EBA欧洲银行-European-Banking-Authority-2016-Annual-Accounts_36页_1mb

European Banking Authority 2016 Annual Accounts Summary

Core Information

The European Banking Authority (EBA) is an independent EU agency established by Regulation (EU) No 1093/2010 and later amended by Regulation (EU) No 1022/2013. It began operations on 1 January 2011, taking over the responsibilities of the Committee of European Banking Supervisors (CEBS). The EBA is responsible for preventing regulatory arbitrage, ensuring a level playing field in regulation, enhancing consumer protection, and promoting supervisory convergence across the EU.

The EBA is funded by 40% from Union funds and 60% from contributions by Member States and third-country observers, as defined by the Protocol on transnational transitions. The financial statements are prepared in accordance with the Financial Regulation (EU, Euratom) No 966/2012 and the accounting rules of the European Commission's Accounting Officer.

Financial Statements Overview

Balance Sheet (31.12.2016)

Statement of Financial Performance (2016)

Cash Flow Statements (2016)

Statement of Changes in Net Assets

Key Financial Information

• Net assets decreased from EUR 5,021,224 at the end of 2015 to EUR 4,365,423 at the end of 2016.
• Operating revenue for 2016 was EUR 35,854,427, with a deficit of EUR 655,801.
• Cash and cash equivalents increased significantly to EUR 4,500,288 by the end of 2016, up from EUR 2,393,929 in 2015.

Notes to Financial Statements

Summary of Significant Accounting Policies

• The financial statements are based on accrual accounting and are prepared on a going concern basis.
• The functional and reporting currency is the euro (EUR).
• Estimates are used for provisions, receivables, and other items, and changes in these estimates are reflected in the relevant periods.
• Non-current assets include both tangible and intangible fixed assets.

Intangible Fixed Assets

• Computer software was the main component of intangible fixed assets, with a net carrying amount of EUR 2,396,134 as of 31.12.2016.
• Additions in 2016 included the development of ESP 6 (EUR 479,594) and the Electronic Document Management System (EUR 153,012).

Tangible Fixed Assets

• Tangible fixed assets include furniture, fixtures, and IT equipment.
• Computer hardware had a net carrying amount of EUR 179,602.
• Furniture had a net carrying amount of EUR 473,199.
• Other fixtures and fittings had a net carrying amount of EUR 8,563,414.

Provisions for Risks and Charges

• The main provision was for the reinstatement cost of the offices, amounting to EUR 2,797,506 in 2016.
• The provision was based on estimates from property experts and included inflation and discount rate considerations.

Deferred Revenue

• Deferred revenue amounted to EUR 6,634,508 in 2016, down from EUR 6,613,345 in 2015.
• The deferred revenue includes contributions from the landlord and a rent-free period, which are recognized over the lease term of 12 years.

Current Payables

• Payables to Member States were EUR 966,181.
• Payables to suppliers were EUR 202,913.
• Accrued charges related to annual leaves were EUR 509,835.

Budget Implementation Reports

• The budget result for 2016 showed a deficit of EUR 655,801, which is the economic result for the year.
• Budgetary transfers and budgetary execution in 2016 and 2016 (carry-forward from 2015) were reported, highlighting the reconciliation between budget and economic results.
• The budget management report outlines the financial activities and the alignment with the annual work programme.

Financial Systems and Management

• The EBA's financial systems and management practices are in line with EU accounting rules and internal policies.
• The Accounting Officer is responsible for ensuring the accuracy and compliance of the financial statements.
• The Management Board oversees the execution of the annual work programme and financial operations.
• The Board of Supervisors is responsible for strategic decisions and the overall mandate of the EBA.

Conclusion

The 2016 financial statements of the EBA reflect a financial position that includes a significant increase in cash and cash equivalents, a decrease in net assets due to an operating deficit, and the recognition of provisions for office reinstatement and deferred revenue. The EBA continues to operate under the EU's financial regulations and is supported by contributions from Member States and the EU. The financial statements are aligned with the EBA's annual work programme and budget implementation reports, ensuring transparency and compliance.