The European Commission published the responses on the consultation on the forthcoming Capital Requirements Directive for banks and investment firms. Contributions were received from the financial services sector, other sectors including small and medium size businesses and national authorities. According to the Commission the responses show strong support for the approach.
The forthcoming Directive is due to come into force at the end of 2006 in parallel with the new international Basel Capital Accord. The Commission will issue a feedback statement as part of its third Consultation Paper in June.
The Commission also says that early results from a recent impact study (QIS3) are positive. The final results of this study will be published in early May. Work is continuing to assess the impact of the new capital requirement for Operational Risk on investment firms.
Furthermore, the Commission’s services published tow working documents on the treatment of real estate lending and on the treatment of covered bonds.
These papers provide a basis for a pre-consultative dialogue with the industry about the treatment of loans secured by real estate, and the treatment of covered bonds under the new capital requirements regime for banks and investment firms. Comments should be submitted before the end of April this year.
The majority of the comments can be downloaded from the Commissions website
Commission press release
Working document on
real estate lending
Working Document on
covered bonds
© European Commission
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