EBF MORNING BRIEF Wednesday 22 March 2023 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: EU banks have cash but shouldn't get complacent
EU banks have cash buffers "vastly" above mandatory minimum levels to cope with market shocks, but lenders should not be complacent given they risk being "caught off guard" by rising interest rates, EU banking regulators said. As reported by Reuters, Andrea Enria, the European Central Bank (ECB)'s top banking supervisor says: "there is no direct read-across of the US events to euro area significant banks." Read more
FT: EU vows to respect bondholders’ rights after Credit Suisse turmoil
The Single Resolution Board (SRB) Chair is adamant Brussels will not take investors in bank debt ‘by surprise’. In an interview with the Financial Times (FT), Laboureix insisted that notwithstanding the decisions in Switzerland, EU authorities would continue to stick to the established pecking order for investors. Read more
CoinDesk: EU crypto banking license procedures are too inconsistent
Requests for crypto licenses by banks that are in countries in the EU need to be more consistent given the divergence of crypto laws within the region, the European Central Bank (ECB) said in its annual report seen by CoinDesk. 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 EBF MEMBERS AEB: The certainty of Spanish banking The banking model in Europe has nothing to do with that of the SVB. The problems of the North American bank are limited to that entity and to a very particular business model. As affirmed by the Spanish Banking Association (AEB), Spanish banks are very solid, have a diversified and stable deposit base, subject to strict supervision, and meet demanding liquidity requirements. Read more (ES)
Finance Finland: Would EU regulation have helped the SVB?
How would the Silicon Valley Bank's case have been resolved in Finland under the current regulation and supervision regime? Olli Salmi, Head of Banking Regulation at Finance Finland tries to answer this question in a recently published blog. Read more Finance Denmark: Consultation response: EMIR review Finance Denmark fully supports the development of the CMU to strengthen the EU and ensure the international competitiveness of EU-located clearing members. The primary focus should be on creating an open EU financial framework that does not restrict or penalize EU companies in competition with non-EU companies. Read more (DK) |
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FROM THE INSTITUTIONS
ECB: Successful launch of new T2 wholesale payment system
The Eurosystem has successfully launched the new T2 wholesale payment system, which comprises an RTGS system and a central liquidity management tool. According to the European Central Bank (ECB), the upgraded system contributes to the harmonization and efficiency of Europe’s financial markets. Read more
EBA: Amendments to reporting on the FRTB reporting
The European Banking Authority (EBA) launched today a public consultation on its draft Implementing Technical Standards (ITS) amending the ITS on specific reporting requirements on market risks (FRTB reporting), aiming at providing supervisors with the necessary tools to monitor these risks. The consultation runs until 21 June 2023. Read more
SRB: EU vows to respect bondholders’ rights after Credit Suisse turmoil
A senior EU policymaker has pledged not to wrongfoot investors by upending bank creditor hierarchies, after a market uproar at Switzerland’s decision to favor shareholders over bondholders in the rescue takeover of Credit Suisse. Dominique Laboureix, chair of the Single Resolution Board (SRB) said fears that additional tier 1 (AT1) bank debt is “not investable anymore” should not apply in the EU. 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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This newsletter is published by the EBF Mediacentre.
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