EBA Notes Good Progress In Convergence Of Supervisory Practices Across The EU
The European Banking Authority (EBA) published today its annual Report on the convergence of supervisory practices in the EU. The EBA's work in supervisory convergence aims at fostering comparable supervisory approaches across the single market. This is necessary to ensure a level playing field, effective supervision of cross border groups, and to promote supervisory best practices.
This Report provides a summary of the EBA's observations on the current state of convergence of supervisory practices and highlights the EBA's activities carried out in 2018 to promote this convergence in accordance with its mandates as set out in its Founding Regulation and in the Capital Requirements Directive (CRD).
The Report covers, in particular, the EBA's assessment of the convergence in the supervisory review and evaluation process (SREP) as well as the supervisory convergence in the continuum between ongoing supervision, recovery and resolution. The latter is a new consideration given the relatively new entry into force of the Bank Recovery and Resolution Directive (BRRD).
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