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“CEBS is working hard towards the development of common guidelines for the implementation of the supervisory review process” Mr Roldan said. “We are aware of the industry’s desire to see EU-wide implementation of this important piece of the supervisory framework.”
On the discussions on what implications the new Capital Directive will have on home-host issues Mr Roldan said that “the industry has quite strongly stressed the view that the cross-border groups would like to have only one single authority or access point to deal with and not 25 when they have operating network of branches across the EU.”
“We believe that we can answer to industry’s wishes by enhancing the role of consolidating supervisor in co-operation with the host supervisor. Co-operation of supervisors has been tested for years but now we are preparing even more practical guidelines to cover the complexity of home-host relation in constantly changing financial environment.”
Mr Roldan furthermore stated that “the CEBS view is that the way forward is to further promote supervisory convergence, cooperation and information exchange so that home and host supervisor come together and closely co-ordinate their actions.”
“Supervisors should be able to inspect and assess the banks that operate under their jurisdiction” he continued, but “whatever the outcome of this home-host exercise is, we must respect the subsidiarity principle.”
Common guidelines on home-host issue are currently under preparation. A consultation paper will be published in spring 2005.