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The banking supervisory authorities, the central banks and the Finance Ministries of the European Union (EU) have agreed on a Memorandum of Understanding on co-operation in financial crisis situations (hereinafter referred to as the "MoU"). The full list of the authorities which have endorsed this MoU is included in the Annex to this press release. The MoU shall enter into effect on 1 July 2005. The MoU agreement will not be a public document.

The European banking industry is being confronted with increasing requirements regarding reporting processes, both in their relationships with clients to whom they extend credit and with supervisory authorities to whom they are accountable. New technical and regulatory developments are changing the way these reporting requirements are met. Introduction of digital reporting, based on open standards, allows for more frequent and more detailed reporting at lower costs and results in increased insight and transparency.

The Committee of European Banking Supervisors (CEBS) was honoured to welcome today US Secretary of the Treasury John Snow to discuss the work of CEBS at its headquarters in London.

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.

CEBS has started a second round of public consultation on the standards for outsourcing of credit institutions' business activities. The consultation runs until 6 July 2006.

CEBS is holding a public hearing on its proposals on the Supervisory Review Process on Wednesday 27 July 2005, starting at 2 pm. The hearing will be held at the CEBS' offices in London. The hearing is open to all market participants, end-users and other interested parties.

The Committee of European Banking Supervisors (CEBS) is today presenting for public consultation its guidelines for a common approach to the recognition of External Credit Assessment Institutions (ECAIs) under the proposed Capital Requirements Directive (CRD). The consultation period is three months.

Yesterday the auditorium of the Chartered Accountants Hall in London filled with over 200 representatives of the European Banking Industry and the European regulatory bodies.

The Committee of European Banking Supervisors (CEBS) is today publishing a consultation paper on its role and tasks, taking stock of the experience gained over the first year of its existence. The paper explains CEBS’ overall approach to meeting its main aims and objectives, as well as the tools at its disposal to fulfil these, and looks ahead at how CEBS intends to address near-term challenges. The consultation period will be four months.

CEBS has started a public consultation on additional technical guidance on the application of the supervisory review process under the Capital Requirements Directive (CRD). The guidelines on stress testing will be applied within the dialogue between supervisors and institutions and should not be interpreted as resulting automatically in the need for additional capital.

CEBS starts consultation on guidelines for cross-border supervisionThe Committee of European Banking Supervisors (CEBS) today issues for public consultation its guidelines for greater supervisory cooperation for EU banking and investment firm groups under the Capital Requirements Directive (CRD). Through enhanced co-operation between supervisors, these guidelines aim to avoid any excessive supervisory burden on groups that operate across several EU jurisdictions. The guidelines are primarily aimed at supervisory authorities but they will equally be of interest to groups operating on a cross-border basis in the EU. The consultation period will last four months.

CEBS has published a report on the effects of the Capital Requirements Directive (CRD) on the amount of the regulatory minimum capital in Europe. The report summarises the results of the fifth Quantitative Impact Study (QIS 5) and shows expected reduction of minimum capital requirements after implementation of new directive.

The Committee of European Banking Supervisors (CEBS) starts a formal consultation on the validation and assessment of the risk management and risk measurement systems used by credit institutions and investment firms for the calculation of their capital requirements. The consultation starts today and runs until 30 October 2005.

Today the Committee of European Banking Supervisors (CEBS) released its first consultation paper, ( CP01 ) dealing with the scope and the modalities of CEBS' consultation practices.

CEBS has published a survey of the national implementation of the current rules on own funds. CEBS also publishes in parallel an analysis of recent market trends in, and the main characteristics of, new capital

CEBS will hold a public hearing on its proposals on the guidelines for greater supervisory cooperation between consolidating supervisors and host supervisors CP09 on Wednesday 5 October, starting at 1.30 pm.

At the second meeting of the Committee of European Banking Supervisors (CEBS) on 31 March, members agreed on a set of high level principles (HLPs) on outsourcing.

The Chairs of the three Level 3 Lamfalussy Committees, The Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulators (CESR) were invited to address the ECOFIN Council meeting on 11 October 2005, on progress and opportunities for better financial regulation.