At the end of 2009, 33 supervisory colleges had been established, and CEBS’s goal is to increase further the number of EEA headquartered banking groups for which there is a college in place. Looking ahead, CEBS will be preparing its smooth transition into the future European Banking Authority.
CEBS’ commitment to the functioning of supervisory colleges has been profound since the very first years of CEBS. In 2009 CEBS delivered further progress in this area by enhancing the role of colleges in co-ordinating supervisory activities and decisions. At the end of 2009 33 supervisory colleges had been established, and our goal is to further increase the number of EEA headquartered banking groups for which there is a college in place, and to enhance the operations of the existing colleges.
In line with the CRD II provisions, CEBS has recently issued for consultation guidelines for the convergence of supervisory practices with regard to the operations of colleges and to the joint decisions on the application of the Pillar 2 provisions related to the Internal Capital Adequacy Assessment Process (ICAAP) and to the Supervisory Review and Evaluation Process (SREP). Furthermore, representatives of the CEBS Secretariat are now invited on a regular basis as observers to the college meetings. 2009 was also an important year for CEBS in its task of providing regular assessments of the EU banking system, since we have been mandated by the ECOFIN to co-ordinate the first EU-wide forward-looking stress test of the banking system. The objective of the exercise was to increase the level of aggregate information available to policy makers for assessing the resilience of the European financial system. This exercise was a very positive development and a step towards further convergence of supervisory practices in terms of conducting stress testing. CEBS is currently performing a second exercise.
After the very first months of the financial crisis, EU Institutions have focused their attention on the reform of the European financial architecture aiming both to restore market confidence and to guard the financial markets against future crises. CEBS, together with its sister Committees, CESR and CEIOPS, has been actively involved in the consultations launched by the European Commission, submitting joint responses and maintaining an open and continuous dialogue with the Commission.
Currently, CEBS is preparing its smooth transition into the future European Banking Authority (EBA) following an evolutionary approach: ‘uninterrupted continuation’ is imperative. Concrete steps to ensure a smooth transition are being taken and specific priority areas are identified. CEBS is working closely with the other 3L3 Committees to ensure that cross-sectoral transition issues are dealt with on a 3L3 basis. This is the challenge ahead and we are all working to have the EBA up and running in 2011. I would also like to take this opportunity to express my thanks to the chairs and members of the working groups and to the CEBS Secretariat who have enabled
© CEBS - Committee of European Banking Supervisors
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