EBA欧洲银行-EBA-BS-2014-281rev1-28Minutes-BoS-24-25-June-2014-APPROVED2920FOR-WEBSITE_17页_350kb

EBA Board of Supervisors – Final Minutes Summary (EBA BS 2014 281rev1)

Core Content Overview

The EBA Board of Supervisors (BoS) meeting held on 24-25 June 2014 in London addressed a range of supervisory and regulatory topics, including risk management, stress testing, resolution frameworks, and guidelines for various financial instruments and processes. The meeting concluded with several items being endorsed for consultation or publication, and some being postponed for further discussion.

Main Topics and Outcomes

Agenda Item 2: Opening and Agenda Approval

• The meeting was opened by the Chairperson, who welcomed Danielle Nouy as the representative of the Single Supervisory Mechanism (SSM).
• New BoS members and alternates were announced: Spyros Zarkos (Greece), Sasha Mills (UK), and Krzysztof Góral (Poland).
• Agenda item 4 (Additional Disclosures of Stress Test Results) was postponed to an ad-hoc teleconference.

Agenda Item 3: Risks and Vulnerabilities

• The EBA Director of Oversight outlined four main areas of risk: capital strengthening, continuous deleveraging, conduct/IT risk, and profitability.
• Conduct risk was highlighted as a significant concern, especially in terms of fines and market perception.
• The ESRB representative noted the ECB President’s interest in the systemic impact of conduct risk.
• The BoS agreed to consider supervisory policies to address conduct risk.

Agenda Item 5: Home-Host Cooperation and Colleges

• A consultation paper (CP) on draft ITS for joint decisions on prudential requirements (Article 20(8) CRR) was presented.
• The BoS supported the publication of the CP for a three-month consultation period.
• The CP was to be tabled for final approval at the December 2014 BoS meeting.
• A CP on draft RTS and ITS on Colleges was also endorsed for consultation and approval at the December 2014 meeting.

Agenda Item 6: CP on Draft GL on SREP

• A CP on draft guidelines (GL) for the Supervisory Review and Evaluation Process (SREP) under Article 107(3) CRDIV was presented.
• The BoS broadly supported the publication of the CP and noted the need for clarification on several aspects, including the legal basis for own funds structure, the process for assigning an 'F' score, and the interaction between SREP and resolution authorities.
• Some BoS members requested postponement of the discussion on the repeal of existing EBA GL.
• The BoS asked SCOP to prepare further guidelines for consistent SREP application.
• Priority was given to SREP-related modules in the Single Supervisory Handbook.

Agenda Item 7: Final Draft GL on Funding Plan Templates

• The final draft GL on harmonised definitions and templates for funding plans under ESRB Recommendation 2012/02 A.4 was presented.
• BoS members requested adjustments to submission deadlines and alignment with reporting ITS.
• The GL was adopted with modified deadlines: first use data by 30 June 2015, and subsequent reports by 31 March each year.
• The EBA informed the ESRB of the delayed reporting schedule.

Agenda Item 8: CP on Draft GL on Test and Exercises for Precautionary Recapitalisation

• A CP on draft GL for tests and exercises leading to recapitalisation under Article 32(4)(d) of the BRRD was presented.
• The BoS endorsed the CP for a one-month public consultation, with the final draft GL to be considered at the September 2014 BoS meeting.

Agenda Item 9: Delegated Acts on Liquidity and Leverage

• The EBA Director of Regulations presented draft delegated acts on liquidity coverage ratio (LCR) and leverage ratio (LR).
• The BoS noted supervisory concerns and agreed to forward the report to the ESRB and EC.

Agenda Item 10: Model Validation – CP on Draft RTS on Permanent Partial Use

• A CP on draft RTS for the sequential implementation of the IRB approach and permanent partial use was presented.
• BoS members requested more flexibility on the $8%$ threshold for immaterial exposures and the treatment of subsidiaries in third countries.
• The CP was endorsed for a three-month consultation, with the final draft RTS to be tabled at the December 2014 BoS meeting.

Agenda Item 11: Final GL on Significant Risk Transfer for Securitised Assets

• The final GL on SRT for securitised assets was adopted by the BoS following simple majority voting.
• The GL was to be sent to the ESRB and EC by 30 June 2014 and published on the EBA’s website.

Agenda Item 12: Resolvability and Resolution

• Resolution Committee (ResCo): The BoS supported the establishment of ResCo as a separate Standing Committee with its own Chair.
• Draft RTS on Resolution Plans: The CP was endorsed for a three-month consultation, with the final draft to be considered at the December 2014 meeting.
• Draft GL on Conditions for Overcoming Obstacles to Resolvability: The BoS endorsed the CP, noting the need for alignment with BRRD on loss absorption measures.

Agenda Item 13: CP on Draft GL on Methodology for O-SIIS Determination

• The CP on the methodology for determining Outstanding Systemically Important Institutions (O-SIIS) was presented.
• The GL included a scoring process based on four indicators: size, importance, complexity, and interconnectedness.
• The BoS supported the publication of the CP, taking into account two comments on the level of assessment and the openness of the indicators list.

Agenda Item 14: Final Report and Recommendations on Covered Bonds

• The final report on covered bonds frameworks and capital treatment was adopted by the BoS.
• The report was to be submitted to the European Commission (EC) and the European Systemic Risk Board (ESRB) by 30 June 2014.
• Concerns were raised regarding the inclusion of Recommendation 3B on cover pools and the $1%$ cap on the O-SII buffer.

Agenda Item 15: EBA Response to EC on Article 513 CRR – Macroprudential Policies

• A draft EBA opinion on macroprudential policies under Article 513 CRR was presented.
• The BoS supported the opinion with simple majority voting, noting the need for further analysis on cross-border implications, sectoral risks, and the SRB buffer.
• The $1%$ cap on O-SII buffer was discussed, with some concerns raised about its applicability to subsidiaries.

Agenda Item 16: Discussion Note on Intervention Powers for Structured Deposits

• A discussion note on structured deposits was presented in response to the EC's request.
• The BoS supported the note, and a CP was to be sent for endorsement in late July, followed by a two-month public consultation.

Agenda Item 17: JC Work on PRIIPS – Governance Proposal

• A proposal to delegate powers to ESA Chairs for approving a discussion paper on PRIIPS Regulation was presented.
• The BoS supported the proposal with simple majority voting.

Agenda Item 18: Self-Placement of Financial Instruments

• A joint ESA reminder on self-placement of financial instruments was presented.
• The BoS supported the proposal, with comments to be considered in the finalisation.

Agenda Item 19: Draft GL on Product Oversight and Governance

• A draft GL on product oversight and governance was presented.
• The BoS supported the CP, with written comments to be submitted for further review.

Agenda Item 20: EBA Opinion on Virtual Currencies

• A draft EBA opinion on virtual currencies was presented, highlighting the need for a regulatory framework.
• The BoS approved the proposal to subject virtual currency exchanges to AMLD4, with no regulatory status conferred.
• The final opinion was to be sent to the Commission by 31 December 2014.

Key Information and Observations

• Conduct Risk: A major focus of the meeting, with ongoing concerns about transparency, market perception, and the "stigma effect" of an 'F' score.
• Stress Testing and AQR: The results of the EU-wide 2014 stress test and AQR were considered in the context of deleveraging and funding conditions.
• SREP Guidelines: The BoS supported the publication of the CP and emphasized the need for clarity and consistency, particularly for cross-border groups.
• Resolution Frameworks: The establishment of the Resolution Committee and the development of resolution plans and measures were key topics, with emphasis on legal segregation and decision-making processes.
• Covered Bonds and Macroprudential Rules: The report on covered bonds and the EBA opinion on macroprudential policies were adopted, with some concerns raised about the $1%$ cap and the SRB buffer.
• Regulatory Coordination: There was a strong emphasis on coordination between the EBA, ECB, EC, and national competent authorities (NCAs), particularly in areas like securitisation, resolution, and product oversight.

Conclusion

The meeting concluded with the endorsement of multiple consultation papers and guidelines, with many items to be considered at the December 2014 BoS meeting. The BoS emphasized the importance of maintaining a balance between regulatory consistency and flexibility, while also addressing systemic risks and ensuring the effectiveness of supervisory measures.