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EBA BSG Meeting Summary - 23 October 2017

Core Content

The EBA Banking Stakeholder Group (BSG) meeting held on 23 October 2017 in London covered a range of topics related to the EBA's ongoing work, regulatory developments, and the impact of Brexit on the EU banking sector. The meeting included updates on the EBA's activities, discussions on the EC's proposal for the review of the ESAs, and an overview of risks and vulnerabilities in the EU banking system.

Main Points and Key Information

Item 1: Welcome and Agenda Adoption

• New BSG members, Herve Guider and Razvan Antemir, were welcomed.
• The agenda and minutes from the previous meeting (5 July 2017) were approved.

Item 2: BSG Update on Latest Developments

• The BSG Chairperson updated the group on recent developments and allocated work on the EBA’s Consultation Papers among the Technical Working Groups.
• Leaders of the BSG Technical Working Groups presented their ongoing activities.

Item 3: EBA Update on General Developments

• Brexit Work: The EBA is actively working on Brexit-related challenges, including supervisory coordination with the UK and the impact on contract continuity and liquidity.
• Non-Performing Loans (NPLs): The EBA is developing standardised templates for NPLs and contributing to the preparation of blueprints for national AMC. Guidelines for NPL management and loan origination are also being drafted.
• Stress Test: Preparations for the EU-wide 2018 Stress Test were discussed, with a focus on the timeline and methodology.
• Work Programme: The EBA is considering proportionality in its 2018 Work Programme and has published its 2018 Work Programme for the EBA.
• Supervisory Review and Evaluation Process (SREP): The EBA is planning to update SREP guidelines and is launching a consultation on proposed amendments.
• Panama Papers Follow-up: The EBA is working on revisions to the AMLD and aligning with ESAs Joint Guidelines on risk-based AML supervision.
• Liquidity Coverage Ratio (LCR): The EBA is preparing its fourth impact assessment report and will send the draft LCR report to the BSG for comments.

Item 4: EC Proposal on Review of the ESAs

• The EC proposed changes to the EBA's Founding Regulations, including new tasks related to supervisory convergence, consumer protection, and technological innovation.
• The BSG noted the minimal changes to the ESAs role in consumer protection and expressed concerns about the proposed governance changes, including the creation of an Executive Board and the potential for minority opinions.
• The BSG agreed to prepare a short response to the EC's proposal.

Item 5: Risks and Vulnerabilities in the EU

• The EBA highlighted low volatility in the EU banking sector, improvements in CET1 ratios, and trends in NPLs and RWA.
• Concerns were raised about the impact of Brexit on the EU27, including potential market fragmentation, contract continuity, and liquidity risks.
• The EBA presented a benchmarking report on NPL collateralisation and discussed the implications of recent events in Catalonia on bank stability.

Item 6: Regulatory Deliverables

• Consumer Protection and Financial Innovation: The EBA updated the BSG on its work under PSD2, including guidelines on fraud reporting and financial education. The EBA is also working on a Discussion Paper on FinTech, which includes a consultation on regulatory sandboxes.
• AML/CFT Standards: The EBA presented the ESAs' work on risk-based AML supervision, including guidelines on CDD and a joint opinion on innovative CDD solutions.
• Regulatory Sandboxes: The BSG agreed to publish a note on sandboxes and respond to the EBA's Discussion Paper on FinTech. The group emphasized the need for a common framework to avoid fragmentation and ensure consumer protection.
• Cross-Border Fees: The BSG supported a response to the EC's consultation on transparency and fees in cross-border transactions, with suggestions prepared by the BSG Vice Chair.

Participants

EBA Staff Presenters

• Andrea Enria (EBA Chairperson)
• Adam Farkas (EBA Executive Director)
• Philippe Allard
• Corinne Kaufman
• Piers Haben
• Mario Quagliariello
• Dirk Haubrich
• Meri Rimmanen
• Antonio Barzachki
• Laura Diez Perez
• Larisa Tugui
• Endija Springe

Conclusion

The meeting focused on the EBA's strategic priorities, including Brexit preparedness, NPL management, regulatory sandboxes, and the development of a harmonised prudential framework. The BSG expressed concerns about the proposed changes to the EBA's governance and the limited scope of its consumer protection mandate, while also supporting the EBA's efforts to enhance regulatory coordination and transparency.