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EBA Management Board Meeting Summary - 5 April 2016

Core Content

The EBA Management Board (MB) meeting held on 5 April 2016 covered several key topics, including the approval of the agenda and minutes, an administrative and operational status report, a discussion on proportionality, preliminary input to the Commission's White Paper on governance and funding, follow-up to the BCBS meeting, and agenda planning for upcoming BoS meetings.

Agenda Item 1: Opening and Approval of Agenda and Minutes

• The Chairperson, Andrea Enria, opened the meeting.
• The MB approved the provisional agenda (EBA MB 2016 022rev3) and the minutes of the previous meeting (EBA MB 2016 019rev1).
• A follow-up on the Commission Legal Service's legal review of technical standards was planned after a meeting with DG FISMA on 12 April 2016.

Agenda Item 2: Administrative and Operational Status Report

• The EBA Director of Operations presented the status report (EBA MB 2016 010), summarizing activities since the 19 January 2016 meeting.
• A meeting between the Centre de Traduction (CdT) and national editors was scheduled to clarify CdT's work and finalize a glossary of terms.
• The Commission representative requested clarification on inconsistencies in the number of seconded national experts (SNEs) and an analysis of the 2016 budget considering exchange rate fluctuations by mid-July.

Agenda Item 4: Discussion on Proportionality

• The EBA Director of Regulation presented a paper (EBA MB 2016 026) on proportionality and simplification of the regulatory framework, particularly in reporting.
• Members agreed to use statistical data from competent authorities (CAs) to develop a discussion paper on proportionality.
• Proportionality was noted as already embedded in EU banking legislation and should be considered in light of BCBS discussions on risk weighted assets (RWAs).
• The EBA would share preliminary results with the Commission and extend its assessment to regulations beyond reporting.
• The Chairperson invited CAs to support the work with resources.
• The EBA would also assess the feasibility of initiating work on "sign posting" on the single rule book.

Agenda Item 5: Preliminary Discussion on EBA's Input to Commission's White Paper on Governance and Funding

• The MB discussed the Commission's White Paper on ESAs governance and funding, aiming to eliminate EU and national budgetary contributions.
• Members expressed concerns about the potential impact on ESA independence and the additional burden on industry.
• They emphasized the need for effective, transparent budget setting, control, and accountability.
• The Commission representative supported a decentralization of ESA functions and agreed on the need to assess independence, efficiency, and governance.
• The Chairperson invited members to continue exploring alternative funding mechanisms for EBA training activities, as the Commission ruled out an independent budget line.

Conclusion of Agenda Item 5

• The MB concluded that greater autonomy and accountability should be key elements in any changes to the ESA funding mechanism.

Agenda Item 6: Follow-up to BCBS Meeting on 9/10 March and Implications for EBA's Work Programme

• The Chairperson proposed a proposal (EBA MB 2016 027) outlining priorities for the EBA's stance on BCBS reforms.
• Members agreed on the need for a quantitative impact study (QIS) to identify areas affected by BCBS reforms, with a focus on market and operational risk.
• The QIS should not cover areas not included in BCBS discussions, but it should assess the impact on institutions not included.
• The EBA should also develop a narrative to support the GHOS statement on capital requirements and the use of internal models.
• The Commission representative noted that the AMA for operational risk remains applicable in the EU, but some members suggested avoiding proposing regulations that might be reverted due to BCBS reforms.

Conclusion of Agenda Item 6

• The MB agreed to a QIS and an EBA Opinion on regulatory sequencing for operational risk deliverables.
• On market risk, the MB agreed to develop own-initiative guidelines on the treatment of structural exchange rate under Article 352(2) of the CRR.

Agenda Item 7: Board of Supervisors' Away Day in Prague (7/8 July 2016)

• The Chairperson proposed topics for discussion at the BoS away day, including cyber risk, SREP guidelines on outsourcing, Capital Markets Union, and the EU-UK settlement.
• Members suggested additional topics such as bank profitability, non-performing loans (NPLs), and FINTECH.

Conclusion of Agenda Item 7

• The MB agreed to discuss bank profitability, NPLs, and FINTECH, incorporating supervisory views and specific examples.
• The EBA would prepare a concrete proposal for the BoS and contact possible speakers/discussants.

Agenda Item 8: Board of Supervisors' Agenda for 19/20 April Meeting

• The MB discussed the provisional agenda for the BoS meeting on 19/20 April 2016 (document EBA BS 2016 074).

Agenda Item 9: AoB

• The EBA distributed a note from the Commission's Internal Audit Service (EBA MB 2016 024) confirming the organisational independence of internal audit in 2015.

Participants

• Chairperson: Andrea Enria
• Alternate Chairperson: Pedro Duarte Neves (absent)
• Country Representatives: Czech Republic (David Rozumek), France (Edouard Fernandez-Bollo), Italy (Luigi Federico Signorini), Poland (Andrzej Reich), Spain (Fernando Vargas Bahamonde), United Kingdom (Andrew Bailey)
• EU Institution: European Commission (Represented by Mario Nava via videoconference)
• EBA Staff: Executive Director, Director of Operations, Director of Oversight, Director of Regulation, and other staff members including Adam Farkas, Peter Mihalik, Piers Haben, Isabelle Vaillant, Lars Overby, Corinne Kaufman, Santiago Barón Escámez