27 January 2009
Since mid 2006 CEBS has worked on enhancing the functioning of colleges of supervisors.
The first result of the work CEBS has done on the functioning of colleges was finalised and published in December 2007.
One of the results was a Template for written agreements (Template), which aims to provide a framework for cooperation among supervisors within a college of supervisors and facilitates the effective working of supervisory colleges of supervisors. The Template has been field-tested in the first half of 2008, in order to determine whether it is sufficiently operational to be put into practice.
The field-testing has been conducted on eight out of the ten supervisory colleges which have been participating since the beginning of the CEBS' project on operational networks. In most cases the Template was adapted to the specific banking group, after which it was discussed among supervisors participating in the respective colleges.
The overall outcome of the field-testing demonstrates that the Template is flexible and operational enough to be put in practice. Specifically, no legal obstacles have been encountered when testing it. The Template has been streamlined, as certain paragraphs were considered to be repeating provisions already mentioned in the CRD and/or CEBS guidelines. The section on crisis management has been shortened and reference has been made to the Memorandum of Understanding on cross-border financial stability.
Finally, some further amendments have been made to the Template to align it to the revised CRD, as approved (general orientation) by the Ecofin Council on December 2, 2008.
CEBS strongly recommends national supervisors to adopt the Template and to publish the multilateral written agreements agreed with other EU supervisors.