EBA欧洲银行-2008-18-11-Euro-Finance-Week-Frankfurt_8页_160kb

Euro Finance Week Summary

Core Content

The document presents a speech by Kerstin af Jochenick, Chair of the Committee of European Banking Supervisors (CEBS), delivered at the Euro Finance Week in Frankfurt on 18 November 2008. The speech outlines the regulatory framework of European finance and the role of supervision in the context of the financial crisis.

Main Points

1. Purpose of the Speech

• To discuss the regulatory framework and the role of supervision in Europe.
• To emphasize the importance of supervisory convergence and cooperation among European banking authorities.

2. Cross-Border Banking Trends

• Over the last decade, there has been a clear trend towards cross-border banking, with nearly 50 European banks having significant cross-border activity.
• This has led to increased competition and economic growth, but full integration of the internal market requires more harmonization of legislation and supervisory practices.

3. CEBS' Role in Supervisory Convergence

• CEBS has focused on promoting convergence in supervisory practices and building a European supervisory culture.
• Key efforts include:
  • Developing guidelines for cooperation between home and host supervisors.
  • Establishing supervisory colleges to enhance coordination.
  • Creating a permanent operational network for large cross-border banks.
  • Facilitating dialogue between CEBS and the banking industry.

4. Supervisory Colleges

• CEBS has been working on setting up supervisory colleges to improve cross-border supervision.
• A template for written agreements was published in 2007 to standardize the framework for these colleges.
• The collegial approach has been effective in areas such as Pillar 1 model approvals, and there is interest in extending it to Pillar 2 and 3 matters.

5. Crisis Management and Coordination

• CEBS supports the Memorandum of Understanding (MoU) on crisis management, which includes securities and insurance regulators.
• A crisis simulation exercise was planned for 2009, but CEBS suggests a real-life approach to learn from current challenges.
• Coordination between national authorities is essential to manage cross-border financial crises effectively.

6. Challenges and Recommendations

• CEBS identifies three major areas needing attention:
  1. Framework legislation that ensures harmonized regulation and early intervention.
  2. Deposit insurance schemes that can cooperate efficiently in a crisis.
  3. Lender of last resort function and collaboration with central banks.
• CEBS has urged the EU Commission to reduce national discretion in the Capital Requirements Directive (CRD) and to harmonize its implementation.
• The need for a single supervisory authority is acknowledged, but it is not a panacea without addressing regulatory, deposit insurance, and liquidity issues.

Key Information

• CEBS has been working since 2003 to converge banking supervision across the EU.
• Supervisory colleges are a key mechanism for cross-border cooperation.
• The financial crisis has intensified the need for regulatory convergence and efficient supervision.
• National supervisory authorities have different cultures and tools, which hinders harmonization.
• The Lamfalussy Process review has provided momentum for convergence initiatives.
• CEBS is involved in peer reviews, training platforms, and delegation of supervisory tasks to promote harmonization.

Conclusion

Kerstin af Jochenick highlights that while progress has been made, there is still a long way to go in achieving European convergence in banking supervision. She stresses the importance of legal frameworks, cooperation between authorities, and building a unified supervisory culture. CEBS continues to play a central role in this process, advocating for more resources, greater harmonization, and systematic learning from real-world experiences.