The Committee of European Banking Supervisors (CEBS) has published its response to the European Commission’s Communication on an EU Framework for Cross-Border Crisis Management in the Banking Sector.
CEBS supports the Commission undertaking work in this area and states that it became apparent during the financial crisis that there are some gaps and obstacles in the EU regulatory framework that need to be addressed. CEBS agrees that one of the key objectives of the work should be to ensure that all national supervisors have adequate tools to identify problems in a bank at an early stage and to be able to take appropriate action.
Given this CEBS has focused its response on the issue of a common minimum toolbox available to competent authorities in each Member State.
At the end of its response CEBS concludes that any reforms should be fully consistent with the proposed new EU financial supervisory architecture, in particular with regard to the Commission’s proposal for a Regulation establishing the European Banking Authority. CEBS also believes that any reforms adopted within the EU should be consistent with the broader global initiatives that are currently underway.