Lamfalussy Committee of Banking Supervisors (Hansard, 26 January 2004)

§ Mr. Gordon Brown

I am delighted to inform the House that on 20 January EU Finance Ministers agreed to base the new Lamfalussy committee of banking supervisors ('CEBS') in London. The equivalent committee for securities supervisors ('CESR') will continue to be based in Paris and that for insurance ('CEIOPS') will be based in Frankfurt. The location of these regulatory committees in Europe's major financial centres is a good outcome for the UK and for financial markets in the EU. This high-level committee of EU banking supervisors and central banks will be a key forum for national authorities to improve supervisory practices and advance the EU's legislative agenda. It should help ensure that more flexible EU legislation is adopted quicker, with improved consultation, transparency, and greater input from market practitioners. This should help drive forward the EU Financial Services Action Plan, providing Europe with a more dynamic, innovative, efficient and competitive financial services sector, to the benefit of consumers and businesses. The banking committee will meet at least three times a year, and should meet in London for the first time in the spring. It has already assumed its responsibilities and is currently looking to secure permanent offices in London. The committee is currently chaired by Jose Maria Roldan, Director General of the Bank of Spain, and around forty senior regulators and central bankers will participate in its meetings.