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In an increasingly globalised world — as so clearly demonstrated by the financial crisis — it is crucial that banks operating in more than one country are supervised as effectively as possible.
Supervisory colleges play an important role in this regard, helping to improve the supervision of cross-border banks. Information sharing and cooperation on an ongoing basis are essential tools for strengthening the supervision of such banks.
The extent of interaction between Consolidating supervisor definition department college members varies depending upon the particular banking group and supervisors concerned, and a proportional approach is applied.
Under the new framework introduced by the Bank Recovery and Resolution Directive BRRDcolleges must also assess the recovery plans of cross-border banks and reach a joint decision on the assessment of such plans.
Key tools for the implementation of the supervisory college framework in the EU are the guidelines developed by the European Banking Authority, as well as the relevant regulations adopted by the European Commission.