In advance of the general CRD (see note 1 below) review of 2012, the European Banking Committee has decided to make targeted changes to the CRD to address specific shortcomings of the current framework, as well as incorporate the results of the large exposures review. Some of the changes also relate to the ECOFIN Roadmap responding to the financial turmoil. Following work carried out by the Commission working group on the CRD as well as by CEBS, the Commission launched a public consultation on changes to the CRD which ran from mid-April to mid-June 2008. A recent addition to the package of proposals is the Commission’s consultation on incremental risk in the trading book. It is proposed that the changes to the CRD will be adopted by October 2008 with a view to ratifying them under the current parliamentary legislature, i.e. by April 2009. The Commission proposals will comprise two different legislative instruments: one co-decision. For further information please refer to the EPFSF Briefing Paper

Note 1: The Capital Requirements Directive covers Directives 2006/48/EC (Article 156) and 2006/49/EC (Article 51).