objective. in fact, the committee views pillar 3 as a further refinement of the accounting standards requirements as they should apply to banks in the light of the specific risks that they face. the committee is convinced that such specificity is both appropriate and necessary for prudential reasons. market discipline, and hence financial stability, is strengthened when accounting and disclosure requirements reflect sound risk management principles and represent the control practices that banks adopt. consequently, we recognise our responsibility to participate actively in the development of national and international accounting standards. when designing standards for the disclosure of components of capital, for loan reporting, and for other topics of mutual concern, we have sought out the views of accounting standards - setting bodies. this dialogue will continue. where regulatory and accounting principles may not yet be fully consistent, we have sought to align our requirements as best as possible with international accounting standards and to resolve other matters reasonably and based on our understanding of the potential direction that accounting standards might take in the future. because we recognise that there is still much to be done in this area we will continue to monitor pillar 3 in the light of accounting and market developments. i should add that we are seeking new opportunities for discussion with accounting standards - setting bodies and private sector accounting professionals. the status of the new accord the committee is currently reviewing carefully these responses and other issues that the industry raised. in relation to pillar 3, we are evaluating closely what should be reported publicly, versus what can remain confidential. we are refining the rules so that they will help secure a more level playing field without being overly burdensome. we are aligning our reporting requirements with those emerging from accounting standards. in terms of the way forward, as you may know, in mid - october the committee reached an important agreement on a work plan for taking these and other issues into account, and significant progress was made on major issues. what is most important to the committee is the quality and consistency of the new accord. at the same time, we recognised the need to provide banks with as much certainty as possible while they plan and prepare for the adoption of the new rules. in our last meeting in madrid, the members of the committee agreed on the importance of finalising the new accord expeditiously and in a manner that is technically and prudentially sound. we noted in a statement to the press that we expect to address the remaining issues and complete the text of the new accord in the coming months and no later than mid - year 2004. this

claudia buch : introductory statement - public hearing at the european parliament concerning the position of chair of the supervisory board of the european central bank introductory statement by prof claudia buch, vice - president of the deutsche bundesbank, at the public hearing at the european parliament concerning the position of chair of the supervisory board of the european central bank, brussels, 20 september 2023. * * * check against delivery. dear madam chair, honourable members of the european parliament, it is a great honour and privilege to appear before you today. i would like to share my vision for the ssm, following my nomination by the ecb as chair of the supervisory board. the european parliament is a crucial ally for supervisors. the ssm ensures the safety and level treatment of all banks in the banking union – in the interest of european citizens. you provide the framework for the banking union and its single rulebook. and you hold ecb banking supervision to account – for me, this is key to ensuring the democratic legitimacy of supervision. as chair, i would be strongly committed to continuing the close cooperation with the parliament. i would be devoted to serving the european public good by taking direct responsibility for europe, and being a strong voice for completing the banking union. i would bring with me to the role a broad range of international experience in micro - and macroprudential oversight. as vice - president of the bundesbank, i am responsible for banking supervision and financial stability. i am a member of the ecb's supervisory board and serve as the bundesbank's g7 and g20 deputy. i can therefore contribute a comprehensive micro - and macro - level perspective. and i will continue to work with all my strength on the european project. the ssm has been very successful during its first decade, and it is well equipped to deal with upcoming challenges. it has made european banks safer and stronger. this is essential for sustainable growth. the ssm has built a culture of joint supervision across europe, and i can testify to the excellence of its staff. this is a strong foundation. 1 / 3 bis - central bankers'speeches i see three priorities for the future work of the ssm : adapting supervision to the new, more unpredictable environment ; strengthening supervision by making it even more proactive ; and continuing the good cooperation with all stakeholders. let me explain. * * * my first priority as chair would be to adapt the ssm to the changing environment. as supervisors, we need a