15 October 2004
Priority should be given to the consistent implementation of forthcoming Capital Requirements Directive and to convergence of supervisory practices in its enforcement. That was the conclusion at the first meeting of CEBS Consultative Panel held in London on 7 October.
The proposed Directive gives Member States options to choose different technical solutions, which may increase the administrative burden on international banking organisations. Panel members supported the efforts of CEBS to reduce the number of national discretions, but suggested that further efforts should be made. The Panel will assist CEBS in identifying further options that should be removed in order to support the development of cross-border business.
The Panel stressed the importance of openness and transparency in the consultation process. Formal consultations could be coupled with more informal contacts and information exchange with affected parties at an early stage of CEBS work.
The Panel acknowledged that at this stage the work of CEBS should focus mainly on prudential issues, rather than on retail banking and consumer protection matters.
CEBS has established a Consultative Panel of representatives of market participants and end-users to assist in the performance of CEBS' functions and to ensure that the consultation process functions effectively. The Panel acts also as a "Sounding Board" for CEBS in strategic issues.
The Panel attaches high priority to CEBS' work in the following areas: (i) streamlining of the supervisory process for cross-border groups; (ii) supervisory assessment of the capital adequacy of banks and investment firms (so-called "supervisory review process") and (iii) evaluation of institutions' internal approaches for the measurement of credit and operational risk.
The Consultative Panel will be chaired by a member who will be appointed in a future meeting.
The Consultative Panel consists of following members in their personal capacity: Hugo Banziger, Deutsche Bank; Albertus Bruggink, EBIC (Rabobank); Richard Desmond, UNICE; Richard Gossage, Royal Bank of Scotland; Carl-Johan Granvik, Nordea; Siegfried Jaschinski, State Bank of Baden-Wurttenberg; Michael Kemmer, EBIC (HVB Group); Roman Maszczyk, PKO BP SA; José Maria Méndez, Spanish Federation of Savings Banks; João Salqueiro, Portuguese Banking Association; Frédéric Oudea, Societe Generale; Herbert Pichler, Austrian Federal Economic Chamber; Franco Spinelli, Banca Bipop Carire; Antimos Thomopoulos, Bank of Greece; Freddy Van den Spiegel, Fortis; Manfred Westphal, BEUC; Klaus Willerslev-Olsen, Danish Bankers Association and two members from FIN-USE to be appointed.
The Charter of the Consultative Panel can be found at www.c-ebs.org. The Conclusions of the first meeting will be posted on CEBS website in the coming days.