FSB Europe Group discusses private credit, financial and operational vulnerabilities and securitisation

27 November 2024

The Financial Stability Board (FSB) Regional Consultative Group for Europe (RCG Europe) met on 14 and 15 November in Munich, Germany. The meeting was hosted by the Deutsche Bundesbank and Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). On the first day, members participated in a workshop on the financial stability implications of private credit. Members discussed the drivers of growth of this form of credit and the benefits it brings to the broader economy. They also discussed the need to enhance understanding of potential risks, given limited data on the market, as well as existing regulations. Continue reading…

IBM and Pasqal Plan to Expand Quantum-Centric Supercomputing Initiative

26 November 2024

IBM (NYSE: IBM) and Pasqal have on 21 November announced an update to their intended collaboration to build new, integrated frameworks for quantum-centric supercomputing with Qiskit, the world’s most performant quantum software. The two companies will soon begin developing a unified programming model to facilitate seamless interoperability across different types of quantum computing hardware. This integrated architecture will work across IBM’s next-generation and utility-scale quantum computers, Pasqal’s neutral atom-based quantum devices, and classical high-performance computing (HPC) resources such as CPUs and GPUs. Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

Solvency II review – do we see the light at the end of the tunnel?

25 November 2024

On 5 November 2024, the European Council adopted the two pieces of legislation of the Solvency II review. The first part is the directive that amends the 2009 Solvency II directive, the EU’s main piece of legislation in the insurance area. The second piece of the package is a new directive which introduces new rules on insurance recovery and resolution for all EU insurers and reinsurers.

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The EBA appoints new Director to lead its Economic & Risk Analysis Department

25 November 2024

The European Banking Authority (EBA) has appointed Kamil Liberadzki as new Director of its Economic & Risk Analysis Department. Kamil Liberadzki, who will be responsible for assessing and monitoring financial stability and the risks and vulnerabilities in the EU banking and financial sector, has taken up his new role on 18 November 2024. Continue reading…

IAIS Executive Committee approves Insurance Capital Standard for adoption by IAIS members and concludes Aggregation Method comparability assessment

22 November 2024

The International Association of Insurance Supervisors (IAIS) Executive Committee has approved the final version of the Insurance Capital Standard (ICS) as a prescribed capital requirement for internationally active insurance groups (IAIGs), which will be recommended for adoption at the IAIS Annual General Meeting on 5 December 2024. Continue reading…

Mr Michael Schmid elected new President of Eurojust

21 November 2024

Mr Michael Schmid, National Member for Austria at Eurojust, has on 12 November been elected as the new President of the Agency. He has effectively taken up office on 15 November for a four-year term, replacing the current President, Mr Ladislav Hamran, who is completing his second and final term. Mr Schmid (40) has represented the Austrian judicial authorities at Eurojust as National Member since 2022. Previously, he was Deputy National Member at the Agency and Justice Counsellor at the Permanent Representation of Austria at the European Union in Brussels.

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EU annual budget 2025: Pursuing our political priorities and addressing crises

20 November 2024

The Commission has recently welcomed an agreement between the European Parliament and the European Council on the annual EU budget 2025. This budget will allow the EU to deliver on its political commitments, starting with the changes agreed in the mid-term revision of the Multiannual Financial Framework (MFF). The annual EU Budget for 2025 will amount to €199.4 billion. Continue reading…

FSB assesses the financial stability implications of artificial intelligence

19 November 2024
Knowledge Base

The Financial Stability Board (FSB) has on 14 November published The Financial Stability Implications of Artificial Intelligence, a report outlining recent developments in the adoption of artificial intelligence (AI) in finance and their potential implications for financial stability. Widespread adoption and more diverse use cases of AI have prompted the FSB to revisit its 2017 report on AI and machine learning in financial services. Financial firms currently use AI mainly to enhance internal operations and improve regulatory compliance, but generative AI (GenAI) and large language models have given rise to new use cases, such as document summarisation, information retrieval, and code generation. Continue reading…

Trade-based financial crime accounts for 31% of global fraud costs but just 0.1% of media coverage

18 November 2024

Trade-based financial crime (TBFC) is responsible for an estimated $1.6 trillion in losses each year, nearly a third of the total cost of global fraud, which stands at $5.127 trillion annually. Yet, despite its massive economic impact, TBFC is alarmingly underreported in the media, making up just 0.1% of all fraud-related mentions in articles over the last year.  Continue reading…

Malware targeting millions of people taken down by international coalition

15 November 2024

A global operation, supported by Eurojust, has led to the takedown of servers of infostealers, a type of malware used to steal personal data and conduct cybercrimes worldwide. The infostealers, RedLine and META, taken down on 28 October targeted millions of victims worldwide, making it one of the largest malware platforms globally. An international coalition of authorities from the Netherlands, the United States, Belgium, Portugal, the United Kingdom and Australia shut down three servers in the Netherlands, seized two domains, unsealed charges in the United States and took two people into custody in Belgium.

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