I suggest that we make a shared commitment to reduce the volume of deferred-amortisation loans and adjustable-rate loans with very frequent refinancing – and especially loans  4  BIS central bankers’ speeches  combining the two – within a few years. And we should also seek to spread refinancing of the remaining short-term bonds evenly over at least three annual dates.
In May 2008, the ECOFIN recommended to strengthen the role of the colleges and to extend their use to all banking groups with cross-border activities in the EU. The establishment of the colleges of supervisors will be accompanied by a clarification of the legal framework. The Commission has proposed amendments to the Capital Requirements Directive (CRD) to enhance the legal underpinnings of the colleges.