Joint Press release: Meetings in Prague of EFDI Cross-Border Working Group (CBWG), Banking Union Working Group and DGSD 3 Working Group (D3I)

On Thursday, October 3^rd and Friday, October 4^th, 2024, the Czech Financial Market Guarantee System hosted at Czech National Bank in Prague a successful two-day event of EFDI Working Groups: CBWG, BUWG and D3I.

The first day, was mainly devoted to the CBWG and was opened by the Vice-Chairman of the Czech Financial Market Guarantee System Board, Mr. Radek Urban followed by Mrs. Renata Kadlecova, Managing Director, and the co-leader of the CBWG Borja Peletero (FGD).

After that, an update on the activities from the CBWG’s Subgroups were presented by their  respective leaders: (i) Operations by Mr. Arnaud Ribadeau Dumas (FGDR) and Mr. Tormod Skjaerpe (Bankenessikringsfond); (ii) Communications by leader Mr. Robert Meulenbroek (DNB); (iv) Finance by Mrs. Antoaneta Geala (FGDB) and Arnaud Schangel (FGDR) (v) Legal by Ana Lillo (FGD) and Clara Cohen (FGDR). This was followed by a very insightful presentation related to certain legal aspects on the Cooperation Agreement that raised very fruitful discussions.

Mr. Olav Scholten (DNB) continue in a Tour de table focus on recent statistics on cross border deposits and it finally ended in a discussion led by Mr. Borja Peletero on relevant sections of the review of EFDI Home DGS – Host DGS Cooperation Multilateral Agreement which aims at establishing a framework for EU cross border reimbursement procedures.

The second day was dedicated to the BUWG and D3I. The session began with a welcome speech from Mr. Radek Urban, who shared with us his experiences in the Sberbank case and then was opened by the leaders of the BUWG, Mr. Olav Scholten (DNB) and Mr. Marcello Bredice (FGDCC). After that, EFDI Secretary General. Mr. Carlos Colao, was invited to briefly talk about the next event that EFDI is preparing in Brussels for November 20^th (details will follow shortly) in relation to the Reform of the bank crisis Management and Deposit insurance framework Crisis Management and Deposit Insurance Framework (CMDI). Then, the leaders of the BUWG gave a CMDI update where the 3 different versions (European Commission, European Council and European Parliament) where presented and discussed also in relation to EFDI’s position paper on CMDI “EFDI Package on CRISIS MANAGEMENT AND DEPOSIT INSURANCE (CMDI) FRAMEWORK Comments and recommendations on DGSD Review” . Really interesting discussions and opinions were exchange among the participants.

The second part of the day was devoted to D3I where the co-leader Mrs. Renata Kadlecova (GSFT) had the chance to introduce the new co-leader of the working group Mr. Péter Nagy (NDIF) and thank former co-leader Mrs. Christiana Argyridou, Acting Assistant Director from the Central Bank of Cyprus, for her invaluable commitment and contribution in co-leading this working group. It continue then with the presentation of the next EFDI Position Paper that EFDI is preparing on Coverage of Client Funds led by Mr. Loucas Arminiotis (Central Bank of Cyprus) and finally ended with a presentation on the Survey Results on the DGS relationship with other safety net players and with the presentation of the D3I Work Plan 2024-2026.

EFDI and Czech Financial Market Guarantee System would like to express their appreciation to all the leaders of the CBWG, BUWG and D3I and all the speakers and attendees, both in person and remotely that attended this event.

Additionally, EFDI would like to thank again Czech Financial Market Guarantee System and in particular her Managing Director, Mrs. Renata Kadlecova and all her team, for hosting this extraordinary event and for the excellent organization.

For any additional information, please contact [email protected]