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  • ECB’s Schnabel hints at shape of green QE

    ECB’s Schnabel hints at shape of green QE

    The pace at which central banks are accelerating towards skewing monetary policy to support the fight against climate change was brought home this week by a speech by Isabel Schnabel, an executive board member at the European Central Bank, in which she went further than ever before in calling for strong action and hinted at how the ECB might do it.

  • AFME: too soon for ECB to relax lev ratio relief

    AFME: too soon for ECB to relax lev ratio relief

    Any talk of relaxing leverage ratio relief in the eurozone is premature, according to the Association for Financial Markets in Europe, which said this week that the support measure must remain in place until the economy has moved on from the impact of the pandemic.

  • BofA forms EMEA ESG council as it seeks ‘glidepath’ to lower emissions

    BofA forms EMEA ESG council as it seeks ‘glidepath’ to lower emissions

    Bank of America has set up an EMEA ESG strategic council chaired and led by three senior investment bankers, to intensify its effort to reduce its carbon footprint and manage its climate risks. BofA made a net zero commitment in February but has not yet set out its decarbonisation trajectory.

  • UK to be torn between harmony and leadership on green regulation

    UK to be torn between harmony and leadership on green regulation

    The UK has begun the process of creating its own versions of the European Union’s sustainable finance regulations, by picking a Green Technical Advisory Group to help it draft a green taxonomy. It will face two conflicting priorities: to maximise harmonisation by staying close to EU rules; and to depart from them, for a variety of reasons including the possibility of improving on the EU’s approach.

  • First GBP update since 2018 calls for holistic disclosure

    First GBP update since 2018 calls for holistic disclosure

    The Green and Social Bond Principles organisation published the first new version of the Green Bond Principles since 2018 on Thursday. It strengthens the recommendations that issuers publish a bond framework and obtain an external review, and encourages issuers to communicate about their organisation-wide sustainability efforts, not just the assets linked to the labelled bond.

  • Counting down the gigatonnes: Tuffley on Citi’s low carbon transition

    Counting down the gigatonnes: Tuffley on Citi’s low carbon transition

    Leaving investment banking to join the world of impact investing and environmental NGOs is not something people do lightly. But having made that move a decade ago, Keith Tuffley has been tempted back, to help shape the response of Citigroup’s investment bank to the accelerating rise of sustainability.

  • Markets grapple with final verdict on MREL permissions

    Markets grapple with final verdict on MREL permissions

    Market participants are coming to terms with new technical standards from the European Banking Authority, which give the final say on how issuers should interact with supervisors when they manage their regulatory debt instruments.

  • Latvian covered bonds come of age

    Latvian covered bonds come of age

    Aija Zitcere, director in the financial markets policy department of the Latvian Finance Ministry and her colleague, Imants Tiesnieks, a senior expert in the same department, discuss the main features of Latvia’s covered bond law, which was approved by its Parliament on Wednesday.

  • Deutsche lifts bonnet on sustainability engine

    Deutsche lifts bonnet on sustainability engine

    Deutsche Bank held a three hour “deepdive” into its sustainability actions for clients, investors, the press and NGOs last week, with its CEO Christian Sewing and all its business heads. It coincided with an array of announcements, which even earned a favourable comment from Moody’s, including that Deutsche is accelerating its €200bn sustainable financing target. But those hoping for more detail on how Deutsche will decarbonise its financing were disappointed.

  • EBA report reveals gaps in GAR disclosures

    EBA report reveals gaps in GAR disclosures

    The European Banking Authority has published its first EU-wide climate risk assessment. It reveals that many banks lack the granular data required to reliably estimate their green asset ratios.

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