Consultation

Recommendations to address the consequences of the differences in sectoral rules on the calculation of own funds of financial conglomerates(3L3 Medium Term Work Programme)

Start Date: 22/11/2007 | Deadline: 07/03/2008

The Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Penstions (CEIOPS) - through the Interim Working Committee on Financial Conglomerates (IWCFC) are publishing today the formal consultation on its advice to the European Commission (EC) on recommendations for action that the IWCFC considers appropriate to address the consequences of the differences in sectoral rules on eligible capital for the supervision of financial conglomerates. The advice forms the conclusion to its previous reports analysing the existence and impact of the sectoral differences published in January and August 2007 (link).

In order to allow for a focused consultation, the IWCFC has developed some concrete questions on which it would be very keen to hear market participants' views. Participants are of course welcome to raise any other issues they think are relevant. Industry representatives are invited to send their comments by 7 March 2008.
Unless respondents request otherwise, comments received will be published on the CEBS and CEIOPS website. 

Responses

1. Association of German Banks (ZKA)  
2. Austrian Federal Economic Chamber (WKO)  
3. Insurers of Europe (CEA)  
4. European Association of Public Banks (EAPB)  
5. German Insurance Association (GDV)  
6. European Banking Federation (EBF) Letter  
7. Prudential PLC Annex1 Annex2
8. Mediobanca