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Summary of EBA Board of Supervisors Meeting Minutes (6-7 June 2012)

Core Content

The EBA Board of Supervisors (BoS) met on 6-7 June 2012 in London, discussing a range of topics related to regulatory frameworks, risk management, and operational procedures. The meeting aimed to align with EU financial regulations and enhance coordination among supervisory authorities across the European Union.

Main Agenda Items and Key Points

Agenda Item 1: Welcome and Approval of the Agenda and Minutes

• Mr Hector Sants was replaced by Mr Andrew Bailey.
• Mr Costas Poullis was replaced by Mr Spyros G. Stavrinakis.
• Mr Javier Ariztegui was replaced by Mr Fernando Vargas Bahamonde.
• The agenda and minutes of the previous meeting were approved.

Agenda Item 2: Election of New Members to the Management Board

• A call for nominations for three vacant MB positions was launched on 8 May 2012.
• Mr Karoly Szasz relinquished his seat to enable rotation.
• Three candidates were elected to the MB: Mr Fernando Vargas Bahamonde, Ms Danielle Nouy, and Mr Andrew Bailey, for a 2.5-year term.

Agenda Item 3: Risks and Vulnerabilities

• The EBA should remain active in crisis situations and enhance information exchange.
• Bilateral contacts and weekly conference calls were proposed to improve communication and coordination.
• The EBA agreed to draft a letter to the Council explaining political options to break bank-sovereign interconnections and reassure depositors.

European Parliament Report

• The EBA is required to provide a risk report to the European Parliament under Article 32(3) of Regulation (EU) No 1093/2010.
• The draft report was circulated for discussion and written comments.
• A technical discussion on asset quality and funding was planned for the September and November/December BoS meetings.

Agenda Item 4: Own Funds Disclosure Consultation Paper

• The draft ITS on own funds disclosure was approved for public consultation until 31 July 2012.
• The final ITS will incorporate Basel Committee guidelines.
• The SCREPOL subgroup is working intensively due to tight deadlines.

Agenda Item 5: Liquidity and Leverage Reporting Consultation Papers

• The EBA is required to develop uniform formats for liquidity and leverage reporting under EU regulations.
• Concerns were raised about the tight timeline and IT challenges for data transmission in XBRL format.
• A potential "plan b" was suggested for those unable to comply by January 2013.
• The EBA will consult with IT colleagues and consider the feasibility of the process.

Agenda Item 6: Good Practice in Reaching Joint Decisions

• A document outlining good practices for joint decision-making in colleges was presented.
• The document is not binding but provides guidance.
• Written comments were requested from the BoS, and the final version will be re-circulated.

Agenda Item 7: Alignment of ESA Rules of Procedure

• The BoS approved the Rules of Procedure (RoP) for the EBA Board of Supervisors.
• A minor amendment was proposed to replace "requestor" with "informer".
• The RoP for Binding Mediation was also approved, with a call for applications for the mediation panel to be issued soon.

Agenda Item 8: Review Panel Methodology and Work Programme

• The Review Panel Methodology was endorsed.
• The EBA proposed that other ESAs align their methodologies with the 6 grades system.
• The 2012/13 Work Programme included peer reviews on GL 32, GL 18, 19, 20, and GL 31.
• Comments on the inclusion of GL 31 in the 2013 work programme were requested by 15 June 2012.

Agenda Item 9: Code of Conduct in Emergency Situations

• A Task Force (TF) was mandated to draft a Code of Conduct for emergency situations.
• The TF aimed to promote proactive information sharing and coordination.
• The document was not expected to result in a formal BoS decision, but a follow-up discussion was planned for July.
• A small session on this topic was proposed for the Away Day meeting in Dublin.

Agenda Item 10: Follow-up on Recapitalisation Exercise

• The third report on capital instruments for the recapitalisation exercise was presented.
• A preliminary communication in July will summarize measures taken and capital positions.
• The final report will be published in September, using the format from the December Recommendation and February update.
• The EBA will collect data based on CRD4/CRR definitions and compare it with the 2011 recapitalisation buffer.
• A final decision on the transition from recapitalisation to CRD4 will be made in September.

Agenda Item 11: EBA 2013 Stress Test

• The EBA will organize a Stress Test Conference on 20 June 2012.
• An asset quality review was proposed as a preparatory step for the 2013 stress test.
• A meeting of national experts on asset quality was suggested to identify good practices.

Agenda Item 12: Capital Requirements for CCPs Consultation Paper

• The draft RTS on CCPs capital requirements was approved for public consultation.
• The proposal was based on a 'sum of' approach for capital requirements, which was considered more conservative.
• The EBA will consult the European Commission on legal issues before publication.

Agenda Item 13: Gain on Sale Consultation Paper

• The draft consultation paper on the concept of Gain on Sale was approved for public consultation.
• It was noted that changes to the Level 1 text could render this BTS redundant.

Agenda Item 14: COREP and FINREP Reporting

• The proposal to split FINREP templates into mandatory and discretionary parts was approved.
• A threshold of 300 million EUR was set for Large Exposures (LE) reporting.
• SCARA was mandated to find a solution for the LE2 template and the clean/dirty pricing issue.

Agenda Item 15: Consumer Detriment Analysis

• SCConFin proposed guidelines on responsible lending and forbearance.
• The BoS supported the initiative and requested a detailed workplan and progress report by September.

Agenda Item 16: ETF Risk Management

• SCConFin outlined ongoing analysis of ETFs and proposed EBA actions.
• The Board supported the initiative and requested an update at the September BoS meeting.
• Coordination with ESMA was emphasized.

Agenda Item 17: Commission's Consultation Paper on Bank Accounts

• This item was not discussed as the document was not finalized.
• A staff opinion was not issued in response to the Commission's consultation paper.

Agenda Item 18: Reports from Committees

• Reports were noted by the Board.
• TCOR was invited to identify a pragmatic approach for the LDP benchmarking exercise.

Agenda Item 19: Selection of EBA Premises

• The Executive Director provided an update on the selection process.
• The proposed way forward was approved by the Board.

Agenda Item 20: AoB (Other Business)

• All EBA guidelines must be translated into all EU official languages.
• The EBA will update its consultation practices and technical standards accordingly.