Industry welcomes CEBS paper on Pillar 2
London -- The Committee of European Banking Supervisors (CEBS) issued a consultation paper in late May on the application of the supervisory review process under Basel II's Pillar 2.
Industry association executives welcomed the paper, and the opportunity it brings to discuss the impact Pillar 2 will have on firms within the EU. Pillar 2 – which relies much more on individual supervisor discretion on various issues for implementation – has long been a cause for concern among financial institutions. Firms fear that standards in this section could vary widely from country to country, or within the different business lines of the financial community. "I have had a long-standing
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