The European Banking Federation welcomes the European Council’s conclusions and in particular the progress it has achieved on supervisory structures. It is particularly pleased to see the agreement on the creation of the three new European Supervisory Authorities and the European Systemic Risk Board.
Regarding the Authorities and the functioning of Colleges of Supervisors, the EBF welcomes the agreement reached by the Member States according to which the Authorities’ decisions are binding, providing they do not in any way impinge on the former’s fiscal policies.
European banks, however, urge policy makers to solve the issue of a common burden-sharing rule to allow the supervisory cooperation to function fully and effectively before further steps are taken.
The EBF also calls for banks to have a right of appeal to the European Supervisory Authorities to be able to call for their mediation in cases when a college cannot reach a decision.
“Although some questions remain on the actual functioning of the ESRB itself, the most important thing is to have a system which is effective and operational, says Guido Ravoet. We will now be able to make actual progress on the basis of these key developments.”
L.D.