| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Statement |
| Series Details | STATEMENT/14/2403(05.12.14) |
| Publication Date | 05/12/2014 |
| Content Type | News |
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The Basel Committee on Banking Supervision published a report in December 2014 assessing the implementation of the Basel capital framework in the nine EU Member States that are members of the Basel Committee. The assessment was conducted under the Committee's Regulatory Consistency Assessment Programme (RCAP). A key component of this programme is to assess the consistency and completeness of a jurisdiction's adopted standards and the significance of any deviations in the regulatory framework. The RCAP framework promotes full and consistent adoption of the Basel framework by identifying domestic regulations for internationally active banks that are not in line with the letter and spirit of the relevant Basel standards. The RCAP assessments do not take account of a jurisdiction's bank supervisory practices nor do they evaluate the adequacy of regulatory capital for individual banks or a banking system as a whole. According to the European Commission EU banking legislation was assessed in the RCAP as compliant or largely compliant in 12 of the 14 components assessed by the Basel Committee, thereby largely confirming the EU’s approach. Nevertheless, the RCAP report points out that there were certain differences between EU law and international standards. However, the think tank Open Europe said the report did not make good reading for the EU. EUObserver wrote that the new EU laws do not meet new global standards and would not be enough to ensure that the bloc's banks could survive a future financial crisis'. |
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| Source Link | Link to Main Source http://europa.eu/rapid/press-release_STATEMENT-14-2403_en.htm |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
