More on EU supervision
From January 1 2011, a a new EU-wide regime of bank supervision will be in place. The European Parliament gave its massive backing to the proposal in its final vote on September 23. But what does this all mean, really?
It is not always easy to decipher what new EU legislation actually entails in practice. The picture below explains in a clear and understandable way how the new supervisory system will work. Clearly, the national supervisors will continue to have a central role. But coordination and information exchange will be vastly facilitated in the new regime.
As NFU has reported previously, there is a clear place for bank and financial employees’ involvement in the new system. Each body will have a stakeholder group set up, which will provide input to its work.