banking supervision

The European Court of Auditors, the EU’s top body designed to improve financial management in the European Union, has criticised the European Central Bank for failing to properly supervise the 110 largest financial institutions in the Eurozone.

After completing a similar transition last year for the supervision of investment fund managers, Luxembourg’s financial supervisors, in close cooperation with bank sector representatives, now have adopted a major modernisation of its banking supervision by overhauling what is known as the Long Form Report. Both banks and supervisors see the new approach as a major step forward.