Green Swan 2024: Impact of Cimate Change on the Real Economy
Global Virtual, November 9, 2024
The fourth edition of the Green Swan Conference, co-organised by the Bank for International Settlements, the Bank of Japan, the Bank of Spain and the Network for Greening the Financial System. brought together high-calibre speakers – comprising corporate leaders from sectors most relevant for GHG emissions, experts, academics and policymakers – to discuss how climate risk, adaptation and mitigation affect the supply side of the economy and what these economic effects imply for the work of central banks.
Economic Bulletin - Issue 7/2024
Frankfurt am Mein, October 31, 2024
At its meeting on 17 October 2024, the Governing Council decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which the Governing Council steers the monetary policy stance – was based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. The incoming information on inflation showed that the disinflationary process is well on track. The inflation outlook was also affected by recent downside surprises in indicators of economic activity. Meanwhile, financing conditions remained restrictive.
Inflation is expected to rise in the coming months, before declining to target in the course of next year. Domestic inflation remains high, as wages are still rising at an elevated pace. At the same time, labour cost pressures are set to continue easing gradually, with profits partially buffering their impact on inflation.
The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. In particular, its interest rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path.
Economic activity
The incoming information suggests that economic activity has been somewhat weaker than expected. While industrial production has been particularly volatile over the summer months, surveys indicate that manufacturing has continued to contract. For services, surveys show an uptick in August, likely supported by a strong summer tourism season, but the latest data point to more sluggish growth. Businesses are expanding their investment only slowly, while housing investment is continuing to fall. Exports have weakened, especially for goods.
Although incomes rose in the second quarter, households consumed less, contrary to expectations.[1] The saving rate stood at 15.7% in the second quarter, well above the pre-pandemic average of 12.9%. At the same time, recent survey evidence points to a gradual recovery in household spending.
The labour market remains resilient. The unemployment rate stayed at its historical low of 6.4% in August. However, surveys point to slowing employment growth and a further moderation in the demand for labour.
The Governing Council expects the economy to strengthen over time, as rising real incomes allow households to consume more. The gradually fading effects of restrictive monetary policy should support consumption and investment. Exports should contribute to the recovery as global demand rises.
Fiscal and structural policies should be aimed at making the economy more productive, competitive and resilient. That would help to raise potential growth and reduce price pressures in the medium term. To this end, it is crucial to swiftly follow up, with concrete and ambitious structural policies, on Mario Draghi's proposals for enhancing European competitiveness and Enrico Letta’s proposals for empowering the Single Market. Implementing the EU’s revised economic governance framework fully, transparently and without delay will help governments bring down budget deficits and debt ratios on a sustained basis. Governments should now make a strong start in this direction in their medium-term plans for fiscal and structural policies.
Inflation
Annual inflation fell further to 1.7% in September, its lowest level since April 2021. Energy prices dropped sharply, at an annual rate of -6.1%. Food price inflation went up slightly, to 2.4%. Goods inflation remained subdued, at 0.4%, while services inflation edged down to 3.9%.
Most measures of underlying inflation either declined or were unchanged. Domestic inflation is still elevated, as wage pressures in the euro area remain strong. Negotiated wage growth will remain high and volatile for the rest of the year, given the significant role of one-off payments and the staggered nature of wage adjustments.
Inflation is expected to rise in the coming months, partly because previous sharp falls in energy prices will drop out of the annual rates. Inflation should then decline to target in the course of next year. The disinflation process should be supported by easing labour cost pressures and the past monetary policy tightening gradually feeding through to consumer prices. Most measures of longer-term inflation expectations stand at around 2%.
Risk assessment
The risks to economic growth remain tilted to the downside. Lower confidence could prevent consumption and investment from recovering as fast as expected. This could be amplified by sources of geopolitical risk, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, which could also disrupt energy supplies and global trade. Lower demand for euro area exports due, for instance, to a weaker world economy or an escalation in trade tensions between major economies would further weigh on euro area growth. Growth could also be lower if the lagged effects of monetary policy tightening turn out stronger than expected. Growth could be higher if the world economy grows more strongly than expected or if easier financing conditions and declining inflation lead to a faster rebound in consumption and investment.
Inflation could turn out higher than anticipated if wages or profits increase by more than expected. Upside risks to inflation also stem from the heightened geopolitical tensions, which could push energy prices and freight costs higher in the near term and disrupt global trade. Moreover, extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices. By contrast, inflation may surprise on the downside if low confidence and concerns about geopolitical events prevent consumption and investment from recovering as fast as expected, monetary policy dampens demand more than expected, or the economic environment in the rest of the world worsens unexpectedly.
Financial and monetary conditions
Shorter-term market interest rates have declined since the Governing Council meeting on 12 September, owing mainly to weaker news on the euro area economy and the further fall in inflation. While financing conditions remain restrictive, the average interest rates on new loans to firms and on new mortgages decreased slightly in August, to 5.0% and 3.7% respectively.
Credit standards for business loans were unchanged in the third quarter, as reported in the October 2024 bank lending survey, after more than two years of progressive tightening. Moreover, demand for loans by firms rose for the first time in two years. Overall lending to firms continues to be subdued, growing at an annual rate of 0.8% in August.
Credit standards for mortgages eased for the third quarter in a row, owing especially to greater competition among banks. Lower interest rates and better housing market prospects led to a strong increase in the demand for mortgages. In line with this, mortgage lending picked up slightly, growing at an annual rate of 0.6%.
Monetary policy decisions
The interest rates on the deposit facility, the main refinancing operations and the marginal lending facility were lowered to 3.25%, 3.40% and 3.65% respectively, with effect from 23 October 2024.
The asset purchase programme portfolio is declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.
The Eurosystem no longer reinvests all of the principal payments from maturing securities purchased under the pandemic emergency purchase programme (PEPP), reducing the PEPP portfolio by €7.5 billion per month on average. The Governing Council intends to discontinue reinvestments under the PEPP at the end of 2024.
The Governing Council will continue applying flexibility in reinvesting redemptions coming due in the PEPP portfolio, with a view to countering risks to the monetary policy transmission mechanism related to the pandemic.
As banks are repaying the amounts borrowed under the targeted longer-term refinancing operations, the Governing Council will regularly assess how targeted lending operations and their ongoing repayment are contributing to its monetary policy stance.
Conclusion
At its meeting on 17 October 2024, the Governing Council decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which the Governing Council steers the monetary policy stance – was based on its updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path.
In any case, the Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation returns to its medium-term target and to preserve the smooth functioning of monetary policy transmission.
Capital Markets Union - Reform of Long-term Investment Funds Benefits Investors and Strengthens EU Capital Markets.
Brussels, October 30, 2024
The European Commission has finalised its reform of the European Long-Term Investment Funds (ELTIFs) rules with the publication of the Commission Delegated Regulation specifying regulatory technical standards (RTS) on 25 October. ELTIFs are EU funds that enable investors to invest in real assets, companies and long-term projects. The revision brings improvements for EU investors and strengthens EU capital markets. It was part of the revamped 2021 capital markets union action plan that aimed at unlocking long-term investments in the green and digital transition and driving sustainable growth across the EU.
The revised regime, commonly referred to as ELTIF 2.0 and applicable since January 2024, makes ELTIFs more accessible and attractive for investors. It removes existing hurdles and enables ELTIFs to be marketed to investors across the EU. ELTIF 2.0 also democratises private investing by empowering retail investors and opening the door to assets classes, projects and investment strategies previously reserved primarily for highly sophisticated institutional investors. Moreover, the new regime enhances investor protection safeguards by introducing a suitability assessment aligned with general rules under the Markets in Financial Instruments Directive (MiFID II), a depositary for retail ELTIFs as well as comprehensive disclosure requirements and investor alerts.
Some of the features of ELTIF 2.0
- Expanded investment universe: The reform significantly broadens the range of eligible assets for ELTIFs, encompassing infrastructure, investments in SMEs, listed and unlisted companies, European innovative enterprises and long-term projects. The flexibility of the ELTIF 2.0 allows fund managers to tailor their investment strategies, liquidity and exposures to a wider range of investment opportunities.
- Enhanced liquidity options: Recognising the need for greater liquidity, ELTIF 2.0 allows for the creation of semi-liquid ELTIFs that can, under certain conditions, offer redemptions in line with the fund’s liquidity situation. In addition, it introduces a mechanism to promote the secondary trading between existing and potential investors. This provides investors with additional possibilities for accessing liquidity.
- Simplified marketing and distribution: The EU-wide passportability of ELTIF 2.0 streamlines the marketing for retail investors, ensuring they have access to clear and concise information, including a Key information document (KID), to make informed investment decisions. This also significantly facilitates marketing processes for asset managers and distributors.
The finalisation of the ELTIF 2.0 reform is expected to stimulate long-term investments in Europe. It marks a turning point for many national investment funds, which are mostly marketed domestically, and therefore are unable to fully reap the benefits of the Single Market. By addressing the shortcomings of the original ELTIF framework, ELTIF 2.0 seeks to mobilise significant private capital, strengthen the EU's capital markets and support projects crucial to the EU's long-term competitiveness. In this way, it will act as a powerful catalyst for advancing the savings and investments union and capital market union objectives.
EMF Quarterly Review - Q2/2024
Brussels, October 30, 2024
Key highlights from the Q2 2024 Quarterly Review
Macroeconomic context:
In the second quarter of 2024 and compared with the previous quarter, seasonally adjusted GDP increased by 0.3% in both the euro area and the EU, according to Eurostat. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.8% in the EU in the second quarter of 2024, after +0.5% in the euro area and +0.6% in the EU in the previous quarter.
The number of employed persons increased by 0.2% in both the euro area and the EU in the second quarter of 2024 compared with the previous quarter. The euro area annual inflation rate was 2.6% in July 2024, up from 2.5% in June, whereas in 2023 the rate stood at 5.3%.
Market developments:
The total residential mortgage stock of the EMF country sample increased slightly to EUR 8.23 tn by the end of the second quarter. This is a decrease of 0.74% y-o-y.
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- Gross lending increased by 1.6% y-o-y in Q2 2024. Total quarterly non-seasonally adjusted gross lending was approximately EUR 198 bn in Q2, compared to EUR 195 bn in Q4 of the previous year. Gross lending increased significantly in Q2 2024 on a y-o-y basis in Hungary (112%) and Czechia (83%), while it decreased the most in France (-26%), Finland (-24%) and Italy (-21%), all values considering EUR figures.
- There are no clear trends or patterns in house prices across the countries considered. The simple average of house price index values for the EMF country sample decreased slightly in Q2 2024 to 161.1 (from 165.4 in Q4, base year 2015). After a strong increase in Q2 2023 and Q1 2024, House Price Indexes (HPIs) have been decreasing.
- Inflation and a resulting depletion of household savings was a significant concern for governments and authorities within the EMF country sample. Consequently, government efforts were mainly focused on addressing housing and mortgage affordability. Additional measures were implemented to support supply, which was under strain from increased input prices in the previous year.
- The average unweighted EMF mortgage interest for Q2 2024 was 4.61%, 12 bps lower than Q2 2024 (4.73%).
Getting Ready for The European Green Bond Standard
Brussels, October 22, 2024
The European green bond standard is a new tool designed to open up opportunities for issuers and investors. The aim is to create a gold standard for green bonds and support the financing of assets needed for the low‑carbon transition.
The standard, which is voluntary, will be available to issuers as of 21 December 2024. It relies on the detailed criteria of the EU taxonomy to define green economic activities, ensures high levels of transparency and creates an EU‑level registration and supervision system for companies carrying out pre‑ and post‑issuance reviews of issuers’ disclosures. The European Securities and Markets Authority (ESMA) will be supervising these external reviewers.
To raise awareness of the European green bond standard and to support its application and use, the European Commission have organised a technical workshop for stakeholders. The event took place online only and was aimed at supporting prospective issuers, investors, external reviewers and other market participants, as well as national supervisors. The objective was to enable an interactive discussion, addressing legal and practical issues linked to the use of the new standard. Our General Secretary, Julio-Marcos García Maceiras, attended on behalf of AEPROSER.
STJUE de 17 de Octubre de 2024. Préstamos Hipotecarios (Desglose de Gastos)
Luxemburgo, 17 de Octubre, 2024.
Reembolso anticipado de un crédito inmobiliario: el consumidor puede recuperar una parte de la comisión vinculada a la concesión del crédito si no ha sido informado de que dicha comisión no depende de la duración del contrato Lo mismo ocurre cuando el consumidor haya abonado dicha comisión mediante un pago único al celebrar el contrato de crédito.
Una consumidora suscribió en Polonia un crédito hipotecario por un período de 360 meses. En el momento de la celebración del contrato de crédito, pagó una comisión vinculada a la concesión del préstamo, que estaba incluida en el coste total de este. La consumidora reembolsó la totalidad del crédito 19 meses más tarde. Solicitó al banco que le devolviera la parte de la comisión en cuestión correspondiente al tiempo de contrato que quedaba por transcurrir, esto es, 341 meses. Al haber desestimado el banco su reclamación, la consumidora interpuso un recurso ante los tribunales.
El órgano jurisdiccional polaco que conoce del asunto alberga dudas acerca de la interpretación de la Directiva sobre los contratos de créditos inmobiliarios celebrados por los consumidores, por lo que pregunta al Tribunal de Justicia si, en caso de reembolso anticipado de un crédito hipotecario, debe procederse a la devolución parcial de la comisión vinculada a la concesión de dicho crédito. A este respecto, subraya que el banco no indicó a la consumidora si los gastos en cuestión están objetivamente vinculados a la duración del contrato de crédito. En caso de respuesta afirmativa, el juez polaco pregunta al Tribunal de Justicia sobre el método de cálculo de la cantidad que debe devolverse a la consumidora.
El Tribunal de Justicia recuerda que el prestamista de un crédito inmobiliario debe facilitar al consumidor información precontractual sobre el desglose de los gastos, en función de su carácter recurrente o no. A falta de información que permita determinar si los gastos en cuestión dependen o no de la duración del contrato, debe considerarse que sí lo hacen y que pueden ser objeto de una reducción en caso de reembolso anticipado. Pues bien, no parece que el banco haya facilitado a la consumidora esa información respecto de la comisión controvertida. En tal situación, el órgano jurisdiccional nacional debe declarar que dicha comisión también está cubierta por el derecho del consumidor a la reducción del coste total del crédito.
En efecto, según el Tribunal de Justicia, el consumidor no puede verse penalizado por la falta de información que el prestamista está obligado a proporcionarle. Además, el hecho de que el consumidor haya pagado un gasto de una sola vez en el momento de la celebración del contrato no significa necesariamente que dicho gasto sea independiente de la duración del contrato y que, por tanto, no pueda ser restituido parcialmente.
El Tribunal de Justicia observa asimismo que el Derecho de la Unión no impone un método de cálculo específico para determinar el importe de la reducción del coste total del crédito. Corresponde al juez nacional pronunciarse sobre este extremo utilizando un método que garantice una protección elevada de los consumidores.
EU Paris-aligned and EU Climate Transition Benchmarks
Brussels, October 17, 2024.
The aim of the event was to hold a general exchange on the successes and shortcomings of the EU Paris-aligned Benchmarks and EU Climate Transition Benchmarks, which entered into application four years ago. The event offered the chance to explore opportunities to improve the regulatory framework to foster the use of these benchmark labels, in order to promote the transition to a low-carbon economy and help align investment strategies with the objectives of the Paris Agreement.
The event aimed to bring together different categories of stakeholders, such as benchmark administrators, asset managers, pension funds, insurance companies and academia. The focus was on gathering insights about the role that EU Paris-aligned Benchmarks and EU Climate Transition Benchmarks played in promoting sustainable investments, whether these labels helped promote best practices outside the EU and looking at the key challenges in designing these indices or in terms of performance (e.g. tracking error compared to parent indices). Our General Secretary, Julio-Marcos García Maceiras, attended on behalf of AEPROSER.
Banco de España - Informes sobre Vivienda - Octubre 2024
Madrid, 16 de Octubre, 2024.
El mercado del alquiler de la vivienda residencial en España: evolución reciente, determinantes e indicadores de esfuerzo.
Este documento examina la evolución del mercado del alquiler de vivienda residencial en España desde la crisis económica iniciada en 2008 y complementa los principales análisis sobre dicho mercado a los que se hace referencia en el Capítulo 4 del Informe Anual 2023 del Banco de España. El análisis presentado documenta una expansión del mercado del alquiler de vivienda que se ha concentrado en determinados colectivos (jóvenes y población de origen extranjero) y áreas geográficas (áreas urbanas y zonas turísticas). Esta evolución ha venido acompañada, a partir de 2015, por un aumento de los precios medios del alquiler que ha sido especialmente intenso en las grandes áreas urbanas. Las dinámicas de precios observadas son el resultado de un crecimiento de la demanda superior al de la oferta, que aumenta a un ritmo insuficiente. Entre los principales determinantes que explican el auge de la demanda de vivienda en alquiler destacan el dinamismo demográfico y la concentración de la población en las grandes áreas urbanas. Al mismo tiempo, se produce un desplazamiento de parte de la demanda residencial al mercado del alquiler en un contexto de prudencia de las entidades financieras en la concesión de crédito hipotecario. Por su parte, la oferta de alquiler residencial en manos de particulares que no son grandes propietarios ha crecido de manera sustancial durante la última década. No obstante, este aumento de la oferta se ha visto limitado ante el auge de usos alternativos de la vivienda (alquileres turísticos, de habitaciones y de temporada), el reducido parque de alquiler social y el escaso dinamismo de la inversión del sector privado institucional en el mercado del alquiler residencial. Como consecuencia de estos desarrollos, la economía española destaca entre las economías de la UE-27 por la significativa proporción de hogares arrendatarios que se encuentran en una situación de sobresfuerzo para hacer frente al gasto que supone el alquiler de una vivienda. Estas situaciones de sobresfuerzo se concentran en los hogares con menores ingresos, entre los que destacan los formados por jóvenes, y en las áreas donde se concentra la actividad económica y turística.
El mercado de la vivienda residencial en España: evolución reciente y comparación internacional
Este documento describe la evolución del mercado de la vivienda residencial en la economía española considerando una perspectiva temporal amplia. Asimismo, este trabajo complementa los principales análisis sobre dicho mercado a los que se hace referencia en el capítulo 4 del Informe Anual 2023 del Banco de España y en el Documento Ocasional 2432, que examina la evolución del mercado del alquiler residencial. La evidencia presentada muestra un notable dinamismo del mercado de la vivienda, en términos de compraventas y precios medios, desde la recuperación económica iniciada en 2014. En el período más reciente, el incremento acumulado de las compraventas se basaría, en buena medida, en el crecimiento demográfico y en la demanda de no residentes. En este contexto, el limitado crecimiento de la oferta de vivienda nueva habría contribuido a sostener el aumento de los precios. Al mismo tiempo, se documentan una recuperación de los flujos de crédito hipotecario y unas condiciones financieras holgadas hasta 2021. Estos desarrollos han sido compatibles con un notable desendeudamiento de los hogares y con la corrección de los desequilibrios acumulados en el mercado inmobiliario durante la primera década del siglo XXI. Además, las vulnerabilidades y los riesgos para la estabilidad financiera asociados al mercado de la vivienda en España se encuentran actualmente contenidos. A esta contención ha contribuido, entre otros factores, la aplicación durante la última década de estándares crediticios más exigentes que los prevalentes antes de la crisis financiera global. La comparación de los indicadores de actividad, precios y crédito inmobiliario con los de las principales economías avanzadas muestra una elevada heterogeneidad en las tendencias observadas y sugiere que el tamaño relativo del mercado de la vivienda residencial en España no se encontraría sobredimensionado.
EEMI DeliverEEM: Launch of a Groundbreaking Energy Efficient Mortgages Ecosystem
Brussels, October 7, 2024.
The European Mortgage Federation-European Covered Bond Council (EMF-ECBC) and its Consortium Partners, Ca' Foscari - University of Venice, CRIF, Modefinance, Operate, Harley&Dikkinson Consulting & Leibniz Institute for Financial Research SAFE, are delighted to formally announce the launch of Delivering the Energy Efficient Mortgages Ecosystem (DeliverEEM). This ambitious project builds on the foundations laid by the EU-funded Energy Efficient Mortgages Initiative (EEMI) and aims to respond to the European Commission's call to increase private sector engagement in financing energy efficiency, thereby accelerating Europe's transition towards a more sustainable future.
The official kick-off event, which will be held during the 3rd EEMI International Sustainable Housing Finance Symposium on 4th October 2024, will feature participation from high-level authorities and Institutions such as the European Commission, the OECD, Banca d'Italia, and the Spanish Ministry of Ecological Transition, who will be present to speak and contribute to discussions on the pivotal role of sustainable finance in the energy transition.
DeliverEEM will scale up and extend the development of Energy Efficient Mortgages (EEM) by creating a fully integrated market ecosystem that ensures an efficient, end-to-end customer journey and optimised market interventions. The project seeks to provide a blueprint for both established and emerging markets, with the potential for global replication, through deeper consumer and market insights, innovative financial operating models and enhanced institutional cooperation.
The launch of DeliverEEM comes at a critical time, as an increasingly complex geopolitical and macroeconomic landscape highlights the urgent need to meet the Paris Agreement's 1.5°C goal. Building on EEMI's previous successes, including its efforts to standardise energy efficiency in loan performance assessments, DeliverEEM will advance the EU's climate targets while supporting the Green Deal and the European Commission's Renovation Wave, which is key to sustainable development and economic growth.
One of the key features of DeliverEEM will be its focus on de-risking energy efficiency investments, improving the articulation of ESG factors in property valuations, and coordinating a streamlined renovation supply chain that puts consumers at the forefront of the transition. The project will also provide tools, mechanisms, and best practices for market players across the value chain, supporting accelerated energy efficiency mortgage market development.
XV Encuentro Financiero. Sector Bancario
Madrid, 7 de Octubre, 2024.
Se ha celebrado hoy en el Auditorio Rafael del Pino el XV Encuentro Financiero. Sector Bancario, organizado por Expansión, KPMG , American Express y CUNEF, con la presencia de nuestro Secretario General, Julio-Marcos García Maceiras.
Reguladores y líderes del mundo financiero han expuesto su visión sobre: (a) Refuerzo del marco de supervisión para un sector financiero fuerte, saneado y competitivo; (b) Seguridad y fortaleza del sector bancario ante la compleja realidad sociopolítica; (c) Estrategias para una actividad bancaria rentable; (d) Palancas tecnológicas para transformar el negocio bancario.
AEPROSER - Junta Directiva nº 82
Madrid, 19 de Septiembre, 2024.
La Junta Directiva ha celebrado sesión ordinaria, en formato presencial en su sede, donde se han estudiado un buen número de temas relativos al sector desde un punto de vista regulatorio, tecnológico y operativo.
Han asistido Santiago Bellver Gabana, Presidente; los Vicepresidentes José María Peñalver de la Calle, Ignacio Menéndez-Morán Reverte y Albert Borràs Arnal; el Tesorero Javier García Alonso; los Vocales Miquel Argelich Berenguer, Jordi Riubrugent Sangenís, José Antonio Portero Vidal, Susana Rodrigo Segovia, Begoña de Luaces González, Emilio Rodríguez Menéndez y Carolina Montalvo Soto, y el Secretario General, Julio-Marcos García Maceiras.
Final Report on EBA Guidelines amending Joint Committee Guidelines on complaints handling for the securities (ESMA) and banking (EBA) sectors
Paris, September 17, 2024.
ESMA and the EBA are proposing to develop complaint handling guidelines for the investment and banking sectors that are identical to the existing EIOPA guidelines for the insurance sector. The objective is to provide EU consumers with a single set of complaints handling arrangements, irrespective of the type of product or service and of the geographical location of the firm in question. This will also allow firms to streamline and standardise their complaints handling arrangements and national regulators to supervise the same requirements across all sectors of financial services
Hypostat 2024
Brussels, September 9, 2024.
The European Mortgage Federation (EMF) is pleased to announce the publication of the 2024 edition of Hypostat, the EMF-ECBC's annual statistical publication encompassing data on recent developments in housing and mortgage markets in Europe and beyond.
The 2024 edition (covering data until end 2023) presents data and analyses for 31 European countries (the EU27 plus Norway, Iceland, Switzerland and the United Kingdom), as well as data from nine additional countries further afield (Australia, Canada, Brazil, Japan, Russia, Singapore, South Korea, Turkey and the United States of America). Besides the country specific data, key facts reported in Hypostat 2024 include:
The European mortgage and housing finance sectors face three key challenges. Firstly, from an environmental standpoint, European residential dwellings must adapt to rapidly changing climate conditions and comply with new building energy performance requirements, to contribute towards meeting the EU's climate goals. The environmental standpoint is elaborated further in an article in Hypostat 2024. Secondly, the demographic changes in Europe, which depict different dynamics in different regions and cities. This leads to heterogenous challenges with some areas facing demographic expansion and house price increases whilst others witness people leaving and house prices falling. Lastly, growing financing costs, driven by central banks' efforts to counter rising inflationary pressure, puts pressure on the affordability of housing and impacts transactions.
On average, the total number of building permits issued continued to decrease by 21% in the EU27, after a 6.5% fall in 2022. The average, unweighted EU27 house price index grew by 3% in 2023, after an 11.6% increase in 2022, slowing down a trend that began in 2013. Compared to 2022, there has been no change in the ranking of the largest mortgage markets. Germany, France, the Netherlands, Spain, Sweden and the UK combined represent 76% of outstanding mortgages in the EU27 plus UK aggregate.
The total EU mortgage market remained quite stable passing from EUR 6.7 trillion in 2022 to EUR 6.8 trillion in 2023 (+0.8%). In the non-Euro area there has been the same increment of 0.8%. Adding the UK, Norway and Iceland, the figure reached EUR 9 trillion outstanding. Average unweighted EU27 interest rates on mortgages stood at 4.72% in 2023 compared to 3.11% in 2022. The UK interest reached 4.81% in 2023 compared to 2.56% in 2022.
Hypostat 2024 is the result of a collaborative effort by EMF national delegations and external experts. On behalf of the EMF Research & Data Committee and its Chairman, Mr Gyula Nagy, which coordinates the preparation of each year's report, we would like to sincerely thank all contributors for making the publication of Hypostat 2024 possible.
European Covered Bond Council - Fact Book 2024
Brussels, August 30, 2024.
The European Covered Bond Council (ECBC) is pleased to announce the publication today of the 19th (2024) edition of the European Covered Bond Fact Book, alongside a comprehensive market intelligence package including the latest, global covered bond market statistics, the ECBC European Secured Note (ESN) Blueprint and the ECBC Statement on the European Banking Authority (EBA) Industry Questionnaire on the Covered Bond Directive Call for Advice.
The European Covered Bond Fact Book 2024, featuring the latest statistical data as of end 2023, builds upon the success of previous editions to cement its place as the definitive source of information in terms of market, regulatory and legislative developments, and statistical data on the covered bond asset class.
his year’s Fact Book demonstrates that covered bonds continue to play a key role in European capital markets, contributing to the efficient allocation of capital, while supporting both economic development and the post-pandemic recovery. Indeed, the amount of outstanding covered bonds rose by EUR 230 bn to stand at over EUR 3.3 tn at the end of 2023. This was the sixth consecutive year of growth, and the pace of growth (+7.6%) was the strongest since 2008. Moreover, it was more than double the growth rate in 2022 (+3%), taking the volume of outstanding covered bonds further above the EUR 3trn mark. The EUR 689 bn of new issuance in 2023 evidences the ability of the asset class to provide essential access to long-term capital market funding. The consistently strong performance of covered bonds and their quality features attract the attention of regulators and market participants worldwide, which, in turn, leads to the increasing recognition of their macro-prudential value. Furthermore, covered bonds are fast becoming a key financial instrument to tackle the environmental challenges of our time and enable the green transition in many countries.
EMF Quarterly Review - Q1/2024
Brussels, July 18, 2024
The European Mortgage Federation (EMF) is delighted to announce the publication of its Quarterly Review of European Mortgage Markets for the first quarter of 2024. Produced in cooperation with the Federation's national experts, the Quarterly Review provides the latest short-term developments in mortgage and housing markets across the EU.
The publication highlights expert analytical commentary together with data tables and charts on the following key indicators: Total outstanding residential mortgage lending; Gross and net residential mortgage lending; Regulation and Government intervention; Nominal house price indices; and Mortgage interest rates.
Key highlights from the Q1 2024 Quarterly Review
Macroeconomic context
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- According to Eurostat, in the first quarter of 2024, seasonally adjusted GDP increased by 0.3% on a quarterly basis in both the Euro area and the EU. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.4% in the Euro area and by 0.5% in the EU.
- Euro area annual inflation is expected to be 2.5% in June 2024, down from 2.6% in May according to a flash estimate from Eurostat. Looking at the main components of euro area inflation, services are expected to have the highest annual rate in June (4.1%, stable compared with May), followed by food, alcohol and tobacco (2.5%, compared with 2.6% in May), non-energy industrial goods (0.7%, stable compared with May) and energy (0.2%, compared with 0.3% in May).
- The number of employed people increased by 0.3% in both the Euro area and the EU, compared to the previous quarter. Compared with the same quarter of the previous year, employment increased by 1.0% in the Euro area and by 0.9% in the EU.
- Continued high interest rates, economic uncertainty, global geopolitical risks and still present monetary policy uncertainty, continue to weigh on mortgage origination. The volume of outstanding mortgages has plateaued in recent quarters, experiencing a modest uptick of approximately 1% from the previous year.
Market developments
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- The total residential mortgage stock of the EMF country sample increased slightly to EUR 8.34 tn by the end of the first quarter of 2024. This is an increase of 1.1% y-o-y, a rate of growth which has slowed over the course of 2023 and Q1 2024 from an initial 1.4% in Q1 2023.
- Gross lending decreased by 8.9% y-o-y. Looking at quarterly figures, there was a sharp decrease (-10.6%) in Q1 2024 reversing growth (4.2%) in the previous quarter. Total quarterly gross lending was approximately EUR 237 bn in Q1, compared to EUR 265 bn in the last quarter of the previous year, the lowest since the COVID-19 pandemic.
- There are no clear trends or patterns in house prices across the countries considered. The simple average of house price index values for the EMF country sample increased slightly in Q1 to 166.5 (from 165.4 in Q4, base year 2015). After a gradual increase in the average value since the global financial crisis of 2008, it decreased slightly in Q4 2022 and Q1 2023, but started to increase again in Q2 2023.
- Inflation and a resulting depletion of household savings was a significant concern for governments and authorities within the EMF country sample. Consequently, government efforts were mainly to address housing and mortgage affordability. Additional measures were implemented to support supply, which was under strain from increased input prices in the previous year.
- The average unweighted EMF mortgage interest rate for Q1 2024 was 4.73%, 22 bps lower than Q4 2023 (4.95%). The average rate for the Euro area countries was 3.95% and 5.84% for non-Euro area countries.
STJUE 04/07/2024. Préstamos Hipotecarios (Control de Transparencia en Acciones Colectivas)
Luxemburgo, 4 de Julio 2024
Sentencia del Tribunal de Justicia en el asunto C-450/22 | Caixabank y otros (Control de la transparencia en acciones colectivas)
Préstamos hipotecarios: es posible controlar la transparencia de las cláusulas suelo en el marco de una acción colectiva que comprenda a todo el sistema bancario de un país Al llevar a cabo ese control, el juez puede tomar en consideración la evolución de la percepción que el consumidor medio tiene de esas cláusulas
Las conocidas como cláusulas suelo son cláusulas tipo contenidas en los contratos de préstamo hipotecario a interés variable celebrados con consumidores por un número considerable de entidades financieras en España. Estas cláusulas fijaban un umbral (o suelo) por debajo del cual no podía situarse el tipo de interés variable, aun cuando el tipo de referencia (generalmente el Euribor) fuera inferior a ese mínimo. En España se presentaron miles de demandas en las que se alegaba la ilegalidad de las cláusulas suelo a la luz de la Directiva sobre las cláusulas abusivas.
La Asociación de Usuarios de Bancos, Cajas de Ahorros y Seguros de España (ADICAE) ejercitó una acción colectiva contra ciento una entidades financieras que operan en España. Dicha Asociación pretende que esas entidades cesen en el uso de las cláusulas suelo y que se devuelvan las cantidades pagadas en aplicación de esas cláusulas. Tras los llamamientos hechos en medios de comunicación de difusión nacional, ochocientos veinte consumidores se personaron en apoyo de la acción colectiva.
Al haber visto desestimadas sus pretensiones en dos ocasiones, los bancos recurrieron en casación ante el Tribunal Supremo. Dicho Tribunal alberga dudas acerca de la adecuación del procedimiento colectivo para llevar a cabo un control de la transparencia de las cláusulas suelo con el fin de apreciar si revisten carácter abusivo, habida cuenta, en particular, de los numerosos consumidores y entidades financieras afectados. Ese mismo Tribunal hace también referencia a la dificultad de utilizar el criterio del consumidor medio para llevar a cabo el control de transparencia en este caso, ya que las cláusulas suelo se dirigían a diferentes categorías específicas de consumidores.
El Tribunal de Justicia señala que ninguna disposición de la Directiva indica que el control judicial de transparencia queda excluido en el marco de una acción colectiva. Ese control debe simplemente adaptarse a las particularidades de las acciones colectivas y concentrarse en las prácticas contractuales y precontractuales estándar del profesional con respecto al consumidor medio. El Tribunal de Justicia observa que, en el presente caso, se cumple el primero de los dos requisitos a los que se supedita el ejercicio de una acción colectiva contra varios profesionales, ya que esta se dirige contra profesionales del mismo sector económico (el de las entidades de crédito). Las dificultades organizativas planteadas por la complejidad del asunto –debida al elevado número de entidades y de consumidores– no pueden menoscabar la efectividad de los derechos subjetivos reconocidos por la Directiva a los consumidores.
El Tribunal de Justicia señala que parece que se cumple también el segundo requisito, ya que, a salvo de las Dirección de Comunicación Unidad de Prensa e Información curia.europa.eu comprobaciones que deberá efectuar el Tribunal Supremo, las cláusulas suelo en cuestión parecen similares. El Tribunal de Justicia añade que el mero hecho de que los contratos en los que estas figuran hayan sido celebrados en momentos diferentes o bajo diferentes regímenes normativos no permite excluir esta similitud.
A continuación, el Tribunal de Justicia destaca que es precisamente la heterogeneidad del público afectado la que hace necesario recurrir a la figura del consumidor medio, cuya percepción global es pertinente a efectos del control de transparencia. No obstante, esta percepción puede haber evolucionado, de modo que el Tribunal Supremo deberá comprobar si la caída de los tipos de interés, característica de los años 2000, o el pronunciamiento de su sentencia de 9 de mayo de 2013, en la que se declaró que las cláusulas suelo no eran transparentes, pudieron provocar un cambio, a lo largo del tiempo, del nivel de atención y de información del consumidor medio en el momento de la celebración de un contrato de préstamo hipotecario.
Basel Committee - Cryptoassets & Other Risks
Basel, July 4, 2024
Basel Committee approves disclosure framework and capital standard for banks' cryptoasset exposures and amendments to interest rate risk in the banking book standard, and agrees to consult on third-party risk principles
Cryptoassets
The Committee reviewed the comments received on its consultations related to a disclosure framework for banks' cryptoasset exposures and a set of targeted amendments to its cryptoasset standard published in December 2022.
It approved a finalised disclosure framework, which includes a standardised set of public tables and templates covering banks' cryptoasset exposures. These disclosures aim to enhance information availability and support market discipline. The framework will be published later this month, with an implementation date of 1 January 2026.
The Committee also approved a set of targeted revisions to the cryptoasset prudential standard. These revisions aim to further promote a consistent understanding of the standard, particularly regarding the criteria for stablecoins to receive a preferential "Group 1b" regulatory treatment. The updated standard will be published later this month, with an implementation date of 1 January 2026.
Members also discussed the prudential implications of banks as potential issuers of tokenised deposits and stablecoins. Members noted that the scale and magnitude of financial stability risks from such products depend in part on their specific structures and jurisdictional laws and regulations. Based on current market developments, these risks are broadly captured by the Basel Framework. The Committee will continue to monitor this area and other developments in the cryptoasset markets.
Interest rate risk in the banking book
The Committee reviewed the comments received on its consultation proposing a set of targeted adjustments to its standard on interest rate risk in the banking book (IRRBB). It approved a set of adjustments to the specified interest rate shocks in the IRRBB standard, consistent with commitments in the standard to periodically update their calibration. The Committee also agreed to make targeted adjustments to the methodology used to calculate these shocks to better capture interest rate changes during periods when rates are close to zero. The updated standard will be published later this month, with an implementation date of 1 January 2026 for the adjustments. These changes are unrelated to the Committee's analytical work on IRRBB following the March 2023 banking turmoil, which is ongoing.
Third-party risk
The Committee agreed to consult on principles for the sound management of third-party risk. The principles would supersede the current guidance on outsourcing in financial services with respect to the banking system. The updated principles reflect the evolution of a larger and more diverse environment of third-party service providers and would help provide a common baseline for banks and supervisors in managing third-party risks. The consultation will be published later this month.
Climate-related financial risks
The Committee reviewed the comments received on its consultation proposing a Pillar 3 disclosure framework for climate-related financial risks. It agreed to continue to work on finalising such a framework as part of its holistic approach to addressing climate-related financial risks
El BdE publica el primer Compendio de Criterios de Buenas Prácticas Bancarias
Madrid, 28 de Junio, 2024
El Banco de España ha publicado hoy el Compendio de Criterios de Buenas Prácticas Bancarias, un documento que reunirá y actualizará periódicamente los estándares de actuación razonablemente exigibles a las entidades supervisadas para una relación responsable con sus clientes. Estas prácticas, no impuestas por la normativa, se han consolidado como esenciales en el sector para garantizar una gestión diligente y respetuosa con los clientes. Esta nueva publicación surge como una guía actualizada para el comportamiento adecuado de los operadores bancarios, en línea con la ética profesional y la protección de los intereses de la clientela.
Estos criterios, que se detallaban en las ediciones anteriores de la Memoria de Reclamaciones del Banco de España, se presentan desde ahora en un documento separado que se mantendrá debidamente actualizado en la web del Banco de España. Por otro lado, la Memoria de Reclamaciones, que incluye también las consultas, seguirá publicándose, anualmente, con el análisis de los datos de cada ejercicio y los criterios de buenas prácticas de nueva aplicación. La presentación por separado de ambos documentos responde a la intensificación de la supervisión de conducta desde 2014 y al deseo de proporcionar a las entidades una guía clara y actualizada para su relación con la clientela, en un entorno regulatorio cada vez más complejo. Al mismo tiempo, aporta a los ciudadanos un recurso adicional para valorar mejor la adecuación de la oferta de las entidades a sus concretas necesidades e intereses.
El Compendio también anticipa, de alguna manera, la futura obligación del Banco de España de elaborar, junto con otros supervisores del sector financiero, una publicación anual sobre buenas prácticas y usos financieros. El documento se estructura en diez capítulos, y aborda las buenas prácticas bancarias en productos y servicios financieros como cuentas, créditos e hipotecas, y procesos complejos como el pago de deudas hipotecarias y la tramitación de testamentarías.
ECB & EU Commission Joint Conference on European Financial Integration
Frankfurt am Main, June 18, 2024.
The Joint Conference of the European Commission and the European Central Bank on European financial integration has taken place this morning. This event has established itself as an important meeting place for a high-level exchange of views between policy makers, regulators, industry leaders, representatives of civil society and academics on current themes that matter for financial integration in Europe. It also marks the launch of the annual European Financial Stability and Integration Review, the flagship publication prepared by the Commission services, and the bi-annual report Financial Integration and Structure in the Euro Area prepared by the ECB. Session 1: Consolidation of EU stock markets – approaches and potential benefits; Session 2: A single EU financial markets supervision - Approaches and potential benefits. AEPROSER has been represented by our General Secretary, Julio-Marcos García Maceiras.
AEPROSER - Asamblea General Ordinaria nº 22
Madrid, 12 de Junio, 2024.
Se ha celebrado la Asamblea General Ordinaria de la asociación, que ha aprobado por unanimidad las cuentas y gestión de la Junta Directiva relativas al ejercicio 2023, así como los Presupuestos 2024. Asimismo ha debatido una amplia serie de cuestiones regulatorias, operativas y tecnológicas bajo la presidencia de Santiago Bellver Gabana y la dirección de Julio-Marcos García Maceiras. La jornada asociativa ha proseguido con un almuerzo de trabajo.
VI Foro Payments: Medios de Pago y Open Finance
Madrid, 28 de Mayo, 2024
Se ha celebrado esta mañana en el Hotel Eurostars Madrid Tower, organizado por el diario Expansión, el VI Foro Payments: Medios de Pago y Open Finance, donde profesionales del sector se han organizado en torno a dos mesas redondas: (i) España-Europa: El Futuro Regulatorio de los Sistemas de Pago; y (ii) Nuevos Desarrollos y Desafíos en los Mediso de Pago. Por parte de AEPROSER, ha acudido nuestro Secretario General, Julio-Marcos García Maceiras.
FISMA Technical Workshop / Macroprudential Policies for NBFI
Brussels, May 22, 2024
The European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) has organized a technical workshop to launch a targeted consultation on macroprudential policies for non-bank financial intermediaries (NBFI).
The event follows the adoption in January 2024 of the Commission report on the macroprudential review for credit institutions, the systemic risks and vulnerabilities of NBFI, and the interconnectedness with the banking sector. The report set out the Commission's intention to involve stakeholders in discussions on these issues in 2024. The objective of this increased stakeholder engagement, including the targeted consultation, is to gather further insight into the markets and business models of NBFI, and the interconnectedness among them and with banks. It also aims to identify gaps in the macroprudential framework and other factors that may contribute to the build-up of systemic risks in NBFI.
The objective of this technical workshop was to contribute to the international debate on macroprudential policies for NBFI, with a focus on (i) the impact of NBFI on financial stability in the EU and how to ensure effective monitoring and risk management for investment funds; (ii) the role of macroprudential authorities in monitoring interconnectedness, deploying macroprudential tools and ensuring cross-border coordination within the EU; (iii) international cooperation in the regulation and supervision of NBFI; and (ivi) international experience and evidence regarding macroprudential policies for NBFI. It aimed to bring together representatives from EU and national authorities, non-EU country authorities, international organizations, and industry. AEPROSER was represented by our General Secretary, Julio-Marcos García Maceiras.
Basel Committee publishes discussion paper on Digitalization of Finance
Basel, May 16, 2024
The Basel Committee on Banking Supervision (BIS) has published a report which considers the implications of the ongoing digitalization of finance on banks and supervision. This report builds on the Sound Practices: Implications of fintech developments for Banks and Bank Supervisors - May 2018 and takes stock of recent developments in the digitalization of finance. The report considers both the benefits and risks of new technologies and the emergence of new technologically enabled suppliers in the provision of banking services. It identifies eight implications for banks and supervisors regarding macro-structural elements, specific digitalization themes, and capacity building and coordination.
Anteproyecto de Ley de Administradores y Compradores de Crédito
Madrid, 14 de Mayo, 2024
El Consejo de Ministros ha aprobado el Anteproyecto de Ley de administradores y compradores de créditos, por el que se transpone la Directiva europea sobre la materia y se modifica la Ley 16/2011, de Contratos de Crédito al Consumo y la Ley 5/5019, de Contratos de Crédito Inmobiliario.
El proyecto normativo refuerza la protección de los consumidores financieros, especialmente de los que se encuentran en situación de vulnerabilidad económica, garantizando que se respetan sus derechos y se les ofrecen soluciones para afrontar sus deudas. Asimismo, se favorece la estabilidad financiera, facilitando que las entidades financieras puedan vender sus carteras de créditos, permitiéndoles sanear sus balances y mejorar su solvencia.
Con este objetivo, el Anteproyecto de Ley, que se publicará en Audiencia Pública para recoger las opiniones de los operadores económicos, regula la compraventa de créditos dudosos y contratos de crédito dudosos realizado por entidades de crédito de la Unión Europea que estén sujetos a la normativa española, estableciendo unas reglas comunes para establecer la operativa de este mercado.
El proyecto normativo regula, en primer lugar, la actividad de administración de créditos dudosos, que consiste en el cobro o la renegociación de créditos dudosos, que pasa a ser una actividad reservada y requiere de la autorización previa del Banco de España. Con el fin de proteger a los consumidores, se establecen como requisitos para obtener esta autorización disponer de un sistema interno adecuado de gestión de reclamaciones, así como una política adecuada que garantice la protección y trato justo de los prestatarios.
Asimismo, se regula la compraventa de créditos dudosos, asegurándose el mantenimiento de las condiciones y derechos de los prestatarios y trasladándose las obligaciones de transparencia, protección e información, incluyéndose el cumplimento de los códigos de buenas prácticas a los que el acreedor inicial estuviera adherido.
Más protección para los consumidores financieros
El proyecto normativo establece garantías adicionales para la protección de los prestatarios, que obligan tanto a los compradores como a los services a dar un trato adecuado e información suficiente, además de contar con un servicio de atención al prestatario y de reclamaciones extrajudiciales adecuado. Con el fin de asegurar el cumplimiento de estas obligaciones el Banco de España supervisará a los compradores de crédito y a los services, estableciéndose, asimismo, el correspondiente régimen de infracciones y sanciones.
En las normativas sectoriales de crédito al consumo y de crédito inmobiliario se introduce la obligación de que los prestamistas cuenten con una política de renegociación de deudas, debiendo ofrecer al prestatario, antes del inicio de acciones judiciales o la exigencia del pago total de la deuda, medidas encaminadas a alcanzar acuerdos de renegociación.
La norma establece condiciones especiales para los prestatarios en situación de vulnerabilidad económica, que son los beneficiarios del Ingreso Mínimo Vital y las personas que se encuentren por debajo de unos umbrales mínimos de ingresos y en los que concurran ciertas situaciones de vulnerabilidad adicionales. En estos casos la entidad prestamista que vaya a vender el crédito dudoso a un tercero deberá ofrecer al prestatario la posibilidad de reembolsar el crédito aplicando una quita o condonación parcial alineada con el importe estimado de la venta del crédito.
Se introducen, además, en la Ley de crédito al consumo medidas adicionales de protección de los deudores, dirigidas a mejorar la información y protección de estos clientes. Así, con este objetivo, se limitan los intereses de demora a cobrar en casos de impagos por parte del consumidor; se definen los supuestos de modificación del tipo de interés en contratos de duración indefinida (como en el caso de las tarjetas revolving), permitiendo a los clientes no aceptar las subidas o cancelar el contrato. Finalmente, se clarifican las condiciones de las indemnizaciones por amortización anticipada en el caso de financiaciones ligadas a la compra de bienes o servicios.
STJUE 25/04/2024. Prescripción de Reclamación de Gastos Hipotecarios
Madrid, 25 de Abril, 2024
Se ha celebrado reunión, auspiciada por nuestro Secretario General, Julio-Marcos García Maceiras, donde una docena de juristas expertos en Banca y Derecho de los Consumidores, ha debatido sobre la importancia y alcance de la sentencia del Tribunal de Justicia de la Unión Europea - TJUE, publicada con fecha de hoy, que viene a complementar otra de 25 de Enero, sobre la prescripción de la acción de reclamación de gastos hipotecarios.
Según el fallo del TJUE, "1) Los artículos 6, apartado 1, y 7, apartado 1, de la Directiva 93/13/CEE del Consejo, de 5 de abril de 1993, sobre las cláusulas abusivas en los contratos celebrados con consumidores, a la luz del principio de efectividad, deben interpretarse en el sentido de que se oponen a que el plazo de prescripción de una acción de restitución de gastos que el consumidor ha abonado, en el momento de la celebración de un contrato con un profesional, en virtud de una cláusula contractual cuyo carácter abusivo se ha declarado por resolución judicial firme dictada con posterioridad al pago de esos gastos comience a correr en la fecha de ese pago, con independencia de si ese consumidor tenía o podía razonablemente tener conocimiento del carácter abusivo de esa cláusula desde el momento de dicho pago, o antes de que por esa resolución se declarara la nulidad de dicha cláusula. 2) Los artículos 6, apartado 1, y 7, apartado 1, de la Directiva 93/13 deben interpretarse en el sentido de que se oponen a que el plazo de prescripción de una acción de restitución de gastos que el consumidor ha abonado en virtud de una cláusula de un contrato celebrado con un profesional cuyo carácter abusivo se ha declarado por resolución judicial firme comience a correr en la fecha en la que el tribunal supremo nacional dictó una sentencia anterior, en otro asunto, en la que declaró abusiva una cláusula tipo que se corresponde con esa cláusula de ese contrato."
Entre otros aspectos debatidos, como la duración específica del plazo de prescripción aplicable, o el supuesto de prestatarios cuyos conocimientos jurídicos y/o financieros exceden a los del consumidor medio, se ha incidido en las repercusiones que de lege ferenda pueda tener el hecho de que el tribunal vuelva a afirmar, como principio general del Derecho de la Unión Europea (ante el que cabe excepción en ciertas condiciones, como es el caso de la legislación española), que "una acción ejercitada por el consumidor a fin de que se declare abusiva una cláusula incluida en un contrato celebrado entre él y un profesional no puede estar sujeta a ningún plazo de prescripción (sentencia de 10 de junio de 2021, BNP Paribas Personal Finance, C-776/19 a C-782/19, EU:C:2021:470, apartado 38 y jurisprudencia citada)".
EU / Financing the Transition to a Climate-neutral Economy
Brussels, April 23, 2024
The European Commission and the EU Platform on Sustainable Finance (Platform) held yesterday a technical workshop to discuss the uptake of the EU sustainable finance framework and to present aspects of the Platform’s work, with the presence of our General Secretary, Julio-Marcos García Maceiras.
On 29 January 2024, the Platform published its “report on a compendium of market practices”, which was presented in a webinar on 6 February 2024. The compendium provides use cases on how different key market participants are adopting the EU sustainable finance toolkit for designing transition strategies, structuring financial transactions, and reporting on sustainability efforts. The compendium illustrates the initial implementation of the key pillars of the EU sustainable finance agenda as set out in the 2018 Commission action plan on financing sustainable growth and confirmed in the 2021 strategy for financing the transition to a sustainable economy.
Against this background, the event intended to foster dialogue and collaboration among financial institutions, industry leaders, the EU Platform on Sustainable Finance and representatives from the European Commission. The workshop shown how the EU sustainable finance framework can mobilise green private finance and support the real economy’s transition efforts, offering business and investment opportunities to companies. Representatives of the Platform presented the compendium and its concrete use cases and discuss transition finance policies, such as transition plans and the connection with the EU taxonomy. Finally, the Platform aired its intermediate report on monitoring capital flows, which includes a methodology to measure the effective contribution of finance towards the objectives of the European green deal, drawing on regulatory disclosures as well as market trends. Participants attended an informal networking event offered by the International Sustainable Finance Centre z.ú. (ISFC).
Banco de España - Memoria de Supervisión 2023
Madrid, 22 de Abril, 2024.
Esta publicación da cuenta de la actuación del Banco de España en materia supervisora y pretende servir para comprender las actuaciones que lleva a cabo. Incluye una descripción detallada de las funciones de supervisión y vigilancia del Banco de España, su organización interna y su desarrollo durante el año, del ejercicio de la potestad sancionadora, de las circulares del Banco de España en materia de supervisión y de su participación en foros internacionales de regulación y supervisión bancaria.
AEPROSER - Junta Directiva nº 81
Madrid, 17 de Abril, 2024.
La Junta Directiva ha celebrado sesión ordinaria, en formato presencial en su sede, donde se han estudiado un buen número de temas relativos al sector desde un punto de vista regulatorio, tecnológico y operativo.
Han asistido Santiago Bellver Gabana, Presidente; los Vicepresidentes Oscar Gómez Sanz, José María Peñalver de la Calle e Ignacio Menéndez-Morán Reverte; el Tesorero Javier García Alonso; los Vocales Jordi Riubrugent Sangenís, José Antonio Portero Vidal y Susana Rodrigo Segovia, y el Secretario General, Julio-Marcos García Maceiras. Posteriormente, se ha disfrutado de un almuerzo de trabajo en un ambiente de gran cordialidad.
ESRB publishes Report on Operational Policy Tools for Cyber Resilience
Frankfurt am Main, April 16, 2024
As part of its macroprudential strategy to advance system-wide cyber resilience, the European Systemic Risk Board (ESRB) today published a report focusing on three groups of operational policy tools:
Tools for gathering, sharing and managing information provide high-quality data for monitoring, tool calibration and ex post management of systemic cyber incidents. These tools, as well as cyber incident reporting centres, are vital for an EU-wide information sharing mechanism. Coordination tools help authorities and financial institutions mitigate potential negative effects on financial stability by ensuring an effective joint response across all stakeholders. The ongoing implementation of a pan-European systemic cyber incident coordination framework (EU-SCICF) will greatly improve efforts in this regard. Emergency and backup systems which are put in place to help ensure continuity of critical economic functions even in acute emergency situations.
Against this background, three avenues may be considered by private and public institutions: improving information management and information sharing efforts; aligning crisis management and coordination practices; considering the pros and cons of system-wide contingency options and backup arrangements. This report builds on the ESRB’s extensive work on how to mitigate risks from a systemic cyber incident. The ESRB’s first report on systemic cyber risk lays the conceptual foundation for a macroprudential response to systemic cyber risk. The report on mitigating systemic cyber risk includes the basis for the systemic impact tolerance objective (SITO) approach to define thresholds beyond which macroprudential policy responses may be needed to avoid severe damage to the financial sector. The report on advancing macroprudential tools for cyber resilience evaluates preventative and remedial responses in the hands of authorities, including the use of capital buffers and cyber resilience scenario testing (CyRST).
The ESRB will continue its work on a comprehensive macroprudential cyber strategy, which will also be in line with the implementation of the Digital Operational Resilience Act (DORA). It is currently piloting the SITO approach, reviewing recent developments in CyRST and further analysing synergies from combining operational and financial policy tools. The European Systemic Cyber Group continues to serve as a hub for macroprudential authorities in the European Economic Area, in collaboration with the Bank of England.
Banco de España - Gobernador : El ciberriesgo y sus implicaciones para la estabilidad financiera.
Bilbao, 12 de Abril, 2024
EU / European Digital Finance Platform
Brussels, March 21, 2024
An online event has launched the second phase of the Digital Finance Platform, taking stock of the current state of play of digital finance, and the way ahead.
The online event followed on from an earlier series of digital finance outreach events starting in 2020, which focused on fintech and digital innovation in the financial sector and aimed to present, informed and shaped the EU digital finance strategy. It also followed the launch event for the platform in 2022. Following the organisation of a pan-European Hackathon for Ukraine, the winner was awarded the prize of working on the reconstruction of Ukraine and helping Ukrainian fintechs in the framework of the country’s EU pre-accession negotiations.
Since then, the legal acts related to crypto-assets and Distributed Ledger Technology (MiCA, DLT Pilot) and operational resilience (DORA) have now entered into force. Proposals on the digital euro and open finance (FIDA) were adopted in June 2023. As a last important deliverable under this mandate, the Digital Finance Platform is entering into its second phase, which includes the introduction of the Data Hub. The objective of the Data Hub is to encourage financial supervisors and innovative firms to work together through data sharing. This feature will provide to participating firms access to synthetic supervisory data to test new solutions and train AI/ML models.
SIMAPRO 2024 - Real State Financing Forum
Madrid, 21 de Marzo, 2024.
Ha tenido lugar a lo largo de la jornada de hoy, en el auditorio de El Beatriz, el Real State Financing Forum, con numerosa participación de destacados profesionales del sector. Por parte de AEPROSER, ha acudido nuestro Secretario Genewral, Julio-Marcos García Maceiras.
Tras la ponencia Inaugural (a) La financiación inmobiliaria vista por el Banco de España, dictada por Ángel Estrada, han seguido (b) Perspectivas de la financiación inmobiliaria en España; (c) Evolución de la financiación bancaria; (d) Las plataformas de financiación participativa como complemento a la financiación bancaria. El fenómeno crowdfunding y crowdlending; (e) Deuda vs capital: los fondos de equity y deuda, una alternativa cada vez más atractiva para la financiación de las empresas. Otras fuentes de financiación alternativa; (f) Optimización financiera: combinando financiación bancaria y alternativa para diseñar la mejor estrategia; (g) Disponibilidad vs financiación de desarrollo de suelo, ¿una relación inversamente proporcional?; (h) La financiación de proyectos destinados al alquiler. ¿Dónde se encuentra la rentabilidad cuando las exigencias son mayores?; (i) ¿Cómo se está comportando la financiación de proyectos residenciales destinados a la venta?
X Jornada Securities Services
Madrid, 5 de Marzo, 2024
Se ha celebrado esta mañana en la sede de Cecabank, organizado por el diario Expansión, una nueva edición de la Jornada Securities Services bajo el título “Activos Digitales, IA y Regulación: claves en el futuro del post-trading”, donde supervisores, bancos, gestoras y empresas tecnológicas han debatido sobre los cambios operativos, tecnológicos y normativos que se están sucediendo, así como los proyectos europeos en post-trade. Por parte de AEPROSER, ha acudido nuestro Secretario General, Julio-Marcos García Maceiras.
AEPROSER - Junta Directiva nº 80
Madrid, 21 de Febrero, 2024.
La Junta Directiva ha celebrado sesión ordinaria, en formato presencial en su sede, donde se han estudiado un buen número de temas relativos al sector desde un punto de vista regulatorio, tecnológico y operativo.
Han asistido Santiago Bellver Gabana, Presidente; los Vicepresidentes Oscar Gómez Sanz, José María Peñalver de la Calle, Vicenç Hernández Reche e Ignacio Menéndez-Morán Reverte; los Vocales Jordi Riubrugent Sangenís, José Antonio Portero Vidal y Diego San José Bernárdez, y el Secretario General, Julio-Marcos García Maceiras. Posteriormente, se ha disfrutado de un almuerzo de trabajo en un ambiente de gran cordialidad.
EU / Financial Literacy, Resilience and Inclusion
Brussels, February 20, 2024
The European Commission and the Belgian Financial Services and Markets Authority (FSMA) have organized a high-level conference on financial literacy, resilience, and inclusion with the attendance of our General Secretary, Julio-Marcos García Maceiras.
Financial resilience is key to ensuring an inclusive society. The COVID-19 pandemic, the increase in energy prices and the rising cost of living showed that an individual’s financial situation can very quickly come under pressure. In this situation, people can easily become financially fragile, increasing the risk of financial and social exclusion. Financial literacy helps people to better manage their money and has a positive impact on their wellbeing. Despite many efforts by different actors, levels of financial literacy in the EU remain too low.
This high-level conference has addressed the different dimensions of financial literacy, resilience, and inclusion and has looked at how to build on existing work in this area. It aims to bring together EU and global experts, policy makers, regulators, representatives of civil society organisations, academics, and other stakeholders to discuss the opportunities, challenges and best practices.
A number of top professionals have displayed their vision on the matter, beginning with Mairead McGuinness (Commissioner for Financial Services, Financial Stability and Capital Market Union, European Commission) and Jean-Paul Servais (Chair, Belgian Financial Services and Markets Authority (FSMA) and Chair of the International Organization of Securities Commissions - IOSCO).
EU / Ensuring Euro Money Transfers Arrive within Ten Seconds
Strasbourg, February 7, 2024
On Wednesday, MEPs adopted new rules to ensure transferred funds arrive immediately into the bank accounts of retail customers and businesses across the EU.
The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers. Banks and other payment service providers (PSPs) will have to ensure credit transfers are affordable and immediately processed. The text, already agreed with EU member states, updates the current Single Euro Payments Area (SEPA) rules.
An instant credit transfer is supposed to be executed regardless of the day or hour and the money must arrive into the recipient’s account within ten seconds. The payer should be also informed within ten seconds of whether or not the funds transferred have been made available to the intended recipient.
Member states whose currency is not the euro will also have to apply the rules, where the accounts already offer regular transactions in euro, after a longer transition period. There will be a special derogation from making the payment within ten seconds for such accounts outside business hours, given possible concerns about access to liquidity in euro.
To guarantee safety, PSPs should have in place robust and up-to-date fraud detection and prevention measures, to avoid credit transfers going into the wrong account due to fraud or error. To this end, PSPs operating in the EU should immediately, and without any additional charges or fees, provide a service to verify the identity of the recipient.
As an additional safeguard against fraud, PSPs should allow their clients to set a maximum amount for instant credit transfers in euro, which could be easily modified prior to the next transfer. If a PSP does not fulfil its fraud prevention duties and this results in financial damage, a client may demand to be compensated by the service provider, according to the new rules.
PSPs offering instant credit transfers should also verify whether any of their clients are subject to sanctions or other restrictive measures related to money laundering and terrorist financing.
Charges applied by a PSP in respect to instant credit transfer transactions in euro cannot be higher than the charges applied to “non- instant” credit transfer transactions in euro.
Michiel Hoogeveen (ECR, NL) the lead MEP said: “The Instant Payments Regulation marks the long-awaited modernisation of payments in the European single market. Customers can now say goodbye to the inconvenience of waiting two or three working days to access their money. We are delivering on something that people and businesses truly care about: transferring money within 10 seconds at any time of the day.”
The text was adopted with 599 votes to 7 and 35 abstentions. The new rules enter into force 20 days after publication in the EU Official Journal. PSPs located in the euro area will have 9 months to be ready to receive instant credit transfers in euro and 18 months to send them.
EU Platform on Sustainable Finance - A Compedium of Market Practices
Brussels, February 2, 2024
A Compedium of Market Practices (How the EU’s Taxonomy and sustainable finance framework are helping financial and non-financial actors transition to net zero) - January 2024.
The report shows the first comprehensive evidence that the EU Taxonomy and the wider sustainable finance framework are being used by the market and have already had a positive impact on the ground. After six years since the adoption of the 2018 Action Plan, the report showcases concrete examples demonstrating the benefits stemming from the uptake of the sustainable finance toolkit by the market as an effective tool to navigate the transition to net zero.
STJUE de 21 de Enero de 2024 - Préstamos Hipotecarios (Prescripción de Reclamación)
Luxemburgo, 25 de Enero, 2024
Sentencia del Tribunal de Justicia de la Unión Europea - TJUE (Sala Novena), pronunciada en el Asunto C-810/21 (acumulados C-810/21, C-811/21, C-812/21, C-813/21) / Caixabank, sobre prescripción del reembolso de los gastos hipotecarios:
"[...] los artículos 6, apartado 1, y 7, apartado 1, de la Directiva 93/13, en relación con el principio de efectividad, deben interpretarse en el sentido de que se oponen a una interpretación jurisprudencial del Derecho nacional según la cual, a raíz de la anulación de una cláusula contractual abusiva por la que se imponen al consumidor los gastos de formalización de un contrato de préstamo hipotecario, la acción restitutoria relativa a tales gastos está sujeta a un plazo de prescripción de diez años a contar desde que la referida cláusula agota sus efectos con la realización del último pago de dichos gastos, sin que se considere pertinente a estos efectos que ese consumidor conozca la valoración jurídica de esos hechos. La compatibilidad de las normas por las que se rige un plazo de prescripción con las citadas disposiciones debe apreciarse teniendo en cuenta el conjunto de esas normas.
[...] la Directiva 93/13 debe interpretarse en el sentido de que se opone a una interpretación jurisprudencial del Derecho nacional según la cual, para determinar el inicio del cómputo del plazo de prescripción de la acción que puede ejercitar el consumidor para obtener la restitución de las cantidades pagadas indebidamente con arreglo a una cláusula contractual abusiva, puede considerarse que la existencia de una jurisprudencia nacional consolidada sobre la nulidad de cláusulas similares constituye una prueba de que se cumple el requisito relativo al conocimiento, por el consumidor de que se trate, del carácter abusivo de esa cláusula y de las consecuencias jurídicas que se derivan de ella."