Recital 7

(7)Due to the COVID-19 pandemic, the meetings of the colleges of supervisors often had to be transferred to virtual channels and virtual meetings became an important part of the functioning of the colleges. To reflect that change of practice, and to guarantee the continuity of the colleges’ functions in case of similar events in the future, the consolidating supervisor should have a flexibility to decide the format of the college meetings. While it is necessary for the college of supervisors to always have the possibility to hold its meetings virtually, the consolidating supervisor in determining the meeting format, should take into consideration the meeting’s objectives, in particular for the purpose of reaching joint decisions on institution-specific prudential requirements in accordance with Article 113 of Directive 2013/36/EU and on the assessment of the group recovery plan in accordance with Article 8 of Directive 2014/59/EU of the European Parliament and of the Council ³ .