The European Banking Federation (abbreviated FBE) is an organization of the European banking sector, representing interest of over 4,000 banks from EU Member States, Iceland, Norway and Switzerland. It was established in 1960.
FBE acts as a forum where members' initiatives are proposed and debated as well as a dialogue partner for the European institutions in laying out the relevant legislation in the banking sphere.
The euro (€; ISO 4217 code EUR) is the currency of twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain, collectively known as the Eurozone. ... The European Central Bank (ECB) in Frankfurt am Main, Germany is the central bank of the eurozone, in charge of monetary policy for the 12 countries that use the euro currency. ...
Further to the 9 June meeting of the "European Consultative Group on Accounting Issues Affecting Financial Institutions", the EuropeanBankingFederation thought that it would be valuable to document the reasons why we believe that further progress is needed on IAS 39 before the European Union proceeds to endorsement.
European institutions had planned to use the option as a pragmatic means of placing transactions on a fair value basis without having to endure the restrictive hedge conditions.
The EuropeanBankingFederation is willing to commit itself to further talks with the IASB aimed at achieving the progress on hedging and presentation that is needed in the short term for the Europeanbanking industry to conclude that we have reached the point where IAS 39 can be endorsed into European Law.
Since its inception in 1960, the Federation has constantly maintained an ongoing dialogue with the European institutions, with the aim of ensuring that the experience and the views of banks are taken into consideration in the shaping of relevant policies.
Nowadays, European legislation continues to be extended to cover areas such as freedom of establishment for banks and other financial institutions, harmonisation of banking supervision, accounting and a number of other subjects relevant to the business of banking.
Furthermore, the role of the Federation as the united voice of all EU banks has naturally led it to be a forum where members' initiatives are proposed and debated.
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