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EU warning systems 'need strengthening'
Financial Times
04 Aprile 2008
Plans to beefup risk management
Recent financial turmoil has shown that the"early warning systems" within the European Union, as well as the pruderitial framework in the banking sector, need urgent strengthening, Charlie McCreevy, the internai markets commissioner, told MEPs yesterday.
Mr McCreevy spelt out in the greatest detail to date plans for beefingup risk management rules for banks and urged the various European institutions the Commission, Council and parliament to reach agreement on changes to the socalled Basel II capital requirements directive by Aprii 2009.
"A failure to do so would imply substantial and, from a market's perspective, unacceptable delays," he said, as he called on the European parliament to make a similar statement.
"Citizens need to understand that we can collectively make real progress on such important issues".
Mr McCreevy's remarks carne in the wake of a proposed overhaul of US regulation, put forward this week by Hank Paulson.Treasury secretary.
Gordon Brown, the British prime minister, also warned yesterday that the world economy was in a downturn and that urgent action was needed when finance ministers and centrai bankers met in Washington on Aprii 11 to seek a solution to the credit crunch.
Changes to the Basel II directive that Mr McCreevy said would be put forward are due to include rules to limit the risk stemming from large bank exposures; harmonisation of definitions of hybrid capital; capital requirements for default risk in banks' trading books; and technical changes to the securitisation framework.
Mr McCreevy then went on to throw the Commission's backing behind changes to the Lamfalussy process of financial service regulation, giving clearer respqnsibilities to the socalled "level three" committees, where representatives of national supervisory bodies work on coordination.
The credit squeeze has also led to a renewed push by European bankers and regulators to force greater coordination in the supervision of the European Union's largest financial institutions.
Over the past few weeks, politicians and regulators includine Alistair Darling, the UK chancellor have recommended the use of socalled J'colleges" of regulators to supervise large multinationàl banking groups.
These proposals are part of a longerrunning debate about European financial regulation.
In Europe, the credit squeeze has led to a renewed push by bankers and regulators to force greater coordinatiòn in the supervision of thè European Union's largest financial institutions.
Some have proposed the creation of a single, pan European financial regula tor. However, most observ ers recognise that such a move is both politically anc practically impossible in the near future.
As a result, the creation ol supervisory colleges is seer as the next best solution Such colleges, which regu larly bring together supervi sors from different coun tries, are already well estab lished. For example, Dutcr and Belgian regulators coop erate closely in the supervi sion of Fortis, the Belgian Dutch banking and insur ance group.
And the UK's Financial Services Authority organises regular meetings for ali reg ulators involved in monitor ing international banks sudi as HSBC and Standard Char tered.
However, it is uncleai whether such structures car ensure a consistent applica tion of regulations.
European regulators disa greed with the UK's FSA about whether banks shoulcì be allowed to include divi dends that they have prom ised to pay but not yet distributed to shareholders in their capital base.
Some observers believe bodies such as the Committee of European Banking Supervisore, which was set up to ensure the consistent implementation of regulations such as Basel II, could play a greater role in enforcing the rules.
But CEBS, which consists of a small staff based in London, does not have the authority to impose Solutions.
By Peter Thal Larsen
Source > Financial Times
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