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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.
17 Jun 2021 -
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.
11 Jun 2021 -
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.
11 Jun 2021 -
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.
10 Jun 2021 -
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.
10 Jun 2021 -
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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.
07 Jun 2021 -
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.
03 Jun 2021 -
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.
26 May 2021 -
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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.
25 May 2021 -
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.
24 May 2021
