Look to concretely apply principle of proportionality to EU banking rules
BRUSSELS, 3 March 2016 – ESBG announced today that it will relaunch a policy-focused task force to concretely apply the principle of proportionality to EU banking rules.
The task force will aim to continue the momentum generated since the release of a report on proportionality published by the Banking Stakeholder Group (BSG) of the European Banking Authority. The 58-page BSG report called on EU supervisors and policymakers to better apply the principle to find a balance between costs and benefits of EU financial regulation.
Chaired by Herbert Vallant, European affairs expert from ESBG member Austrian Savings Banks Association (OSPV), the task force members, from both within the ESBG membership and potential workstreams with outside parties, will convene later this month to first define its strategy and process. The group will then look to compile a series of policy-related messages as well as some technical-oriented supporting points on proportionality, while giving concrete examples of where the principle should be applied. It will also gather data from members on the cost of regulation – an area of great interest to the European Commission.
A high-level meeting could also be envisaged at a later stage. The group plans to keep in close contact with the European Commission throughout the task force's work.
The ESBG Task Force on Proportionality was created in May 2014 to assist ESBG Managing Director Chris De Noose in providing concrete examples of where the Principle of Proportionality should be applied in EU legislation. The outcome of its work was the well-circulated Report on Proportionality in Bank Regulation discussed in Brussels at an event earlier this year. Mr De Noose led the ad hoc working group on Proportionality in the EBA's Banking Stakeholder Group, which contained 14 of 30 BSG members.
>> Learn about the 15 January 2016 report forum
>> Download .pdf version of the press release
>> Download a copy of the BSG report