Regional workshop BCCL-METAC Operational functioning of supervisory Colleges BEYROUTH, April 25 th, 2012

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1 Regional workshop BCCL-METAC Operational functioning of supervisory Colleges BEYROUTH, April 25 th, 2012

2 INTRODUCTION SUPERVISORY COLLEGES ARE A FUNDAMENTAL TOOL OF COOPERATION : At the light of the crisis, a need for stronger coordination and cooperation whereby competent authorities reach agreement on key supervisory tasks Expectation to facilitate the handling of ongoing supervision and also to enhance both the preparation for and handling of emergency situations. 1

3 PRUDENTIAL FRAMEWORK OF SUPERVISORY COLLEGES Good practices on supervisory colleges, BCBS, October 2010 EBA s guidelines for the operational functioning of supervisory colleges, June 2010 implemented in Dec CRD in Europe. 2

4 WHERE DO WE COME FROM? Colleges were first convened in 2005 as an answer to the need for cooperation in the framework of the Basle 2 authorizations: association of the most significant supervisors of the groups. Then, in 2006, necessity to organize the decision making process provided for by the CRD for the Basle 2 models authorization Pillar 1 approval process: first and emblematic example of collaborative work and delegation of task 3

5 WHERE DO WE COME FROM? Source : EBA, GL10 4

6 WHAT ARE THE OBJECTIVES OF A COLLEGE? BCBS Principle 1 (1) : Supervisory colleges should enhance information exchange and cooperation between supervisors to support the effective supervision of international banking groups. Colleges should enhance the mutual trust and appreciation of needs and responsibilities on which supervisory relationships are built. (1) Please note that all the BCBS principles quoted in the following slides come from Good practices on supervisory colleges paper, BCBS, October

7 In practice: sharing information on the risk profile of the group and its components; coordinating supervisory actions; enabling a direct dialogue between hosts supervisors and the senior officers of the group; reaching a joint decision on capital requirements (in Europe). 6

8 WHAT COULD BE THE STRUCTURE OF A COLLEGE? BCBS Principle 2: College structure Supervisory colleges should be structured in a way that enhances effective oversight of international banking groups, taking into account the scale, structure, and complexity of the banking group and the corresponding needs of its supervisors. Whilst a college is a single forum, multiple or variable sub-structures may be used as no single college structure is likely to be suitable for all banks. 7

9 In practice: a direct link with the structure of the group is necessary. Supervisors have to take into consideration: the legal structure of the group, the breakdown of activities, the geographical coverage. 8

10 In practice: a direct link with the structure of the group is necessary. Possible answers are numerous, but have to be pragmatic: general college / restricted college / core college / extended college, sub-colleges are also a possibility. In the European framework, some specific questions: associating the non EEA supervisors? associating the branch supervisors? 9

11 In practice, the current answer for most Colleges: a single forum but a three-layers structure A core college : associates European subsidiaries or non-european entities that have a critical importance within the group or in the local banking system; An extended college: gathering both EU and non EU host supervisors of important entities, who need to exchange view, collectively on a regular basis; An European college (all supervisors of subsidiaries in the EEA): examines issues where coordination is required by the CRD. 10

12 In practice: Update of the college structure: The college format is periodically revisited on the basis of an updated cartography provided by each group; Future other colleges settings could be considered: thematic or specialized supervisory colleges. 11

13 WHAT INFORMATION COULD BE SHARED? BCBS principle 3 College members should make their best efforts to share appropriate information with respect to the principal risks and risk management practices of the banking group. Mutual trust and relationships are key for effective information sharing. Nonetheless, formal Confidentiality agreements, such as contained in Memoranda of Understanding (MoUs), among college members facilitate this process. 12

14 In practice: Bilateral conventions with foreign supervisory authorities Multilateral memorandum on cooperation and exchange of information M o U on cooperation on cross financial stability (in Europe) Multilateral cooperation and coordination agreement on the supervision on a specific banking group memorandum Equivalence of confidentiality for third countries : Methodology elaborated by EBA (use for supervisory purposes, professional secrecy) CRD in the European Union 13

15 ILLUSTRATIVE INFORMATION EXCHANGES IN COLLEGES Information Recommended College Universal High level supervisory risk assessment A summary of priority risks across business, geographic and key risk dimensions A summary of the economic environment in relevant/ material jurisdictions/markets, as well as results of stress tests Supervisory plan Organization charts A summary of relevant financial reports/statements including highlights of financial position and prospects Capital position/plan Liquidity position/plan Key supervisory contact list for both day-today supervisory and crisis management purposes Core Detailed supervisory risk assessment and significant findings from relevant risk reports Extracts from (enterprise-wide) risk reports covering: priority risks across business and geographic lines, as well as credit, market and operational risks Analysis of the economic environment of material/relevant jurisdictions/markets and results of stress tests Supervisory plan Detailed organization charts Key financial reports/statements of financial position and prospects Capital position/plan Liquidity position/plan Strategic summary Crisis management plan Key supervisory contact list for both day-to-day supervisory and crisis management purposes Summary of remuneration practices 14

16 ILLUSTRATIVE INFORMATION EXCHANGES IN COLLEGES Information College Universal Core Optional Summary of: Strategic plans Credit risk reports Market risk reports Organization charts Operational risk and infrastructure reports Group-wide and subsidiary strategic plans Highlights of relevant material reports from such key sources as: Internal audit Compliance External audit External consultants Source : BCBS guidelines on colleges 15

17 WHAT ARE THE COMMUNICATION CHANNELS? BCBS principle 4 on communication channels: Communication channels within a college should ensure the efficiency, ease of use, integrity and confidentiality of information exchange. The home supervisor should make sound communication channels available to the college and host supervisors should use them appropriately and continuously. 16

18 In practice, the ways of cooperation are: Meetings: the colleges in Europe have held meetings since 2005, mainly for the coordination on Pillar 1 models validation, the frequency has increased over time : now twice a year at least; Other ways of cooperation: letters, phone calls, s; Bilateral relationship remains crucial and contact list of college s members should be maintained. 17

19 In practice, the ways of cooperation are : Restricted websites that provides: a secure way of sharing sensitive information (by posting confidential prudential information: pillar 2 ratios, risk assessments, contributions from all members authorities), possibilities for shared work (Calendar, JRAD, RAS common templates ), a permanent network of cooperation. 18

20 WHAT IS THE WORK UNDERTAKEN? BCBS principle 5 on collaborative works: Supervisory colleges should promote collaborative work between members, as appropriate, to improve the effectiveness of the oversight of international banking groups. Collaborative work should be based on agreement between supervisors and should recognize national legal constraints. 19

21 In practice: a large range of topics Basel 2 models authorization; Coordination of on-site examination programs and other supervisory actions; Pillar 2 decisions; Exchange of views and information on the situation of the Group and its main subsidiaries, especially in the context of the crisis: risk profile, liquidity situation, profitability, strategy, risk management system. 20

22 New topics have emerged: Regular EBA Risk assessment: operational involvement of the European members of the college. Crisis management (first FSB, BCBS and EBA): organization of crisis management groups, assessment of the recovery and resolution plan of the groups, identification and follow up of Sifis. 21

23 WHAT ARE THE INTERACTIONS WITH THE INSTITUTIONS? Principle 6: Interaction with the Institution Interaction between the college members and the banking group should complement the interaction that individual supervisors (both home and host) have with the specific entity they supervise. 22

24 In practice: Participation of group representatives and representatives of the main operating entities to the college meeting. Objective: to better understand the developments of the group s activities in the relevant jurisdictions. Access in person to the CEO, CRO and to high level representatives of the main entities who attended the college ability to ask for questions or to raise issues to the most senior management level. 23

25 WHAT ABOUT CRISIS MANAGEMENT AND SUPERVISORY COLLEGES? Principle 7: Crisis Management Supervisory colleges and crisis management structures are distinct but complementary. The work of a banking group s supervisory college should serve as one of the building blocks for crisis management planning. 24

26 In practice: The home supervisor can set up a Cross Border Stability Group. Crisis Management issues can be discussed during the Colleges. 25

27 In practice: in case of an emergency, following rules may apply : alert the Core College Members of a potential emergency situation and assess amongst the Core College Members its potential impact on the financial soundness of the banking Group as well its jeopardy for the safety and soundness of one or more specific entities (subsidiary/significant branch); the home supervisor is responsible for collecting information and for providing this information to the Supervisors of the affected entities and to the Core College; the rules on confidentiality apply. 26

28 WHAT ABOUT MACROPRUDENTIAL ISSUES? Principle 8: Macroprudential Work Supervisory colleges can help ensure that the intensity of supervision of large, complex, internationally active banking groups is tailored to their systemic importance. Supervisory colleges should facilitate the process of identification and dissemination of information relevant to macroprudential analysis. 27

29 In practice: Analyzing a combination of qualitative and quantitative indicators, such as total assets, size of the retail deposit book and strategic importance of the firm within the relevant jurisdictions This could primarily be discussed in the core college. Other supervisors could then add more specific information if relevant for some business lines However, although some macro-prudential issues are regularly mentioned during discussions on risk factors, this is generally not an item developed in the Colleges agenda per se. 28

30 New colleges established in 2010 pursuant to CRD 2 provisions: Substantial increase in the number of colleges. Monitoring by the Home authority according to the proportionality principle (non fully fledged colleges). JRAD process for both fully and non-fully fledged colleges. 29

31 LESSONS OF EXPERIENCE The practical difficulties/challenges with the community of supervisors of complex internationally active groups Identify the issues of common concern Create a «team spirit» to make common work possible Override the obstacles to the exchange of information Try to associate all authorities involved in significant supervisory issues (including non EEA authorities) Taking into account the evolutions of group s perimeters Holding meetings on specific topics in sub college format. 30

32 Constraints: OPTIMIZE THE ORGANIZATION take into account the change of the perimeters of the groups; associate non-core/non- EEA supervisors; maintain an efficient size of the college. Possible solutions: revisit the core college format; associate non EEA authorities involved in significant supervisory issues ; meetings dedicated to specific topics/ sub-college format. 31

33 So there is a need of coordinated supervisory plans : An exchange of information on all the supervisory works: on-site inspections, other main (off-site) supervisory actions, key supervisory meetings; Ability for host supervisors to take part to on-site inspections at group level if the subject is relevant for their local entitie(s) (ie : Basel 2 model evolutions) 32

34 SUPERVISORY ACTION PLAN (EBA s guidelines for the operational functioning of supervisory colleges) 33

35 SUPERVISORY ACTION PLAN (EBA s guidelines for the operational functioning of supervisory colleges) 34

36 SUPERVISORY ACTION PLAN (EBA s guidelines for the operational functioning of supervisory colleges) 35

37 CONCLUSION Supervisory colleges are a fundamental tool of the cross border supervision (especially in the European context). In Europe, we are implementing a new and more formalized way to supervise cross border banking groups. But It is quite burdensome (so there is a need to adapt national supervisory methods). The multilateral cooperation within the college does not exclude bilateral relationship on specific issues. 36

38 Talking points Do you believe that the role of supervisory Colleges will expand in the future? Among their various areas of activities, which do you believe to be the most beneficial? To what extent financial institutions with a foreign presence should be supervised through supervisory colleges? TITRE DE L INTERVENTION Nom de l intervenant Direction ou service d origine - Date 37

39 ANNEX 1 LIQUIDITY ASSESSMENT IN EUROPEAN COLLEGES One practical work within supervisory colleges: implementation of the EBA Liquidity ID Card: The Liquidity ID card (June 2009) is : to provide supervisors of European cross-border groups with a single prudential language in order to enable meaningful exchanges of information; to gain a common understanding of the liquidity risk and resilience of a group and its affiliates in short and longer implemented before Basel III regulation 38

40 Operation of the colleges One practical work within supervisory colleges: implementation of the EBA Liquidity ID Card: Consolidating Supervisors Host Supervisors Overall supervisory opinion of the liquidity risk profile Brief comments Part I Common set of information (Core ID) 1. General and qualitative information Group level Liquidity strategy : Cash pooling ; Liquidity support in normal times; Stress test scenarios ; Liquidity buffer; Concentration. Liquidity policy Obstacles to liquidity transfers Contingency Funding Plan Local entities Key player in the domestic country? Own liquidity buffer ; Own stress scenarios and contingency funding plans ; Cross-border impediments (other than legal or regulatory) to transferring cash or collateral to the parent/head office; Access to liquidity on its own right. 39

41 Consolidating Supervisors Part I Common set of information (Core ID) 2. Quantitative information Liquidity Buffer Long-Term Funding Ratio Diversification of the funding structure Domestic quantitative ratio (if any) Part II Additional à la carte information 40

42 Liquidity ID Card: Supervisory assessment at group level: Home European supervisors assess the liquidity management main features, taking into account host supervisors contribution. Assessment of liquidity strategy and liquidity risk framework applied to various entities of the group. Overall assessment of liquidity risk management (liquidity risk measurement and monitoring, liquidity risk transfer mechanisms, liquidity needs calculated under stress conditions, diversification of funding sources ). 41

43 ANNEX 2 : ROLE OF INTERNATIONAL INSTITUTIONS TITRE DE L INTERVENTION Nom de l intervenant Direction ou service d origine - Date 42

44 THE ROLE OF INTERNATIONAL INSTITUTIONS Work of the Basel Committee on Banking Supervision (BCBS): Standard setting (standards, guidelines, reports and other), Follow up of implementation of supervisory standards by the Standards Implementation Group of the Basle Committee (SIG) includes work on supervisory colleges. A SIG Task Force on colleges has reviewed practices in college and has proposed good practices principles on supervisory colleges and update Essential elements of a statement of cooperation (Basle template 2001). 43

45 Role of European Banking Authority : Standard and guidelines setter, Coordinator and «pilot» of the cooperation, A reporting from colleges to EBA is already in place, EBA is, under the new CRD, recognized as conciliator in case of disagreement within a college, EBA will ensure the cross-colleges coordination. 44

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