A delegation of members of the European Parliament visits CEBS

13 June 2005

The Committee of European Banking Supervisors (CEBS) was honoured to welcome today a delegation of Members of the European Parliament from the Committee on Economic and Monetary Affairs (ECON) to discuss the work of CEBS at its headquarters in London.

The visit lead by Mme Pervenche Berès MEP, Chair of ECON, was accompanied by a delegation including Ms Ieke van den Burg MEP, Ms Elisa Ferreira MEP, Ms Sarah Ludford MEP, Mr Jonathan Evans MEP and Mr. Peter Skinner MEP. The visit reflects the willingness of the European Parliament to develop regular relations with CEBS and to increase its democratic accountability. Similarly, on CEBS's behalf, a strong desire to further strengthen the transparency of its work and its cooperation with the EU Institutions was expressed.

Discussion focused in particular on the adoption the Capital Requirements Directive and its finalisation at the Parliament. Also considered were CEBS's work on convergence of supervisory practices and supervision of cross-border groups. CEBS's consultation practices and implementation measures as well as regular reporting to the European Parliament were also covered.

Mme Pervenche Berès MEP, Chair of ECON commented:
"The ECON delegation welcomes the in depth discussion with CEBS during its visit to London. It looks forward to enhancing mutual discussion with CEBS, especially in the context of the challenging issues in relation to the implementation of the Capital Requirements Directive and wider aspects of convergence in supervisory practices. These challenges call for increasing co-operation between all the actors. The European Parliament is not only involved in banking and financial law-making but it has also a democratic control duty within the new decision making process called "the extended Lamfalussy procedure" to banks and insurances. Advisory Committees like CEBS are key actors in the European markets regulation. The work of European banking supervisors gathered together in CEBS must help reinforcing the confidence of the economic actors and consumers in a dynamic, transparent and stable European Single Market."

Mr José María Roldán, Chairman of CEBS noted:
"CEBS is very honoured to welcome the Members of ECON represented by this delegation. This visit provides a unique opportunity to increase CEBS's accountability to the EU institutions and particularly, to the European Parliament. Increased dialogue between CEBS and the Parliament is especially appreciated at a time when the proposed Capital Requirements Directive is being finalised at the Parliament. One of the key objectives of CEBS is to ensure consistent implementation and application of the forthcoming Directive and promote further convergence of supervisory practices across the EU. We are keen to ensure that the means by which we are held accountable are fully transparent and reflect the democratic structures of European decision making. We very much welcome the members of ECON to visit us again in the future and look forward to strengthening the interaction between EU structures."

ECON is the European Parliament's committee that deals with the following policy areas:
• Financial services;
• Monetary policy;
• European macro-economic policy, including surveillance of public finances;
• Taxation policy;
• Competition policy;
• Payment systems, European statistics and free movement of capital.

CEBS is comprised of high level representatives from the banking supervisory authorities and central banks of the European Union. CEBS main tasks are to advise the Commission in the field of banking activities, to contribute to the consistent implementation of Community Directives and to the convergence of supervisory practices and to enhance supervisory co-operation. The Committee is chaired by Mr José-María Roldán. The CEBS Secretariat is based in London. The Secretary General of the Committee is Mr Andrea Enria.

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