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Third Meeting Of The Financial Stability Board Regional Consultative Group For Europe

Date 24/09/2012

Today, the  Financial Stability Board hosted the  third meeting of the FSB Regional Consultative Group for Europe (RCGE) in Basel, Switzerland. 

Members discussed the FSB-led initiative to take forward the development of a global Legal Entity Identifier (LEI) for financial markets, the on-going work of the UK authorities to review the methodology for setting the London Inter-Bank Offered Rate (LIBOR), the experience and implementation issues in the evolving macro-prudential policy frameworks and tools,  an update on the recent consultative process of the Basel Committee on Banking Supervision (BCBS) on the framework for dealing with Domestic Systemically Important Banks (D-SIBs), the implications  for the RCGE members  of new liquidity standards, and the issues in implementing the resolution regime for the G-SIFIs in the RCGE-member jurisdictions. 

Discussions  on the LEI  addressed  the need, for a single unique identification system for financial market participants, and centred on the FSB recommendations for the development and implementation of a global LEI system under a public-private initiative,  including  its governance at the global level.

On macro-prudential policy frameworks and tools, members shared their recent experiencesincluding on the adoption of formal macro-prudential frameworks.

The BCBS Secretariat updated members on its recent consultation process on D-SIBs. 

On liquidity standards, members discussed recent policy developments and potential implementation challenges. 

Members also exchanged views on  the status of  resolution regimes, sharing country experiences in resolving financial firms and discussing the issues involved in implementing effective resolution regimes in particular for the G-SIFIs.

The FSB Regional Consultative  Group for  Europe is co-chaired by  Tom Scholar, Second Permanent Secretary, HM Treasury, United Kingdom and Yves Mersch, Governor, Banque centrale du  Luxembourg. Membership includes financial authorities from  Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal,  Spain, Switzerland, Sweden, United Kingdom and the Group of International Finance Centre Supervisors. The inaugural meeting of this Group was held on 6 December 2011 in Luxembourg.