Before the global financial crisis of 2008, while the banking world focused on the implementation of Basel 2, the extent of regulatory deficiencies was not fully known and, in hindsight, regulatory and oversight weaknesses were clearly more than significant.
While colleges are a sensible approach to dealing with the global nature of the financial industry, they have their limitations, especially in a global context. In contrast to EU colleges, global colleges have no legal basis, and this hampers supervisory cooperation and information-sharing. DNB currently chairs two global colleges.