The Committee of European Banking Supervisors (CEBS) has published a study which provides a first assessment of the level of convergence that has been achieved by the introduction of the CEBS Guidelines on Reporting (CEBS Guidelines). The CEBS Guidelines were approved in December 2005 and January 2006 with the objective of building a harmonised prudential financial reporting framework based on IAS/IFRS and a common reporting system of the new solvency ratio within the EU.
The structure of the study is:
- Section B introduces the notion of convergence in supervisory practices.
- Section C explains the methodology chosen to conduct the assessment.
- Section D discusses the results from the analysis.
- Section E presents the conclusions drawn from the study
The main conclusion reached is that the CEBS Guidelines are relevant first steps in the harmonisation of the reporting practices of CEBS members. However, CEBS recognises that more work is needed in the medium term to achieve greater convergence in supervisory reporting at least for cross border active groups in the EU.
The study will be discussed at a public hearing on 26 October 2007.
View CEBS publishes an assessment of convergence on supervisory reporting, 8 October 2007