read more
Bloomberg: ECB sees spillover risks for banks from Russia turmoil
European banks have so far navigated the turmoil resulting from Russia’s invasion of Ukraine but need to be prepared for knock-on effects in seemingly unrelated parts of their business, Bloomberg reports. Direct exposures to Russia are “manageable overall” and even scenarios where banks would walk away from their Russian units appear contained given their capital strength, Andrea Enria, who leads the European Central Bank (ECB)’s Supervisory Board said. Read more S&P Global Market Intelligence: Big European banks unlikely to book Russia-Ukraine war provisions in the near term Big European banks are not expected to book significant levels of provisions in the near term due to the Russia-Ukraine conflict. While noting the war has already led to a material deterioration in the quality of banking assets in Russia and Ukraine for which banks will have to provision, Marco Troiano, Scope Ratings' head of financial institutions, told S&P Market Intelligence final losses will still depend on how the conflict evolves and on the impact of sanctions on the Russian economy. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN European Money Week 2022 |
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| | This European Money Week, we’re putting financial skills front and center in Brussels and around Europe with a campaign dedicated to supercharging financial skills. Being financially skilled is crucial for making good use of the wider financial market opportunities, either in funding or investments. Join us on Thursday 24 March to learn more on how the use of financial skills for capital markets can be enhanced. Best practices and areas for improvement will be at the center of our discussions! |
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FROM THE EBF MEMBERS SBA: Stability and integrity in times of global economic uncertainty At its annual media conference, the Swiss Bankers Association (SBA) presented a sound Swiss financial center with banks performing well. The global economy faces a testing time due to strong inflationary tendencies and the impact of the war in Ukraine. Banks are resilient and maintain strict compliance with the applicable national and international regulations and measures, including sanctions, says the SBA. Read more (DE)
Finance Finland: Financial sector solvency strengthened in 2021
The solvency of the financial sector is at a good level and was further strengthened in 2021, reports Finance Finland. In a press release, the Financial Supervisory Authority (Fiva) stated that the sector has good buffers and starting points to face a weakening economic environment and potential new risks from the Russian attack. Read more (FI)
Finance Latvia: Swedbank card PIN codes in the mobile app
According to Swedbank's data, during the last year, about 18 thousand people have forgotten the PIN code of their payment card, and this is the most common reason why customers choose to order new cards. From now on, all Swedbank customers who have forgotten their payment card PIN code will be able to view it in the bank's mobile application, reports Finance Latvia. Read more (LV) |
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FROM THE INSTITUTIONS ESMA: Assessment and recommendations on MiFIR review proposal The European Securities and Markets Authority (ESMA) published its assessment of the main elements on the European Commission’s (EC) MiFIR review proposal. The letter focuses on the establishment of the consolidated tape provider (CTP) but also includes elements such as equity and non-equity transparency, reporting, and payment for order flow. Read more BIS: Full disclosure: Coming to grips with an inconvenient truth Frank Elderson, Member of the Executive Board of the European Central Bank (ECB) and ECB Vice-Chair of the Supervisory Board delivered a keynote speech on the ECB's supervisory approach on climate-related and environmental risks, published by the Bank for International Settlements (BIS). "Banks can and must do much better to improve the quality of their disclosures, and they need to do it quickly," said Elderson. Read more ECB: Banks’ exposures to Russia overall manageable Russia’s attack on Ukraine has disrupted the steady improvement in how investors view EU banks, says European Central Bank (ECB) Supervisory Board Chair Andrea Enria. Still, given previous restrictions, banks’ planned catch-up with distributions is acceptable. Read more |
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FROM THE EBF
EBF Response: ESMA Call for Evidence on Market Characteristics for ESG Rating Providers in the EU
While ESG providers remain largely unregulated, their influence is expected to grow considerably. According to the EBF, there are a series of underlying challenges, including discrepancies in ESG measurements and ongoing data quality problems. Read more
EBF supports AFME proposal for temporary changes to the CSDR penalties month-end process
The EBF supports the proposal made by the Association for Financial Markets in Europe (AFME) at the invitation of the Advisory Group on Market Infrastructures for Securities And Collateral (Ami-SeCo) of the European Central Bank (ECB) to set out temporary changes to the month-end processing timetable for CSDR late settlement penalties in order to mitigate and manage problems and delays registered by market participants in the context of the live phase started on February 1st, 2022. 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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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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