In 2010 Finanstilsynet entered into an agreement on cooperation and coordination of the supervision of the DNB Group through a College of Supervisors. Signatories to the agreement are Finanstilsynet, which is responsible for the consolidated supervision of the DNB Group, and the majority of host authorities in EEA countries where DNB Group has banking activities.
The establishment of supervisory college agreements is required by the Capital Requirements Directive. Guidelines for the operational functioning of colleges have been published by the European Banking Authority (EBA).
The cooperation aims to ensure effective supervision of the various business areas of the DNB Group. The agreement regulates the role of the college, the role and responsibilities of the various authorities, exchange of information, communication with the DNB Group, cooperation on tasks such as validation procedures for internal models for capital requirement calculation under Pillar 1 of Basel II, supervisory review of the group’s ICAAP (Internal Capital Adequacy Process) and crisis management. The agreement will reduce unnecessary double reporting by the group to the various supervisory authorities.
The participating authorities are listed in section 3.2 of the Multilateral Cooperation and Coordination Agreement on the Supervision of DNB Group.