Coverage: Q4 2024 · Information to 3 April 2025
Originally Published as TGB Premium Intelligence
This report was first made available exclusively to TGB Premium subscribers. It is now available as open access as part of TGB's research archive.
TGB Quarterly Regional Banking Monitor · 3 April 2025
Most European central banks kept easing through the fourth quarter of 2024 and into 2025, taking the ECB deposit facility rate to 2.50% in March, while euro area significant institutions ended 2024 with a 15.86% CET1 ratio and a 9.54% annualised return on equity.
The desk view
Monetary easing spread across most of Europe in the fourth quarter of 2024 and the first quarter of 2025. The ECB cut four times between 17 October 2024 and 6 March 2025, taking its deposit facility rate to 2.50%, while the SNB took its policy rate to 0.25%. Bank balance sheets entered this phase strong: the aggregate CET1 ratio of euro area significant institutions was 15.86% in the fourth quarter of 2024 and EU/EEA banks earned a 10.5% return on equity in 2024. The pressure points are at the margin rather than in aggregate. At euro area significant institutions, stage 2 loans rose to 9.93% of loans, the NPL ratio on commercial real estate loans edged up to 4.60%, and banks tightened credit standards for business loans again in the fourth quarter. The EU/EEA net interest margin has slipped below its March 2024 peak, while fee income is still growing.
The regional picture
The ECB lowered its three key interest rates by 25bp on 17 October 2024, taking the deposit facility rate to 3.25% from 23 October. It cut by a further 25bp on 12 December, to 3.00% from 18 December. The pace held into 2025: the deposit facility rate fell to 2.75% from 5 February after the 30 January decision, and to 2.50% from 12 March after the decision of 6 March. By March the ECB described monetary policy as becoming meaningfully less restrictive, and said it was not pre-committing to a particular rate path.
Elsewhere, the direction was mostly the same but the pace differed. The Bank of England, the SNB and the Riksbank also cut, while Norges Bank, the Czech National Bank and the Magyar Nemzeti Bank held in March 2025. The Central Bank of the Republic of Türkiye (CBRT) cut its policy rate three times but raised its overnight lending rate on 20 March 2025.
European policy rates after the last decision on or before 27 March 2025
| Central bank | Policy rate | Latest decision | Moves since October 2024 |
|---|---|---|---|
| ECB (deposit facility rate) | 2.50% | Cut 25bp on 6 March 2025 | Four 25bp cuts: 17 Oct 2024, 12 Dec 2024, 30 Jan 2025, 6 Mar 2025 |
| Bank of England (Bank Rate) | 4.5% | Held on 19 March 2025 (8–1 vote) | Cut to 4.75% on 6 Nov 2024 and to 4.5% on 5 Feb 2025 |
| Swiss National Bank | 0.25% | Cut 25bp on 20 March 2025 | Cut 50bp on 12 Dec 2024 and 25bp on 20 Mar 2025 |
| Sveriges Riksbank | 2.25% | Held on 20 March 2025 | Cut from 2.5% to 2.25% on 29 Jan 2025; 1.75 percentage points of cuts since May 2024 |
| Norges Bank | 4.5% | Held on 26 March 2025 | Unchanged since December 2023 |
| Czech National Bank (two-week repo) | 3.75% | Held on 26 March 2025 | Not available |
| Magyar Nemzeti Bank (base rate) | 6.50% | Held on 25 March 2025 | Not available |
| Central Bank of the Republic of Türkiye (one-week repo) | 42.5% | Overnight lending rate raised to 46% on 20 March 2025 | Cut from 50% to 42.5% in three steps: 26 Dec 2024, 23 Jan 2025, 6 Mar 2025 |
Source: European Central Bank, Monetary policy decisions, 17 October 2024; European Central Bank, Monetary policy decisions, 12 December 2024; European Central Bank, Monetary policy decisions, 30 January 2025; European Central Bank, Monetary policy decisions and statement, 6 March 2025; Bank of England, Monetary Policy Summary, November 2024, 7 November 2024; Bank of England, Monetary Policy Summary, February 2025, 6 February 2025; Bank of England, Monetary Policy Summary, March 2025, 20 March 2025; Swiss National Bank, Monetary policy assessment, 12 December 2024; Swiss National Bank, Monetary policy assessment, 20 March 2025; Sveriges Riksbank, Policy rate decision, 29 January 2025; Sveriges Riksbank, Policy rate decision, 20 March 2025; Norges Bank, Rate decision March 2025, 27 March 2025; Czech National Bank, Bank Board decision, 26 March 2025; Magyar Nemzeti Bank, Monetary Council decision, 25 March 2025; Central Bank of the Republic of Türkiye, Interest rate decision (2024-69), 26 December 2024; Central Bank of the Republic of Türkiye, Interest rate decision (2025-05), 23 January 2025; Central Bank of the Republic of Türkiye, Interest rate decision (2025-15), 6 March 2025; Central Bank of the Republic of Türkiye, Interim MPC decision (2025-20), 20 March 2025.
Euro area: strong capital, softer returns
The ECB's supervisory banking statistics for the fourth quarter of 2024 show capital edging up while profitability eased from its third-quarter level. The aggregate CET1 ratio of significant institutions rose to 15.86% from 15.74% in the third quarter, broadly level with a year earlier. Across countries it ranged from 12.88% in Spain to 22.05% in Latvia. The annualised return on equity fell to 9.54% from 10.09% in the third quarter, but was above the 9.32% of a year earlier. The aggregated net interest margin has been broadly stable at around 1.60% since the fourth quarter of 2023, with a range from 0.89% in France to 3.54% in Slovenia.
Euro area significant institutions: key indicators
| Indicator | Q4 2023 | Q3 2024 | Q4 2024 |
|---|---|---|---|
| CET1 ratio | 15.87% | 15.74% | 15.86% |
| Annualised return on equity | 9.32% | 10.09% | 9.54% |
| NPL ratio (excluding cash balances) | 2.30% | 2.31% | 2.28% |
| Stage 2 loans, share of total loans | 9.73% | 9.74% | 9.93% |
| Loan-to-deposit ratio | 102.74% | 102.13% | 100.43% |
Asset quality was stable in aggregate but uneven underneath. The stock of NPLs fell by €4.09 billion in the quarter while loans and advances rose by €21.19 billion, leaving the NPL ratio at 2.28%. The NPL ratio on loans to non-financial corporations eased to 3.52%, but the ratio on loans collateralised by commercial real estate rose to 4.60%, up from 4.53% a year earlier. The loan-to-deposit ratio fell to 100.43%, the lowest since the series began in 2015.
Euro area significant institutions: NPL ratios by segment
| Segment | Q4 2023 | Q3 2024 | Q4 2024 |
|---|---|---|---|
| Non-financial corporations | 3.48% | 3.65% | 3.52% |
| Households | 2.19% | 2.25% | 2.23% |
| Commercial real estate collateralised loans | 4.53% | 4.56% | 4.60% |
| Small and medium-sized enterprises | 4.62% | 4.88% | 4.75% |
### Lending and credit conditions Lending picked up gradually from low levels. Growth in bank lending to euro area firms was 1.2% in October 2024, and the annual growth rate of adjusted loans to non-financial corporations reached 2.2% in February 2025. Adjusted loans to households grew 1.5% in February 2025. The average interest rate on new loans to firms fell to 4.2% in January 2025 from 4.4% in December, and the average rate on new mortgages fell to 3.3% from 3.4%. Supply conditions were less supportive: the ECB's bank lending survey showed credit standards for business loans tightening again in the fourth quarter of 2024, mainly because banks were more concerned about the risks faced by their customers. Credit standards for mortgages were broadly unchanged, while mortgage demand again rose strongly. On the funding side, household deposits grew 3.4% and deposits of non-financial corporations 3.5% in February 2025.
EU/EEA banks: returns past the peak
In the European Banking Authority's (EBA) Risk Dashboard for the fourth quarter of 2024, EU/EEA banks reported a return on equity of 10.5% in 2024, up 10bp on 2023 but below the 11.1% recorded for the third quarter. The net interest margin fell by 1bp to 1.66% in the fourth quarter, below its peak of 1.69% in March 2024. Net fee and commission income grew 6.1% on the quarter and 9.6% on the year, partly offsetting slower net interest income. NPLs fell by 1.1% to €375bn, with commercial real estate the only segment to record a marginal increase, and the cost of risk was steady at 49bp. The fully loaded CET1 ratio held at 16.0%, and the liquidity coverage ratio rose to 163.4% from 161.5% in the third quarter.
EU/EEA banks: EBA Risk Dashboard indicators
| Indicator | Value | Reference |
|---|---|---|
| Return on equity | 10.5% | 2024 |
| Return on assets | 0.73% | 2024 |
| Net interest margin | 1.66% | Q4 2024 |
| Cost of risk | 49bp | Q4 2024 |
| Stage 2 loans, share of loan portfolio | 9.7% | Q4 2024 |
| CET1 ratio (fully loaded) | 16.0% | Q4 2024 |
| Liquidity coverage ratio | 163.4% | Q4 2024 |
| Net stable funding ratio | 127.1% | Q4 2024 |
| Loan-to-deposit ratio (households and NFCs) | 104.9% | Q4 2024 |
Source: European Banking Authority, Q4 2024 Risk Dashboard press release, 21 March 2025.
Country data in the EBA's statistical annex show wide differences in returns. Among the countries in the chart below, return on equity in December 2024 ranged from 6.6% in Germany and France to 18.5% in Poland, against an EU/EEA average of 10.5%. Across all the countries in the annex the range was wider, from 5.8% in Liechtenstein to 22.4% in Romania. Sweden had the lowest NPL ratio of the countries shown, at 0.4%, and Poland the highest, at 3.8%.
Return on equity by country, December 2024, %
Source: European Banking Authority, EBA Risk Dashboard Q4 2024 (with statistical annex), 21 March 2025.
NPL ratio of loans and advances by country (EBA sample)
| Country | Dec 2023 | Sep 2024 | Dec 2024 |
|---|---|---|---|
| Germany | 1.3% | 1.5% | 1.6% |
| France | 1.9% | 2.1% | 2.0% |
| Italy | 2.4% | 2.4% | 2.3% |
| Spain | 2.8% | 2.8% | 2.7% |
| Netherlands | 1.4% | 1.4% | 1.5% |
| Austria | 2.2% | 2.3% | 2.4% |
| Greece | 3.3% | 3.3% | 2.9% |
| Sweden | 0.3% | 0.4% | 0.4% |
| Norway | 1.0% | 0.9% | 0.9% |
| Poland | 4.3% | 4.0% | 3.8% |
| EU/EEA | 1.8% | 1.9% | 1.9% |
Source: European Banking Authority, EBA Risk Dashboard Q4 2024 (with statistical annex), 21 March 2025.
Germany, the Netherlands and Austria recorded rising NPL ratios between December 2023 and December 2024, while Greece, Poland and Spain recorded falling ones.
United Kingdom: easing slowly, capital ample
The MPC voted 8–1 to cut Bank Rate to 4.75% at its meeting ending 6 November 2024, then 6–3 to hold in December, with three members preferring a cut to 4.5%. It cut again by 7–2 to 4.5% at its meeting ending 5 February 2025, when two members preferred a 0.5 percentage point cut to 4.25%, and held by 8–1 at its meeting ending 19 March. Twelve-month CPI inflation rose from 1.7% in September 2024 to 2.6% in November and 3.0% in January 2025, and the Bank expected it to reach 3.7% in 2025 Q3. In March the MPC said a gradual and careful approach to the further withdrawal of monetary policy restraint was appropriate.
The Bank of England's November 2024 Financial Stability Report (FSR) put the aggregate CET1 ratio of major UK banks at 14.8% in 2024 Q2, and that of small and medium-sized banks at 18.1%. The major banks' three-month average liquidity coverage ratio was 151% in September 2024, backed by around £1.34 trillion of high-quality liquid assets. Mortgage arrears were 1.1% in 2024 Q3. The FSR expected net interest margins to stay close to their long-run average, as hedging reduces banks' sensitivity to falling rates. The Financial Policy Committee kept the UK countercyclical capital buffer at its neutral 2% setting.
Bank of England 2024 desk-based stress test: aggregate results
| Measure | Start | Low point, supply shock | Low point, demand shock |
|---|---|---|---|
| CET1 ratio | 14.7% | 10.4% | 11.3% |
| CET1 hurdle rate | Not applicable | 6.8% | 7.0% |
| Tier 1 leverage ratio | 5.4% | 4.6% | 4.9% |
| Leverage hurdle rate | Not applicable | 3.4% | 3.5% |
Source: Bank of England, Financial Stability Report - November 2024, 29 November 2024.
The supply shock scenario implied a capital drawdown of 4.3 percentage points and the demand shock 3.4 points, leaving the system above its hurdle rates in both. The Bank has also said it will move its main bank capital stress test from an annual to a biennial cycle. It launched its 2025 Bank Capital Stress Test on 24 March 2025 for seven lenders accounting for 75% of lending to the UK real economy. Its scenario includes a 28% fall in UK residential property prices, unemployment peaking at 8.5% and Bank Rate rising to 8%. On regulation, the Prudential Regulation Authority (PRA) delayed UK implementation of Basel 3.1 by one year to 1 January 2027, citing uncertainty over implementation in the United States, while keeping full implementation at 1 January 2030.
Switzerland and the Nordics
The SNB's cuts in December and March took its policy rate to 0.25% as Swiss inflation fell from 0.7% in November 2024 to 0.3% in February 2025. Its March 2025 forecast put average inflation at 0.4% for 2025. UBS ended 2024 with a CET1 capital ratio of 14.3% and reported an underlying return on CET1 capital of 8.7% for the year.
In Sweden, the Riksbank's 29 January 2025 cut to 2.25% brought its cumulative easing since May 2024 to 1.75 percentage points, and in March it said the policy rate was expected to stay at that level. Norges Bank held at 4.5% on 26 March 2025 because inflation had picked up, and said its forecast was consistent with the rate falling to 4% by the end of 2025. Norwegian consumer price inflation was 3.6% in February 2025. Nordic banks in the EBA sample were among the more profitable: return on equity in December 2024 was 15.0% in Norway, 14.1% in Sweden and 12.4% in Denmark.
Central and eastern Europe and Türkiye
Czech and Hungarian policy stayed on hold in March. The Czech National Bank kept its two-week repo rate at 3.75% on 26 March 2025. The Magyar Nemzeti Bank kept its base rate at 6.50% on 25 March, after inflation rose to 5.6% and core inflation to 6.2% in February 2025. Polish banks in the EBA sample reported a return on equity of 18.5% in December 2024, alongside an NPL ratio of 3.8%. Hungarian banks reported a return on equity of 20.9% and an NPL ratio of 2.6%, and Czech banks 15.7% and 1.1%.
The CBRT cut its one-week repo rate from 50% to 47.5% on 26 December 2024, to 45% on 23 January 2025 and to 42.5% on 6 March 2025. In December it also set its overnight borrowing and lending rates 150bp either side of the repo rate. In March it took additional measures in response to credit growth to preserve macro-financial stability. At an interim meeting on 20 March 2025 it raised the overnight lending rate to 46% while keeping the policy rate at 42.5%, and introduced Turkish lira and foreign-currency liquidity measures. The move raised the cost of the central bank's overnight lending facility while leaving the policy rate unchanged.
Bank results: higher profits, rising distributions
The banks in the table below reported their 2024 results between 30 January and 19 February 2025. Of the banks in the table that gave a year-on-year change, seven reported higher profits and two, Deutsche Bank and ING, lower ones.
Selected European banks: 2024 results
| Bank | Country | 2024 profit measure | Change on 2023 | Return measure | CET1 ratio, end-2024 |
|---|---|---|---|---|---|
| HSBC | United Kingdom | Profit before tax $32.3bn | +$2.0bn | RoTE 14.6% | 14.9% |
| Barclays | United Kingdom | Profit before tax £8.1bn | +24% | RoTE 10.5% | 13.6% |
| NatWest Group | United Kingdom | Attributable profit £4.5bn | Not stated | RoTE 17.5% | 13.6% |
| BNP Paribas | France | Net income €11,688m | +4.1% | RoTE 10.9% | 12.9% |
| Deutsche Bank | Germany | Profit before tax €5.3bn | −7% | RoTE 4.7% | 13.8% |
| Santander | Spain | Attributable profit €12,574m | +14% | RoTE 16.3% | 12.8% |
| BBVA | Spain | Net attributable profit €10.1bn | +25% | RoTE 19.7% | 12.88% |
| UniCredit | Italy | Stated net profit €9.7bn | +2.2% | RoTE 17.7% | 15.9% |
| Intesa Sanpaolo | Italy | Net income €8,666m | +12.2% | Not stated | 13.9% |
| ING | Netherlands | Net result €6,392m | −12.3% | RoE 13.0% | 13.6% |
| UBS | Switzerland | Not shown | Not stated | Underlying return on CET1 capital 8.7% | 14.3% |
Source: HSBC Holdings plc, 2024 annual results, 19 February 2025; Barclays PLC, Full year 2024 results, 13 February 2025; NatWest Group plc, 2024 annual results, 14 February 2025; BNP Paribas, Full-year 2024 results, 4 February 2025; Deutsche Bank AG, 2024 results media release, 30 January 2025; Banco Santander, S.A., 2024 results press release, 5 February 2025; Banco Bilbao Vizcaya Argentaria, S.A., 2024 results press release, 30 January 2025; UniCredit S.p.A., 4Q24 and FY24 Group results, 11 February 2025; Intesa Sanpaolo S.p.A., Consolidated results as at 31 December 2024, 4 February 2025; ING Groep N.V., 4Q2024 results press release, 6 February 2025; UBS Group AG, Fourth quarter 2024 results remarks, 4 February 2025.
Deutsche Bank's profit before tax fell 7% to €5.3 billion after specific litigation items, including settlements relating to its takeover of Postbank; excluding these, profit before tax was €7.0 billion. Its fourth-quarter revenues of €7.2 billion were the highest since 2014. HSBC's net interest margin fell 10bp to 1.56%, while its expected credit losses were stable at $3.4 billion. BBVA's net interest income rose 13% to €25.27 billion at constant exchange rates. Distributions rose with profits. UniCredit's total distribution for 2024 rose to €9.0 billion, BBVA will distribute €5.03 billion, a 50% payout, and Intesa Sanpaolo proposed €6.1 billion of dividends plus a €2 billion buyback to launch in June 2025. HSBC intends a buyback of up to $2bn, and Barclays announced £3.0bn of capital distributions for 2024 including a £1.0bn buyback. ### Consolidation Cross-border and domestic consolidation advanced over the period. UniCredit launched an exchange offer for Banco BPM worth about €10.1 billion on 25 November 2024, raised its aggregate position in Commerzbank to about 28% on 18 December 2024, and disclosed a stake of about 4.1% in Generali on 2 February 2025. On 24 January 2025 Banca Monte dei Paschi di Siena announced an exchange offer for Mediobanca with a total consideration of about €13.3 billion, conditional among other things on reaching at least 66.7% of Mediobanca's share capital. The Monte dei Paschi offer requires regulatory authorisations, including from the ECB and the Bank of Italy.
Regulation and supervision
The EU's Basel III standards apply to all banks from 1 January 2025, except the market risk framework, whose application the European Commission postponed to 1 January 2026. The UK has delayed its whole package, with Basel 3.1 now due on 1 January 2027. In its 2024 Supervisory Review and Evaluation Process (SREP), the ECB raised average Pillar 2 CET1 requirements slightly, from 1.1% to around 1.2% of risk-weighted assets, applicable from 2025. Overall CET1 requirements and guidance rose from 11.2% to 11.3%. The average SREP score was stable at 2.6, and 18 banks faced an add-on for insufficiently provisioned non-performing exposures, while nine faced one for risky leveraged loans. The ECB's November 2024 Financial Stability Review advised macroprudential authorities to keep existing capital buffer requirements in place. The ECB's supervisory priorities for 2025-27 centre on resilience to macro-financial and geopolitical shocks, remediation of known shortcomings and the risks of digital transformation.
Cross-country comparison
Europe banking monitor: policy, inflation and bank indicators
| Country or area | Policy rate at 27 March 2025 | Inflation cited at the latest decision | Bank indicator |
|---|---|---|---|
| Euro area | 2.50% (deposit facility) | 2.4% (Feb 2025, flash) | CET1 15.86%; RoE 9.54% (Q4 2024) |
| United Kingdom | 4.5% | 3.0% (Jan 2025) | Major banks' CET1 14.8% (2024 Q2) |
| Switzerland | 0.25% | 0.3% (Feb 2025) | UBS CET1 14.3% (end-2024) |
| Sweden | 2.25% | Not available | RoE 14.1%; NPL ratio 0.4% (Dec 2024) |
| Norway | 4.5% | 3.6% (Feb 2025) | RoE 15.0%; NPL ratio 0.9% (Dec 2024) |
| Hungary | 6.50% | 5.6% (Feb 2025) | RoE 20.9%; NPL ratio 2.6% (Dec 2024) |
| Poland | Not available | Not available | RoE 18.5%; NPL ratio 3.8% (Dec 2024) |
| Türkiye | 42.5% (overnight lending rate 46%) | Not available | Not available |
Source: European Central Bank, Monetary policy decisions and statement, 6 March 2025; European Central Bank (Banking Supervision), Supervisory banking statistics on significant institutions, fourth quarter of 2024, 20 March 2025; Bank of England, Monetary Policy Summary, March 2025, 20 March 2025; Bank of England, Financial Stability Report - November 2024, 29 November 2024; Swiss National Bank, Monetary policy assessment, 20 March 2025; UBS Group AG, Fourth quarter 2024 results remarks, 4 February 2025; Sveriges Riksbank, Policy rate decision, 20 March 2025; European Banking Authority, EBA Risk Dashboard Q4 2024 (with statistical annex), 21 March 2025; Norges Bank, Rate decision March 2025, 27 March 2025; Magyar Nemzeti Bank, Monetary Council decision, 25 March 2025; Central Bank of the Republic of Türkiye, Interim MPC decision (2025-20), 20 March 2025.
Of the economies in the table with an inflation figure, only Switzerland had a lower one than the euro area, where the ECB cut by 25bp at each of four decisions between October 2024 and March 2025. In the United Kingdom and Norway, where the inflation figures cited at the latest decisions were 3% or more, the Bank of England held in March after one cut in 2025 and Norges Bank had kept its rate at 4.5% since December 2023.
Outlook risks
Margins are one risk to earnings. The EU/EEA net interest margin had already slipped below its March 2024 peak by the fourth quarter, and the ECB's November 2024 Financial Stability Review warned that losses on commercial real estate exposures could rise further. Asset quality bears watching in segments where the trend is up: stage 2 loans at 9.93% and commercial real estate NPLs at 4.60% in the euro area. Growth is another: ECB staff cut their 2025 growth projection to 0.9% in March, and the ECB warned that an escalation in trade tensions would lower euro area growth. Results of the 2025 UK stress test, due in 2025 Q4, will be used to inform capital buffers for the participating banks. In Türkiye, the CBRT has said it will tighten its stance if it foresees a significant and persistent deterioration in inflation.
What to watch
- June 2025: Intesa Sanpaolo's €2 billion buyback is due to launch.
- First half of 2025: UBS plans to repurchase 1 billion dollars of shares, with up to 2 billion more in the second half.
- Q3 2025: expected closing of the Monte dei Paschi offer for Mediobanca, subject to authorisations.
- 2025 Q4: the Bank of England publishes the results of the 2025 Bank Capital Stress Test at aggregate and bank level.
- 1 January 2026: the Fundamental Review of the Trading Book becomes applicable in the EU.
Primary sources: European Central Bank (Banking Supervision), Supervisory banking statistics on significant institutions, fourth quarter of 2024, 20 March 2025; European Central Bank, Monetary policy decisions, 17 October 2024; European Central Bank, Monetary policy decisions, 12 December 2024; European Central Bank, Monetary policy decisions, 30 January 2025; European Central Bank, Monetary policy decisions and statement, 6 March 2025; Bank of England, Monetary Policy Summary, February 2025, 6 February 2025; Swiss National Bank, Monetary policy assessment, 20 March 2025; Sveriges Riksbank, Policy rate decision, 29 January 2025; Norges Bank, Rate decision March 2025, 27 March 2025; Central Bank of the Republic of Türkiye, Interim MPC decision (2025-20), 20 March 2025; European Banking Authority, Q4 2024 Risk Dashboard press release, 21 March 2025; European Central Bank, Monetary policy statement, 30 January 2025; Czech National Bank, Bank Board decision, 26 March 2025; Magyar Nemzeti Bank, Monetary Council decision, 25 March 2025; Central Bank of the Republic of Türkiye, Interest rate decision (2024-69), 26 December 2024; Central Bank of the Republic of Türkiye, Interest rate decision (2025-05), 23 January 2025; Central Bank of the Republic of Türkiye, Interest rate decision (2025-15), 6 March 2025; Bank of England, Monetary Policy Summary, November 2024, 7 November 2024; Bank of England, Monetary Policy Summary, March 2025, 20 March 2025; Swiss National Bank, Monetary policy assessment, 12 December 2024; Sveriges Riksbank, Policy rate decision, 20 March 2025; European Central Bank, Monetary policy statement, press conference (12 December 2024), 12 December 2024; European Central Bank, Monetary developments in the euro area: February 2025, 27 March 2025; European Banking Authority, EBA Risk Dashboard Q4 2024 (with statistical annex), 21 March 2025; Bank of England, Monetary Policy Summary, December 2024, 19 December 2024; Bank of England, Financial Stability Report - November 2024, 29 November 2024; Bank of England, Launch of the 2025 Bank Capital Stress Test, 24 March 2025; Bank of England (Prudential Regulation Authority), Delay to the implementation of Basel 3.1, 17 January 2025; UBS Group AG, Fourth quarter 2024 results remarks, 4 February 2025; Deutsche Bank AG, 2024 results media release, 30 January 2025; HSBC Holdings plc, 2024 annual results, 19 February 2025; Barclays PLC, Full year 2024 results, 13 February 2025; BNP Paribas, Full-year 2024 results, 4 February 2025; Banco Santander, S.A., 2024 results press release, 5 February 2025; Banco Bilbao Vizcaya Argentaria, S.A., 2024 results press release, 30 January 2025; UniCredit S.p.A., 4Q24 and FY24 Group results, 11 February 2025; Intesa Sanpaolo S.p.A., Consolidated results as at 31 December 2024, 4 February 2025; ING Groep N.V., 4Q2024 results press release, 6 February 2025; NatWest Group plc, 2024 annual results, 14 February 2025; Banca Monte dei Paschi di Siena S.p.A., Mediobanca offer presentation, 24 January 2025; European Commission, Postponement of Basel III market risk requirements (IP/24/3981), 24 July 2024; European Central Bank (Banking Supervision), 2024 SREP results and supervisory priorities press release, 17 December 2024; European Central Bank, Financial Stability Review press release, November 2024, 20 November 2024.