FSB Regional Consultative Group for Europe – meeting 6 May 2016

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Today, the Financial Stability Board (FSB) hosted in Basel, the tenth meeting of the FSB Regional Consultative Group for Europe (RCG Europe) under the co-chairmanship of Anne Le Lorier, First Deputy Governor, Banque de France and Jon Nicolaisen, Deputy Governor, Norges Bank.

At their meeting, members of the FSB RCG Europe discussed the progress made by two working groups set up by the RCG Europe. One has reported on Nordic experiences of cooperation on cross-border regulation and crisis resolution. The other will start its work on private pension schemes resilience.

Furthermore, the group discussed current global and regional vulnerabilities. Members were updated on the FSB’s 2016 policy priorities and work plan. Members also discussed experiences and challenges related to market liquidity risks, market-based finance and asset management activities.

Finally, members were updated by the Basel Committee on Banking Supervision on its current initiatives, and in particular its ongoing consultations on the design and calibration of capital floors and efforts to reduce variability in the risk weighted framework. The work related to the risk weighted framework will be carried out – according to the 11 January 2016 statement by the Governors and Heads of Supervision 1 – in a manner that “will focus on not significantly increasing overall capital requirements”.

The membership of the FSB Regional Consultative Group for Europe includes financial authorities from Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, United Kingdom and the Group of International Finance Centre Supervisors. The European Commission and the European Central Bank also attended the meeting.

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