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CEBS Consultation Paper Summary: Options and National Discretions

Core Content

This document is a consultation paper from the Committee of European Banking Supervisors (CEBS) regarding its technical advice to the European Commission on options and national discretions in the Capital Requirements Directive (CRD) and the Directive on credit institutions and investment firms (Dircap). It outlines Realkreditrådet's (Danish Mortgage Bankers' Association) feedback and considerations on specific articles and annexes of the directive.

Main Points and Key Information

1. Standardized Approach - Article 80,3 and Annex VI, Part 1, Point 24 (CRD)

• Realkreditrådet considers the proposal to allow access to the method based on the credit quality of the central government as significant.
• They support maintaining the national discretions in their current form, as this provides flexibility for national implementation.

2. Standardized Approach - Article 83,2 (CRD)

• The proposed solution, which keeps the text in the CRD unchanged and implements the rule across all member states, is deemed satisfactory.
• This approach ensures consistency and avoids unnecessary complexity.

3. Standardized Approach - Article 84,2 (CRD)

• Realkreditrådet supports the proposal to keep the text unchanged and apply the rule uniformly across all countries.
• This reinforces a level playing field among credit institutions.

4. Operational Risk - Article 102.4 & Annex X, Part 4, Points 1 and 2 (CRD)

• The proposed solution allowing credit institutions to use a combination of methods for operational risk is considered satisfactory.
• This flexibility is important for institutions to choose the most appropriate risk assessment approach.

5. Qualifying Holdings - Article 122.2 (CRD)

• Realkreditrådet supports the proposed solution regarding qualifying holdings.
• This ensures that the definition of qualifying holdings remains clear and aligned with existing practices.

6. Transitional Rules

• Article 154.2 (CRD): The hearing document proposes maintaining transitional schemes until their expiry. Realkreditrådet emphasizes the importance of extending these rules to Danish mortgage banks that have started using internal methods, even if not all areas are covered yet due to sequential implementation.
• Article 154.3 (CRD): This item is referenced to item 71, indicating alignment with the same transitional considerations.
• Article 155 (CRD): Realkreditrådet finds that the rule should continue to apply even after the transitional period has expired. This ensures continuity and stability in the regulatory framework.

7. Trading Book - Articles 18.2 and 18.3 (Dircap)

• Realkreditrådet supports the proposed initiatives for both articles:
  • Article 18.2: Provides an option for credit institutions to apply the trading book approach, which is welcomed for its flexibility.
  • Article 18.3: Preserved in its current form, which is considered appropriate and stable.

8. Trading Book - Article 19.2 (Dircap)

• The regulation has already been implemented in the Danish Capital Adequacy Order.
• Realkreditrådet advocates for making the proposed text a general rule for all credit institutions, emphasizing the need for a consistent and clear approach across the EU.

9. Trading Book - Article 26 (Dircap)

• Realkreditrådet supports the proposed implementation where no changes are made to the Directive.
• This maintains the existing regulatory structure and avoids unnecessary amendments.

Conclusion

Realkreditrådet generally supports the proposed solutions across the various articles and annexes discussed. They emphasize the importance of maintaining national discretions, ensuring consistency in regulatory implementation, and preserving the stability of existing frameworks. Their comments also highlight the need for transitional rules to apply to Danish mortgage banks and for the proposed text to be made general across the EU. The overall tone is one of alignment with the proposed reforms while advocating for continued flexibility and clarity in the regulatory environment.