EBF MORNING BRIEF Wednesday 23 November 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
Bloomberg: Simkus says half-point December rate hike is the minimum
The European Central Bank (ECB) must lift interest rates by a half-point in December to tackle record inflation, according to ECB Governing Council member Gediminas Simkus. As reported by Bloomberg, a third straight 75 basis-point increase is also possible. Read more
FT: Spain set to approve mortgage relief plan
Spain will act to reduce the impact of higher borrowing costs on mortgage holders by approving a package of relief measures, the Financial Times (FT) reports. After weeks of talks between the government and banks, the Spanish cabinet is due to authorize moves that include a reduction in interest rates during a five-year grace period. Read more
Reuters: EBRD warns of 'zombie' firms if pandemic measures continue
The European Bank for Reconstruction and Development (EBRD) urged governments to rethink support measures for companies, warning that propping up "zombie" firms could have a knock-on effect on healthy businesses. "Bankruptcies in the EU member states are down," Beata Javorcik, EBRD's chief economist told Reuters. "There is a risk of zombification if emergency measures from governments are extended for much longer." Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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COMING TOMORROW EBF Digital Thursdays |
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 | Instant payments were rolled out in Europe in 2017 and have since been steadily taken up by the market. Instant payments have also become an important part of the retail payments strategies of the European Commission and the European Central Bank. This October, the Commission adopted a legislative proposal that seeks to bring instant payments towards the ‘new normal’.
Tomorrow, do not miss our Digital Thursday Close-Up to discuss the proposal, what it means for the industry, and how it will impact the potential for building pan-European solutions based on instant payments.
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FROM EBF MEMBERS
Finance Finland: Deputy Managing Director Esko Kivisaari retires
Finance Finland’s Deputy Managing Director Esko Kivisaari is retiring at the end of November 2022. Esko Kivisaari’s domains of expertise have encompassed insurance and pensions and, for the last few years, sustainable finance. Responsibility and sustainability have always been close to his heart. Read more
SBA: Swiss financial sector: an economic driver in times of uncertainty
In a study, BAK Economics examines the economic importance of the Swiss financial sector. Due to the high proportion of highly qualified employees, the financial center generates 9.4% of the gross value added of the entire Swiss economy, the study finds. The Swiss Bankers Association (SBA) stresses that the financial sector has proven to be an engine of employment and growth and can provide positive impulses to the economy. Read more (FR)
Finance Latvia: People ready to invest for their old age
It seems that people in Latvia are aware of the connection between the investments we make today and future financial stability, Finance Latvia writes. According to a study by Swedbank, 68% of people are ready to make regular monthly contributions for their future, and a large number are ready to start doing so at a relatively young age. Read more (LAT) |
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FROM THE INSTITUTIONS
ECB: Consolidated financial statement of the Eurosystem
The European Central Bank (ECB) has published the consolidated financial statement of the Eurosystem as at 18 November 2022. Read more
BIS: New digital technologies and the financial system
Pablo Hernández de Cos, Governor of the Bank of Spain discussed financial innovation at the 20th Anniversary Conference of the Bank for International Settlements (BIS) Representative Office for the Americas. "Choosing and calibrating the right tools is key to making the most of the opportunities that digitalization offers while mitigating its risks," he says. Read more
EBA: Guidelines on remote customer onboarding
The European Banking Authority (EBA) published its final Guidelines on the use of remote customer onboarding solutions. These Guidelines set out the steps credit and financial institutions should take to ensure safe and effective remote customer onboarding practices in line with applicable anti-money laundering and countering the financing of terrorism (AML/CFT) legislation and the EU’s data protection framework. Read more |
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FROM THE EBF
EBF: Eelco Dubbeling, Managing Director of NVB appointed the new Chair of the EBF Executive Committee
The European Banking Federation (EBF) is thrilled to announce Eelco Dubbeling, Managing Director of the Dutch Banking Association (NVB), as the new Chair of the EBF’s Executive Committee for a two-year term, starting from January 1st, 2023. Read more
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.
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