European Banking Authority (EBA)
European Banking Authority was established by the Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November and is part of the European System of Financial Supervision.
European Banking Authority was established on 1 January 2011 with seat in London, Great Britain, as a legal successor to the Committee of European Banking Supervisors (CEBS) a has taken over all existing and ongoing tasks and responsibilities from the CEBS.
Main tasks of the EBA:
- provide opinions to the Union institutions and develop guidelines, recommendations, and draft regulatory and implementing technical standards,
- contribute to the consistent application of legally binding Union acts, in particular by contributing to a common supervisory culture, ensuring consistent, efficient and effective application of the Union acts, preventing regulatory arbitrage, mediating and settling disagreements between competent authorities and taking actions, inter alia, in emergency situations
- improve the cooperation of supervisory authorities, delegation of tasks, functioning of colleges of supervisors and conduct peer review analyses,
- cooperate with the ESRB, analyze the developments in its field,
- foster depositor and investor protection, improve transparency and disclosure of information.
The Board of Supervisors takes decisions necessary to ensure the performance of the tasks entrusted to EBA. The Board of Supervisors consists of the following members with voting rights: head of the national public authority competent for the supervision of credit institutions in each Member State. Members without voting rights are: chair of the EBA, representatives of the European Commission, ECB, ESRB, EIOPA and ESMA.
The chair of the EBA is Mr Andrea Enria (Italy), the Executive Director is Mr Adam Farkas (Hungary). Raimund Roeseler (Germany), Luigi Federico Signorini (Italy), Andrzej Reich (Poland), Fernando Vargas Bahamonde (Spain), Jan Sijbrand (The Netherlands) and Andrew Bailey (UK).
Website of the EBA: www.eba.europa.eu