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The digital transformation of the financial system was another issue for discussion. Members were also provided with an update on the FSB’s workplan and the progress made in achieving its 2016-2017 priorities.
Furthermore, members discussed the growth in market-based finance, with a particular focus on the impact on banks’ business models. Finally, members reviewed the implementation of the Total Loss-Absorbing Capacity (TLAC) set by the FSB and the amendment of the Minimum Requirement for own funds and Eligible Liabilities (MREL) which was previously introduced under the Bank Recovery and Resolution Directive (BRRD) in the EU legal framework.
The RCG Europe is co-chaired by Anne Le Lorier, First Deputy Governor, Banque de France and Jon Nicolaisen, Deputy Governor, Norges Bank. The membership of the FSB Regional Consultative Group for Europe includes financial authorities from Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, United Kingdom and the Group of International Finance Centre Supervisors. The European Commission and the European Central Bank also attended the meeting.