The European Banking Federation’s Board took note of the EU Banking Reform package presented earlier this week by the European Commission and underlined that this shows that EU now is close to completing its implementation of the G20 global reform agenda. The package appears to comfort banks with a regulatory framework conducive to growth in the EU.
Addressing the upcoming talks in the Basel Committee on Banking Supervision (BCBS), the Board called on the committee to respect the G20 mandate for additional capital requirements, which should not have a significant impact in any region, including Europe. EBF members also invited the committee to respect the global playing field in banking by considering the variety of banking models in Europe.
Frédéric Oudéa, President, EBF Board said: “The European project relies on the capacity of our institutions to bring prosperity and security to the Peoples of Europe. While ‘Basel IV’ rules and the future of the European economy might seem like two different and separate issues, the reality is that the revision of the current framework for banks’ capital requirements could have very important consequences for Europe. No agreement is better than an agreement that deeply penalises the European economy.”
The Board stressed the importance of more transparency in the work of the Basel Committee and underlined the need for a quantitative impact assessment before a final decision is taken.
The EBF Board also exchanged views on the new political risks that have emerged during the course of this year, notably the outcome of the referendum on EU membership in the United Kingdom. Members exchanged views on the prospect of Brexit and agreed to monitor the consequences. The Board called on EU leaders to renew their effort towards strengthening EU institutions and cooperation.
Giovanni Sabatini, Chairman, EBF Executive Committee said: “At a time when Europe is at a crossroads and given the utmost importance of ensuring that the EU meets the expectations of its people, we have adopted a 2017 strategy to ensure that EBF remains a reliable and trustworthy partner, working for an efficient and safe banking industry in Europe that strongly contributes to Europe’s prosperity by financing growth and jobs in the economy.”
Press release
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