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  • EU/EEA Banking Sector Shows Rising Profitability, But Asset Quality And Profitability Related Risks Are Looming

    Date 13/07/2023

    The European Banking Authority (EBA) today published its Q1 2023 quarterly Risk Dashboard (RDB). The publication presents the results of the EBA’s latest risk assessment questionnaire (RAQ), which was conducted among 85 banks in spring this year. It also includes information on minimum requirement for own funds and eligible liabilities (MREL). Banks’ profitability continued to increase, and their capital, funding and liquidity ratios remain strong. Bank debt issuance has resumed after a temporary halt due to the Silicon Valley Bank (SVB) and Credit Suisse (CS) induced turmoil. A downward trend in liquidity and funding ratios is expected due to repayments of the ECB’s targeted longer-term refinancing operations (TLTRO).

  • Statement By US Secretary Of The Treasury Janet L. Yellen On The Appointment Of Andrea Gacki As FinCEN Director

    Date 13/07/2023

    Secretary of the Treasury Janet L. Yellen issued the following statement on the appointment of Andrea Gacki as Financial Crimes Enforcement Network (FinCEN) Director.

    “For over two decades and across five presidential administrations, Andrea Gacki has been the consummate public servant. She has demonstrated the very best that Treasury has to offer throughout her various roles with the Department, including serving as acting Under Secretary for Terrorism and Financial Intelligence for nearly a year. During her time as Director of OFAC, Andrea guided the office through major world events, including most recently, its role countering Russia’s illegal and unprovoked war against Ukraine, where she helped design our unprecedented sanctions strategy. She expertly deploys Treasury’s financial tools, from financial sanctions to industry guidance and enforcement actions, to hold accountable those who threaten our national security and the international financial system. Andrea is simply an unparalleled fighter against the scourge of illicit finance. As FinCEN embarks on its most ambitious project in recent years – bringing transparency to corporate ownership and protecting the U.S. financial system – there’s no one I trust more to lead the office than Andrea. Andrea’s encyclopedic knowledge of policy, her deep global relationships, and her steady leadership will ensure the Bureau continues to set the international standard for combatting financial crimes."

  • BIS - Fiscal Sources Of Inflation Risk In EMDEs: The Role Of The External Channel

    Date 13/07/2023

    Many emerging market and developing economies (EMDEs) have seen inflation spike after the Covid-19 pandemic following large fiscal stimulus. This has rekindled interest in the fiscal determinants of inflation. Not only could larger fiscal deficits boost inflation by adding to aggregate demand. By eroding investors' confidence in the creditworthiness of the sovereign, they could also lead to a currency depreciation, magnifying the initial inflation response.

  • ESMA: New Q&As Available

    Date 13/07/2023

    The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated the following Questions and Answers:

  • FIA June 2023 SEF Tracker

    Date 13/07/2023

    Trading volume on swap execution facilities reached $928.9 billion in average notional value per day during June 2023. This was up 5.2% from the previous month and up 5.7% from the same month of the previous year. Compared to May 2023, trading was up in every category except the credit sector.