Commission to revise institutional set-up of 3L3 Committees

17 November 2008

Commissioner McCreevy will come forward with proposals next month. The current institutional set-up may not be adequate to operate in the new integrated reality, he said and called the colleges of supervisors a “pragmatic step”.

Commissioner McCreevy announced to come forward with proposals to strengthen the roles of the European Committees of Supervisors in the banking, insurance, and securities sectors next month. The current institutional set-up may not be adequate to operate in the new integrated reality.

 

“We need to think about how to achieve the right supervisory architecture in Europe”, he said and called the colleges of supervisors set out in the CRD review and the Solvency II proposal a “pragmatic step”.

 

The ‘de Larosière Group’ is expected to come forward with recommendations end of February next year. “In the meantime we must make the improvements that are necessary”, McCreevy said.

 

The Commissioner also defended the ‘group support regime’ introduced in the Solvency II proposal. “Some people fear that the changes proposed to the allocation of powers between the group supervisor and the local supervisors would lead to less efficient supervision and reduced protection of policyholders”, he said. “I continue to believe that these concerns are fundamentally misplaced.”

 

Full speech

 

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