EBF MORNING BRIEF Wednesday 22 May 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’s Kazaks warns against hasty rate cuts after June
The pace of European Central Bank (ECB) interest-rate cuts must match the gradual slowdown of euro-area inflation, according to Governing Council member Martins Kazaks. June seems the moment to start lowering borrowing costs, but decisions on any subsequent steps are best determined by incoming data, the Latvian official told Bloomberg. Read more S&P Global Marjet Intelligence: Higher-for-longer rate expectations brighten UK banks' 2024 margin outlook Higher-for-longer rates should support UK bank margins in 2024 as pressures from deposit repricing have also started to ease. Current market expectations suggest Net interest margins (NIM) will increase at Barclays and NatWest in 2025 and 2026, with Lloyds' NIM rising in 2025 and declining in 2026, notes S&P Global Market Intelligence. Read more Reuters: Europe sets benchmark for the world with landmark AI laws Europe's landmark rules on artificial intelligence will enter into force next month after EU countries endorsed on Tuesday a political deal reached in December, setting a potential global benchmark for a technology used in business and everyday life, Reuters reports. The EU's AI Act is more comprehensive than the US' light-touch voluntary compliance approach while China's approach aims to maintain social stability and state control. Read more |
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Launch of the C-ESG Risk Roundtable
Climate Scenario Analysis Workstream Tuesday, 28 May 2024 - 2.00 pm |
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Bank, as well as supervisors, do recognize that environmental factors could be a source of financial risk. While banks are making tangible progress, they are facing numerous operational and implementation challenges, many of which are neither originated, nor inherent to the banking industry. Some will need to be addressed at the level of individual organizations, others will benefit from collaborative approaches.
To further strengthen the dialogue within the banking sector and to facilitate the discussion with the European Central Bank (ECB), a high-level Environmental, Social, and Governance Risk Roundtable (C-ESG Risk RT) was set up by the European Banking Federation (EBF) with the participation of 13 European banks.
On 28 May 2024, we will be launching the third report
resulting from the discussions and deliberations of the
C-ESG Risk Roundtable Climate Scenario Analysis Workstream.
The report will be available on the EBF website on 28 May,
after the launch event
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FROM EBF MEMBERS
BPFI: EU Policy Recommendations 2024 – 2029
Ireland is in a prime position to become a significant hub for key capital markets activity within the EU, according to Banking and Payments Federation Ireland’s (BPFI) EU policy recommendations for 2024-2029, published ahead of the European elections. Read more
Finance Norway: The financial industry takes action against fraud
Fraud is a major societal problem. According to Finance Norway, criminal organisations are financing more and more dangerous crime, and in some cases terrorism, by stealing money digitally. The financial industry is now launching a crackdown on fraud. Read more (NO)
UK Finance: Assessing the impact of Basel 3.1 on mid-tier banks’ ability to support the UK economy
Working with UK Finance and its members, Ernst & Young LLP has examined the effects on mid-tier banks’ ability to lend to Small and Medium Enterprise (SME) and provide buy-to-let mortgages under the PRA’s proposals for implementing Basel 3.1 in the UK. Read more |
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FROM THE INSTITUTIONS
ECB: Euro area monthly balance of payments: March 2024
The European Central Bank (ECB) published the Balance of Payments referring to March 2024. The current account of the euro area recorded a surplus of €36 billion in March 2024, an increase of €7 billion from the previous month. Surpluses were recorded for goods, primary income and services. Read more
ESMA: Consultation on new technical standards under MiFIR review
The European Securities and Markets Authority (ESMA) is launching a public consultation on non-equity trade transparency, reasonable commercial basis (RCB) and reference data under the Markets in Financial Instruments Regulation (MiFIR) review. ESMA’s proposals aim at enhancing the information available to stakeholders by improving, simplifying and further harmonising transparency in capital markets. Read more BIS: Regional payment infrastructure integration Over the past two decades, through a combination of digital innovations in payments and evolving end user needs and preferences, the regional integration of payment infrastructures has been expanding. This enabled cross-border transactions for financial market participants or their customers, often between countries within a region. The Bank for International Settlements (BIS) provides some insights for interlinking fast payment systems. 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 r.hrelja@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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