The European Banking Federation (EBF) considers that financial institutions will not have enough time to prepare for and adapt to the new provisions if the implementation date for the new rules is left unchanged by the co-legislators.
The EBF, meeting together with the other main European banking industry federations within the European Banking Industry Committee (EBIC) has therefore sent a letter to the EU institutions asking them to consider allowing ‘a reasonable period of time between the final text and the implementation’ in order to allow banks to put in place the necessary procedures to comply with the new rules, many of which are still to be reformulated, taking into account the final text of the CRR.
Guido Ravoet, Chief Executive of the European Banking Federation, declared: “Banks are committed to introducing the CRR/CRD IV changes as swiftly as possible, but they believe this should be done to a realistic implementation timetable that recognises the practical difficulties they face”.
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© EBF
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