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CEBS 2004 Annual Report Summary

Core Content

The Committee of European Banking Supervisors (CEBS) published its first Annual Report in 2004, aimed at enhancing transparency and accountability to the European Institutions (European Commission, European Parliament, and Council). This report outlines CEBS' role in improving the consistency and convergence of banking supervision across the European Union, as well as its contribution to the implementation of EU banking legislation.

Main Tasks of CEBS

CEBS is responsible for three main tasks:

• Advising the European Commission on EU banking legislation, including draft implementing measures.
• Promoting consistent implementation of EU directives across the EU.
• Enhancing co-operation and convergence of supervisory practices among national supervisors.

Key Areas of Work in 2004

Capital Requirements Directive (CRD)

CEBS played a central role in the development and implementation of the CRD, which was designed to incorporate the Basel II capital adequacy framework into EU legislation. The work on CRD was ongoing during 2004, with several public consultations planned for 2005. CEBS aimed to ensure that the final guidelines reflected any changes in the Directive's content.

International Financial Reporting Standards (IFRS)

CEBS supported the adoption of IFRS in the EU, which presented an opportunity to harmonize the data framework and improve transparency across the financial sector.

Supervisory Disclosure

CEBS developed a framework for the disclosure of supervisory rules and practices, based on Article 144 of the CRD. This framework aimed to enable meaningful comparisons between Member States' approaches and to increase transparency in the banking sector.

Co-operation with Other Committees

CEBS engaged in close co-operation with other Level-3 committees such as CEIOPS (Insurance) and CESR (Securities), and planned to intensify such collaboration in 2005.

Operational Structure of CEBS

CEBS was established as an independent committee by a Commission Decision of 5 November 2003, which came into force on 1 January 2004. The Secretariat was located in London from January 2004 onwards, with a permanent office opened in October 2004.

• Chair: José María Roldán (Banco de España)
• Vice-Chair: Danièle Nouy (Commission Bancaire)
• Bureau: Composed of three additional members: Andreas Ittner (Oesterreichische Nationalbank), Helmut Bauer (Bundesanstalt für Finanzdienstleistungsaufsicht), and Kerstin af Jochnick (Finansinspektionen)
• Secretary General: Andrea Enria (Banca d'Italia)

The CEBS Charter outlines the structure and responsibilities of the Committee, including the two-year mandate for the Chair and Bureau, and a three-year mandate for the Secretary General.

Expert Groups and Task Forces

CEBS has several expert groups and a joint task force to support its work:

• Groupe de Contact: A long-standing expert group promoting co-operation and information exchange among European banking supervisors.
• Expert Group on the Capital Requirements Directive (CRD): Focused on reviewing the CRD text and assessing the scope for convergence.
• Expert Group on Common Reporting: Aimed at developing a common reporting framework for solvency ratios, using an XML-based solution and proposing a taxonomy of financial data.
• Expert Group on Accounting and Auditing: Addressing prudential aspects of international accounting standards (IAS/IFRS) and providing input to the Accounting Regulatory Committee (ARC).
• Supervisory Disclosure Task Force: Developing a framework for the disclosure of supervisory rules and practices across the EU.
• Joint Task Force on Crisis Management: Collaborating with the ESCB's Banking Supervision Committee (BSC) to improve crisis management arrangements and co-operation between supervisors and central banks.

Lamfalussy Framework

CEBS operates within the Lamfalussy Framework, a four-level regulatory structure proposed by the Committee of Wise Men on the Regulation of European Securities Markets. This framework aims to improve the efficiency, transparency, and convergence of EU financial regulations.

Level 1: Framework Principles

• Involves the European Commission, Council, and Parliament in the adoption of legislative directives.
• Defines the scope and nature of technical implementing measures to be developed at Level 2.

Level 2: Implementing Measures

• Involves the European Commission and the European Banking Committee (EBC).
• The EBC provides input on proposals, and the Commission may enact them if a qualified majority is achieved.

Level 3: Co-operation and Convergence

• CEBS is responsible for promoting co-operation and convergence of supervisory practices.
• Develops guidelines, peer reviews, and common standards.

Level 4: Enforcement

• Ensures the enforcement of EU legislation through the Commission and Member States.
• Encourages vigorous enforcement and enhanced co-operation with the private sector.

Accountability and Transparency

CEBS is committed to open and transparent procedures, including:

• Conducting public consultations with market participants, consumers, and end-users.
• Submitting annual reports to the European Institutions.
• Publishing its work programme annually to enhance accountability and stakeholder engagement.

Future Outlook

CEBS plans to continue its focus on the CRD in 2005, with further consultations and potential amendments to its guidelines. It also anticipates a greater emphasis on cross-sectoral issues and enhanced co-operation with other Level-3 committees. The Committee remains dedicated to promoting transparency, convergence, and sound technical advice to support the EU's financial market integration and competitiveness.

Conclusion

The 2004 Annual Report highlights CEBS' role in advancing banking supervision across the EU, its commitment to transparency and accountability, and its active participation in the Lamfalussy Framework. CEBS' work supports the broader EU strategy of creating a dynamic and competitive financial market, while ensuring consistent and convergent regulation across all Member States.