Earlier this month (17 May 2013) the Board of the European Banking Federation (EBF) reiterated its support for the Banking Union project in general and the progress towards a Single Supervisory Mechanism in particular.
Unfortunately local implementation of various initiatives with different scope and pace could put a dent in the success of the overall efforts. That is why the importance of a consistent and coherent regulatory platform and supervision can certainly not be stressed enough. Europe’s banks have specifically pointed out that it is crucial that the common resolution regime is completed and fully harmonised – with no national discretions. EBF Board members also raised the issue of protecting the business models of European banks and insisted that geographical ring-fencing would distort competition.
“It is crucial that the resolution regime is completed, fully harmonised, with no national discretions” (Christian Clausen, EBF President)
From left to right : John Reynolds, IBF President ; Enda Kenny, Irish Prime Minister and Christian Clausen, EBF President. Picture was taken at Trinity College Dublin.