Annual report 2008 - European Banking Authority - Europa

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4FOREWORDResponses to the financial crisis have in many cases had crosssectoraldimensions. Many issues have been linked tooverarching questions of accounting and valuation. In orderto make sure that supervisors are responding in a coordinatedway it was necessary to step up the co-operationbetween the three level three Committees (3L3). We havesigned a new protocol and the co-operation has been given amore solid foundation in the sense that the Chairs are nowgiven rotating responsibility for coordinating the 3L3 jointwork, supported by their respective Secretariats. Thisimproved organisation should provide a good foundation forany new cross-sector structure for co-operation amongsupervisors. In this context we submitted to the EuropeanCommission a joint response on the de Larosière report andon the European Commission’s consultation on theimprovement of supervision of the financial sector.Even if the focus for CEBS is Europe we have a close eye onwhat is going on in the wider world. The financial crisis isglobal in nature and requires global responses. Several of ourwork streams are continuing in parallel with thecorresponding groups at the Basel Committee on BankingSupervision.Secretary General Andrea Enria, who had been with CEBSfrom its inception, returned to his home authority during2008 and Arnoud Vossen was appointed to be the newSecretary General. The CEBS Secretariat is the hub of allCEBS’s activities going on in Expert Groups and Task Forces.Additionally, in 2008, we set up several ad hoc groups dealingwith specific tasks we were mandated. The Secretariat has,together with hardworking representatives from memberauthorities, delivered outstanding results in those groups andtask forces. It is thanks to all these highly professional peoplethat we can fulfil our commitments.CEBS has now completed its first five years. Looking forward,I can assure you that we will continue the evolutionaryapproach with its two prongs of better regulatoryharmonisation and more convergence of supervisorypractices. Gradually, we will also give substance to theconcept of a common European supervisory culture. At thesame time, we stand ready to contribute to a refined andmore robust architecture in the light of the present discussionof repairs to both the regulatory and supervisory frameworks.In summary, CEBS has achieved much in 2008, but there is alot more to do.
L1L2L3CouncilCommissionEBC 1 CEBS 2 CEIOPS 3EIOPC 1 ESC 1 FCC 1CESR 3ParliamentConvergenceLegislationImplementingDetails5CEBS’s ORGANISATIONL4EnforcementCommission1 Finance ministries2 Supervisors and Central Banks3 SupervisorsCEBS in the institutional environment2. CEBS’s organisationAs part of the so-called Lamfalussy process, the EuropeanCommission established by adopting Decision 2004/5/EC of 5November 2003, the Committee of European BankingSupervisors (CEBS). This Decision has been updated by theCommission in January 2009 1 . CEBS took up its duties on 1January 2004, serving as an independent body for reflection,debate and advice to the Commission in the field of bankingregulation and supervision.In January 2008, Mrs. Kerstin af Jochnick, Director ofPrudential Supervision at the Swedish Financial SupervisoryAuthority (Finansinspektionen) was elected Chair of CEBS fortwo years. Mrs Kerstin af Jochnick has served as a CEBSBureau member and also as Chair of the Expert Group onCapital Requirements (EGCR).Mr. Giovanni Carosio, Deputy Director General at the Bank ofItaly (Banca d’Italia), has taken over as Vice Chair of CEBS. Mr.Carosio has held several senior positions in bankingsupervision and he is currently representing the Bank of Italyon several international committees and working groups.In the first months of 2009, CEBS has appointed two newBureau members to the CEBS Bureau; Mr. Thomas Schmitz-Lippert (Bundesanstalt fur Finanzdienstleistungsaufsicht -BaFin) and Mr. Fernando Vargas (Banco de España), whoreplace Mr. Jukka Vesala (Finnish FSA) and Mr. Rudi Bonte(Belgian Banking, Finance and Insurance Commission - CBFA).The role of the Bureau is to discuss matters of strategicimportance and prepare agenda issues for the CEBS’smeetings. It also provides advice and assists the Chair and theCommittee on budgetary and administrative matters.CEBS, that started operating at the beginning of 2004 issupported, operationally and administratively, by a LondonbasedSecretariat. The Secretariat is organised as ‘CEBSSecretariat Limited’, a company limited by guarantee underEnglish law. The Secretariat’s main tasks include preparationand maintenance of minutes of meetings, workingdocuments and consultation papers, coordinating the workstreams initiated in CEBS’s substructures and supporting theCEBS’s Chair in his/her public relations, activities andrepresentational functions. The Secretariat also co-ordinatesco-operation with the Commission and with the other Level-3 Committees.Mr. Arnoud Vossen, from De Nederlandsche Bank, joined theCEBS Secretariat as Deputy Secretary General in January 2008and in August 2008 he was appointed as Secretary General,replacing Mr. Andrea Enria, who had held the position sincethe establishment of the Committee in 2004. In October2008, Mr. Patrick Amis (French Commission Bancaire) wasappointed as Deputy Secretary General of CEBS.1 Commission Decision C(2009)177 establishing the Committee of European Banking Supervisors:http://ec.europa.eu/internal_market/finances/docs/committees/c-2009-177_en.pdf
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54ANNEXES• Financial conglomerate
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565.6. LIST OF ABBREVIATIONS AND TE
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Annual report 2008 - European Banking Authority - Europa

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