On January 23rd, the European Banking Authority published a risk assessment report of the European Banking System. The report provides an update on risks and vulnerabilities in the E.U. banking sector. EBA Risk Assessment Press Release. Separately, the EBA announced the adoption of a formal Recommendation urging E.U. cross-border banks develop group recovery plans by the end of 2013. The plans should be submitted to the respective competent authorities and discussed within colleges of supervisors. EBA Recovery Plan Press Release.