Factual Update and Analysis of the Basel Core Principles for Effective Banking Supervision
Prepared by Fernand Naert (IMF consultant on banking supervision).
EU-directive 2006/48/EU, implementing Basel II in a convergent setting for all EU member states; it has been complemented by recommendations and guidelines set out by CEBS, to which all members have subscribed and whose adequate transposition is considered to form an integral part of CRD transposition under national regulations.
A long-term plan was being developed at the time of the update.
The Directive imposes authorities to have in place such arrangements regardless of the existence of specific MoUs.