News

... at EBA’s interest group’s fifth meeting in February.The study showed how employees’ and consumer interests can meet when applying the directive correctly. This is especially true for three points: the structure of inducement systems, training and responsibility for unfit advice.

The presentation has found general acceptance because the point of view differed from the usual discussions. Considering employees’ interests adds an innovative element to the debate of financial supervision within EBA.

This was a joint meeting with the Supervisory Board of the European Banking Authority, or the 27 national supervisors, as well as the representatives of the European Central Bank, the Commission and the two other European Supervisory Authorities (EIOPA for insurance and ESMA for financial markets) as well as the European Systemic Risk Committee.

The meeting was held over two days in London; the first day was for members of the Banking Stakeholder Group (BSG) only. It was still dominated by current issues such as lack of liquidity, particularly in USD, the sale of asset banks and the need to achieve a harmonization of accounting and financial reporting in order to recapitalize the banks uniformly. For the financial reporting, the Banking Stakeholder Group was required to make its first official comment.

The European Commission encouraged the trade union representative to do a similar kind of analysis on the Basel III legislation.