EBA欧洲银行-EBA-MB-2017-120rev1-28Final-Minutes-MB-15-November-2017-for-publication29_11页_435kb

EBA Management Board Final Minutes - 15 November 2017

Core Content Overview

The Management Board (MB) of the European Banking Authority (EBA) convened on 15 November 2017 in London. The meeting addressed a range of topics including conflict of interest declarations, internal reorganisation, the Single Programming Document (SPD) 2019, cybersecurity risk modules, equivalence assessments, and administrative updates. The discussions were influenced by ongoing challenges such as Brexit, the EBA's relocation, and the ESAs review.

Main Points and Key Information

1. Conflict of Interests Declarations

• The alternate Chairperson introduced the discussion on conflict of interest declarations submitted by the Chairperson and Executive Director.
• The Advisory Committee on Conflicts of Interest (ACCI) advised that neither declaration posed a conflict of interest.
• The MB agreed that the gifts received by the Chairperson and Executive Director could be retained.

2. Welcome and Approval of Agenda and Minutes

• The Chairperson welcomed members and confirmed sufficient quorum.
• The MB approved the provisional agenda (EBA MB 2017 105rev4) and the minutes from the 11 September 2017 meeting (EBA MB 2017 104rev1).

3. Administrative and Operational Status Report

• The EBA Director of Operations presented the report (EBA MB 2017 106).
• The EFTA's subsidy was not being paid, and an amended 2017 budget would be submitted.
• The EBA intended to complete its 2017 establishment plan by year-end.
• A public hearing in case T-229/15 would take place on 16 November.
• The 2017 appraisal and reclassification exercises were concluded.
• Training program issues were discussed, citing funding difficulties.
• The Commission's proposals on ESAs review may provide a specific budget line for training.
• A request was made to reconcile statistics on EBA's webpage visits.

4. EBA Relocation: Status Report

• The Director of Operations provided an update on relocation (EBA MB 2017 111).
• The exact new location was uncertain, limiting preparedness.
• Project planning had begun and would be adjusted once the location was confirmed.
• IT data centres were likely to be moved out of the UK.
• Two scenarios were considered: migration to the new hosting city or to EIOPA's location.
• A new service provider would be chosen in 2019.
• Reserve lists for 9 different profiles would be created once the new location was known.
• A survey would be conducted to understand staff intentions.
• The relocation date was expected to coincide with the UK's withdrawal from the EU.
• The EBA's founding Regulation would need amendment.
• The 2019 SPD did not yet include relocation costs, but a BoS discussion would follow.

5. Internal Reorganisation of the EBA

• The Executive Director presented a proposal for reorganisation (EBA MB 2017 114).
• Objectives included reflecting the EBA's role in supervision and resolution post-Banking Union and Brexit, defining priorities, and fostering a common culture.
• The reorganisation would be implemented after MB approval.
• Members supported the proposal, noting its alignment with new tasks and governance structures.
• Concerns were raised about timing, but the Chairperson acknowledged the need for adjustment due to uncertainties.
• The EBA would maintain coordination with the SSM and SRB to ensure alignment of work programs.

6. Appointment of a Member of the Banking Stakeholder Group

• The Chairperson proposed extending the term of a current member representing 'independent top ranking academics'.
• The MB endorsed the proposal, which would be submitted to the Board of Supervisors (BoS) for final approval.

7. Single Programming Document 2019

• The Executive Director presented the draft SPD 2019 (EBA MB 2017 113).
• The SPD included tasks from the ESAs review and reorganisation but not yet relocation impact.
• The SPD would be amended to flag ESAs review-related activities as 'conditional'.
• The MB agreed to a first discussion on priorities at the 20 March 2018 meeting, followed by BoS discussions.

8. Single Rule-Book Q&As – Implementation Review

• A proposal was introduced to review the implementation of Q&As (EBA MB 2017 107).
• The review aimed to assess effectiveness and efficiency of the Q&A process and its contribution to supervisory convergence.
• It was not a peer review, but rather a feedback mechanism.
• The review would not lead to changes in existing Q&As, but corrections could be considered if issues were identified.
• The BoS and SCRePol would be kept informed of the review's progress.

9. Single Supervisory Handbook – Way Forward

• The ECB's BoS representative joined via teleconference.
• A cybersecurity risk module was proposed for the Supervisory Handbook, with drafting entrusted to the TFIT.
• The Steering Committee agreed to the sequencing and governance model.
• A discussion was held on avoiding duplication with other initiatives like FSB and ECB's work.
• A longer-term perspective for the Handbook was suggested for the 20 March 2018 meeting.

10. Integration of Banking Markets in the EU

• The EBA's efforts to integrate banking markets were discussed.
• Challenges included cross-border integration, capital costs, and divergences in legal and regulatory frameworks.
• Members agreed that the EBA should focus on areas directly related to the single rulebook.
• A discussion on consumer protection was highlighted as an area of added value.

11. Work on Equivalence

• The EBA would strengthen its role in equivalence assessments due to Brexit and the ESAs review.
• The EBA would monitor and assess third country regimes, including Argentina and South Korea.
• A tiered approach based on risk exposure was proposed for equivalence assessments.
• The MB supported the EBA's approach and requested a roadmap for 2018.

12. Provisional Agenda for BoS 11 December Meeting

• The Chairperson presented the draft agenda for the BoS meeting.
• Topics requiring formal approval without discussion were grouped in a section.
• Members agreed with the approach.

13. Meetings of the Board of Supervisors and Management Board in 2018

• The calendar of meetings was presented.
• A request was made to change the BoS meeting date due to a conflict with the Basel Committee.

14. Agenda for Other Business (AoB)

• A member raised a concern about divergences in IFRS9 interpretation in Polish banks.
• The Commission representative agreed to investigate and provide an update.

Participants

• Chairperson: Andrea Enria
• Alternate Chairperson: Pedro Duarte Neves (teleconference, item 1 only)
• Members/Alternates: Belgium, Denmark (Jo Swyngedouw), France (Jesper Berg), Italy (Edouard Fernandez-Bollo), Poland (Luigi Federico Signorini), Sweden (Andrezej Reich)
• EU Institution: Björn Bargholtz (European Commission)
• Representative: Dominique Thienpont
• EBA Staff: Adam Farkas (Executive Director), Isabelle Vaillant (Director of Regulation), Peter Mihalik (Director of Oversight), Piers Haben, Delphine Reymondon, Lars Overby, Slavka Eley, Philippe Allard, Corinne Kaufmann, Guy Haas, Oleg Shmeljov, Marina Cernov, Davide Stroppa, Santiago Barón Escámez
• Other: Fergus Power (ACCI Chair, item 1 only), Korbinian Ibel (BoS member, item 9 only)