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CRD IV - Single Rule Book Summary

Core Content

The document outlines the European Commission's initiative to develop a single EU rule book for banking, aiming to eliminate national discretions and options in the Capital Requirements Directive (CRD) to achieve full harmonisation. The focus is on ensuring that banking regulations across the EU are consistent while still allowing for flexibility in certain areas where national circumstances may justify more stringent requirements.

Main Views and Key Points

• Objective of the Single Rule Book: The Commission seeks to remove national "gold plating" (i.e., stricter rules than those set at the EU level) in areas of the CRD that are intended to be harmonised. This is a significant step towards a unified regulatory framework.

• Limitations of Current Approach: While the removal of national options is a key part of the initiative, it does not fully achieve the goal of a single rule book. The Commission acknowledges that some discretion may still be necessary to address specific national or sectoral needs, particularly for financial stability.

• Retention of 'Gold Plating': The Commission is open to retaining the right for Member States to apply stricter rules in certain areas, provided there is concrete evidence that such measures are necessary. This includes areas like loan-to-value ratios and risk-weights for residential real estate.

• Scope of Full Harmonisation: The proposed harmonisation under CRD4 includes:

  • Pillar 1 capital requirements (2006/48 and 2006/49)
  • Definition of own funds (CRD IV)
  • Other Pillar 1 measures of CRD IV
  • Large exposures (CRD II)
  • Qualifying holdings outside the financial sector
  • Pillar 3

• Pillar 2 Flexibility: The Commission notes that Pillar 2 of the Basel/CRD framework allows national authorities to address specific risks or shortcomings at individual credit institutions. However, they seek input on whether Pillar 2 is sufficient or if it needs to be strengthened to handle broader or more systemic risks.

Key Areas for Analysis

The Commission has requested an informal analysis from CEBS (Committee of European Banking Supervisors) on the following:

• Areas where retaining the right to 'gold plate' EU requirements is justified
• Whether Pillar 2 is sufficient to address specific negative circumstances at credit institutions, and if not, how it could be strengthened

This analysis is expected to cover both currently harmonised Pillar 1 rules and those that would be subject to Pillar 1 under the CRD4 package, including liquidity and capital requirements.

Request for Input

• The Commission is requesting CEBS to provide this analysis by 8 October 2010 at the latest.
• They understand that CEBS may indicate the views of the majority of its members without seeking full consensus, given the tight deadline.

Conclusion

The initiative to create a single rule book is a major step in EU banking regulation, but it requires careful consideration of national circumstances and financial stability needs. The Commission is seeking technical input from CEBS to identify areas where flexibility should be retained, ensuring that the final rule book is both harmonised and practical for all Member States.