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Banking Stakeholder Group Meeting Summary - 14 May 2013

Core Content

The Banking Stakeholder Group (BSG) meeting held on 14 May 2013 covered various key topics related to financial regulation, risk assessment, and stakeholder engagement. The meeting was chaired by Christian Lajoie (Vice-Chairperson) in the absence of David Llewellyn, who apologized for his unavailability. The minutes of the previous meeting were approved, and several working groups provided updates on their activities and future plans.

Main Agenda Items and Key Points

1. Welcome and Approval of Agenda

• David Llewellyn (BSG Chairperson) was absent due to prior commitments.
• EBA Executive Director noted the absence of the EBA Chairperson due to a high-level meeting of European decentralised agencies.
• Minutes of the last BSG meeting were approved.

2. Update on Regulatory Developments

• Single Supervisory Mechanism (SSM): The SSM is expected to assign new tasks to the ECB and lead to changes in EBA Regulation, particularly regarding voting procedures and mediation powers. The BSG will be largely unaffected.
• CRD/CRR: Political agreement was reached at Easter, with the final text expected to be published by 30 June 2013 and applicable from 1 January 2014.
• Technical Standards: The EBA is preparing consultations on technical standards related to CRD/CRR, with a second wave of outputs planned for early July.
• Asset Quality Reviews (AQR): The EBA plans to issue a recommendation on AQR to NCAs to ensure consistency across the EU. The ECB is also preparing balance sheet assessments as part of its SSM role.
• Asset Quality and Forbearance: BSG members expressed concerns about discrepancies between prudential and accounting valuations, and the EBA is working to harmonize reporting rules and definitions (e.g., non-performing loans).

3. European Stress Test 2013

• The EBA outlined the methodology for the stress test, which is expected to be aligned with SSM and ECB's balance sheet assessment.
• A bottom-up approach with a focus on credit risk was emphasized.
• The stress test may be delayed to early 2014 due to coordination needs with the ECB.
• BSG members suggested that a more regular stress test might be preferable, and they were to provide input on a Q&A for the EBA.

4. BSG's Contribution to the Review of the European System of Financial Supervision (ESFS)

• The BSG decided not to respond as a group to the European Commission's consultation and the Mazars review for the European Parliament.
• The group discussed the importance of data availability and confidentiality in the End of Term of Office Report (ETOR).
• BSG members were to provide written comments by 21 May to the BSG Chairperson.

5. Selection Process for the BSG's Second Term

• The current BSG term ends on 11 September 2013.
• A Call for Interest (Cfl) will be published on 17 May 2013, with the BSG selection process to be decided by the EBA BoS in late September or early October.
• The EBA will publish the Selection Procedure alongside the Cfl to ensure transparency.

6. Report from the BSG Working Group on Bank Liquidity

• Sylvie Bourguignon provided an update on the Working Group's work related to the Data Point Model for LCR-NSFR and Leverage Ratio.
• No further comments were received from BSG members on the Opinion, which was submitted to the EBA.

7. Report from the BSG Working Group on Consumer Protection

• Robin Jarvis outlined recent activities of the Working Group, including input on various EBA outputs such as the Consumer Trends Report and responsible lending guidelines.
• The BSG was invited to participate in the ESA "Joint ESAs Consumer Protection Day" on 25 June 2013, with reimbursement available for participants.

8. Report from the BSG Working Group on Bank Capital

• Louise Lindgren presented the draft response to the consultation on materiality of internal risk approaches.
• The BSG was asked to provide examples of how the RTS might be burdensome, with comments due by 28 May.

9. Report from the BSG Working Group on Systemic Issues

• Sony Kapoor presented the WG's consolidated draft on systemic issues, including bail-in, capital buffers, and preferential treatment of uninsured deposits.
• BSG members emphasized the need for consistency in treatment of large banks and suggested considering their business models, including network structures.

10. Joint BSG/BoS Meeting

• BSG members discussed planned presentations for the following day’s meeting.
• The EBA noted that regulatory products are published shortly after BoS approval, with limited room for earlier BSG involvement, but will seek to improve communication.

11. BSG Meeting Dates for 2013

• The BSG noted the meeting dates as outlined in the agenda.

12. Other Business (AOB)

• No other business was discussed.

Key Information

• Regulatory Developments: The SSM and CRD/CRR are central to the EBA's work, with the final legislation expected by late 2013.
• Stress Test: Alignment with ECB's balance sheet assessment is crucial; possible delay to early 2014.
• Risk Assessment: The EBA is developing tools such as the Risk Dashboard and RAR to monitor and assess market risks.
• Consumer Protection: The BSG is actively involved in shaping EBA policies, with a focus on financial innovation and responsible lending.
• BSG Role: The group is encouraged to provide more input during the EBA's policy development process, particularly on systemic issues and capital regulations.

Participants

• BSG Members: Andrew Procter, Arnold Kuijpers, Bostjan Krisper, Chris De Noose, Christian Lajoie (Vice-Chairperson), Eric Berggren, Giles Williams, Giovanni Ferri, Guglielmo Zadra, Hiltrud Thelen-Pischke, Holger Schwannecke, Javier De Andres, Louise Lindgren, Lubomir Christov, Magdolna Szóke, Michel Barbet-Massin, Michelle Brennan, Monica Cueva Diaz, Robin Jarvis, Rudi Vander Vennet, Sony Kapoor, Sylvie Bourguignon, Ute Meyenberg, Vera Cottrell, Zita Ceponyte.
• Representing: Industry, SMEs, Consumers, Users of banking services, Top-ranking academics, Trade Unions.

Summary

The meeting focused on regulatory implementation, risk assessment, consumer protection, and stakeholder engagement. The BSG played a key role in providing input and feedback on EBA initiatives, emphasizing the need for consistency, transparency, and alignment with ECB processes.