§ Lord Taylor of Warwick
asked Her Majesty's Government:
When the new European banking supervisory group will start operating; and how will it affect the work of the Financial Services Authority. [HL946]
§ Lord McIntosh of Haringey
The Committee of European Banking Supervisors (CEBS) formally started operating on 1 January 2004. The Financial Services Authority (FSA) will participate in CEBS meetings. The role of CEBS is to advise the European Commission on the preparation of draft implementing measures in the field of banking activities; to contribute to the consistent application of Community directives and to the convergence of member states' supervisory practices throughout the Community; and to enhance supervisory cooperation, including the exchange of information on individual supervised institutions.