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2009 Annual Report of the Committee of European Banking Supervisors (CEBS)

Core Content

The 2009 Annual Report of the Committee of European Banking Supervisors (CEBS) outlines the key activities and achievements of the committee during the year, highlighting its role in enhancing the regulatory and supervisory framework in the European Union (EU) in response to the financial crisis. CEBS, operating as a Level-3 Committee under the Lamfalussy process, has been instrumental in promoting convergence of supervisory practices, contributing to the development of guidelines, and facilitating coordination among EU banking supervisors.

Main Points

1. CEBS's Organisational Structure

• CEBS is an independent body established by the EU Commission in 2003 and updated in 2009.
• It operates through a plenary composed of high-level representatives from EU banking supervisory authorities and central banks.
• The Bureau includes the Chair, Vice Chair, and four other members, responsible for strategic discussions and administrative support.
• The Secretariat, based in London, provides operational and administrative support and is composed of staff from member and observer authorities.
• Mr. Giovanni Carosio was appointed as Chair in September 2009, succeeding Kerstin af Jochenick.
• Mr. Thomas Huertas was elected as Vice Chair and Chair of the Review Panel.

2. Work in 2009 and Progress Made

2.1 Progress in the Institutional Setting of Supervision

• The de Larosière Group, established in October 2008, influenced the EU's response to the financial crisis.
• The European Commission followed up with two Communications and introduced formal legislative proposals in September 2009, including the transformation of 3L3 Committees into European Supervisory Authorities (ESAs).
• CEBS collaborated with other Level-3 Committees to provide feedback on these proposals, emphasizing the need for continuity, independence, and binding technical standards.
• The legislative package was completed with the publication of the draft Omnibus Directive in October 2009.

2.2 CEBS's Response to the Crisis

• CEBS conducted EU-wide stress testing in 2009, which was a forward-looking, bottom-up exercise involving 22 major cross-border banking groups.
• The results were reported to the ECOFIN meetings in October 2009 and published on CEBS's website.
• In 2010, CEBS will continue this work, expanding the sample to include small and domestic institutions, and will align with the EU's QIS (Quantitative Impact Study) to assess the impact of new regulatory standards.

2.3 Input on Enhancing Crisis Prevention and Crisis Management

• CEBS published an analysis of the supervisory implications of national stabilization plans in February 2009, focusing on tools, conditions, and supervisory involvement.
• The report highlighted the need for further work on supervisory convergence, especially in areas like capital quality and buffer definitions.
• CEBS also published a mapping of supervisory objectives and powers in March 2009, based on responses from all members to a Commission questionnaire.
• The report noted a high degree of convergence in supervisory objectives and powers but identified fragmentation in corrective measures and crisis management tools, especially concerning the management and shareholders of cross-border institutions.

3. Key Contributions and Guidelines

• CEBS issued guidelines on hybrid capital instruments, instruments referred to in Article 57(a), and operational risk mitigation techniques.
• It developed high-level principles on remuneration and risk management.
• CEBS also provided guidelines on large exposures, liquidity risk management, and concentration risk.
• It contributed to the draft guidelines on stress testing and advice on minimum retention requirements for securitizations.
• CEBS focused on monitoring accounting and auditing developments, particularly impairment rules and valuation of illiquid financial instruments.
• It issued draft disclosure guidelines and surveyed progress towards Pillar 3 disclosures.

4. Convergence of Supervisory Practices

• CEBS worked on converging supervisory practices and policies, particularly in the context of the Capital Requirements Directive (CRD).
• The committee enhanced the role of supervisory colleges, with 33 colleges established by the end of 2009.
• CEBS aimed to increase the number of EEA headquartered banking groups with a college and improve the operations of existing colleges.
• It issued guidelines for the operational functioning of colleges and joint decisions on Pillar 2 provisions.

5. Co-operation with Third Countries

• CEBS coordinated with other EU committees, such as CESR and CEIOPS, and with non-cooperative jurisdictions.
• It also engaged in cross-sectoral work, including the 3L3 Task Force on Internal Governance (TFIG) and delegation issues.

Key Information

• CEBS is preparing for its transition into the European Banking Authority (EBA), which is expected to be operational in 2011.
• The evolutionary approach ensures uninterrupted continuation of its functions.
• CEBS is working closely with other 3L3 Committees to ensure a smooth transition.
• The committee is also involved in training and staff exchanges to promote a common supervisory culture.
• CEBS's work programme for 2010 includes continued stress testing, convergence of practices, and transparency initiatives.

Conclusion

The 2009 Annual Report of CEBS underscores its active role in shaping the EU's regulatory and supervisory landscape in response to the financial crisis. It highlights the committee's contributions to the development of guidelines, stress testing, and the convergence of supervisory practices. CEBS's efforts have laid the groundwork for the future European Banking Authority (EBA), ensuring continuity, independence, and enhanced supervision across the EU.