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Results of the September 2026 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)
AI The ECB's September 2026 SESFOD survey, covering June to August 2026 and based on responses from 26 large banks, found that overall credit terms and conditions eased slightly for all counterparty types for a fourth consecutive quarter, mainly through price terms. Demand for securities financing rose for equities and most other collateral types, haircuts decreased, and initial margins fell slightly for several non-centrally cleared OTC derivative types, while valuation disputes increased for several derivative types, particularly credit derivatives.
Piero Cipollone: Money in the digital age: digital euro, tokenisation and the role of central banks
AI In this speech of 6 October 2026, ECB Executive Board member Piero Cipollone argues that central bank money should be extended into the digital environment while preserving the two-tier system in which public and private money coexist. He presents the digital euro for retail payments, and Pontes and Appia for wholesale tokenised finance, as parts of one strategy to keep central bank money at the heart of retail and wholesale finance and to strengthen European resilience and autonomy.
Frank Elderson: Effective supervision through timely remediation
AI In a contribution to a panel at the 17th FMA Supervisory Conference in Vienna on 6 October 2026, Frank Elderson argues that simplification and effective supervision reinforce each other, with ECB Banking Supervision focusing on material risks, requiring timely and durable remediation of all findings, and escalating to more intrusive tools such as capital requirements, business restrictions or periodic penalty payments where weaknesses persist. He notes that outstanding measures across significant banks had risen to around 12,000 by the end of 2025, about 100 per bank on average, and that low-severity findings now only require banks to confirm compliance without submitting further documentation.
Philip R. Lane: Interview with Ansa
AI In an interview conducted on 1 October 2026, Philip R. Lane says the ECB's scenarios are illustrative collections of assumptions, that energy prices are higher than in the baseline but strong second-round effects have not yet been seen, and that AI-related investment and rising long-term yields are key factors. He says AI research is spread across many ECB and Eurosystem groups, and that the interest rate decisions were driven mainly by the inflation implications of the energy shock, with economic resilience helped by fiscal support including the German infrastructure and defence programme and the final year of Next Generation EU.