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EBA BSG Meeting Summary (5 July 2017)

Core Content

The Banking Stakeholder Group (BSG) meeting held on 5 July 2017 in London focused on a range of topics including the ESAs' review, the resolution and liquidation of banks in Spain and Italy, the EBA's work programme for 2018, consumer protection, financial innovation, and regulatory sandboxes. The EBA's Executive Director and BSG Chairperson provided updates on the progress of these initiatives and discussed challenges and opportunities in the EU banking sector.

Main Views and Key Information

1. Adoption of Agenda and Previous Meeting Minutes

• The agenda and minutes of the previous meeting on 2 May 2017 were approved.
• A new topical item was added regarding the recent resolution and liquidation cases in Spain and Italy.

2. BSG Update on Recent Developments

• The BSG Chairperson provided an update on the ESAs' review and allocated work on EBA consultation papers among the Technical Working Groups (TWGs).
• The BSG discussed its responses to the European Commission's public consultation on the ESAs' review and on PSD 2 complaint procedures.

3. EBA Update on General Developments

• ESAs' Review: The European Commission is assessing over 200 responses and is expected to publish a legislative proposal in September. Most responses suggested no major changes to the governance structure, but some called for greater transparency and clarification of powers.
• Brexit-Related Work: The EBA is preparing an opinion on Brexit issues, including back-to-back transactions, outsourcing, internal models, and authorisations.
• NPLs (Non-Performing Loans): The EBA continued its work on NPLs, highlighting three pillars: supervisory pressure, restructuring, and tools for the secondary market. An EU-wide Asset Management Company (AMC) was discussed as a potential solution.
• Stress Tests: The EBA's stress tests do not include liquidity stress, but focus on capital adequacy. The results indicated vulnerabilities in some banks, such as Banco Popular. The EBA acknowledged the need for better liquidity stress testing in the future.
• Risk Assessment: EBA staff noted a decrease in NPLs to 4.8% in Q1 2017, but highlighted the wide dispersion across Member States. They also identified risks from US household and auto loans, as well as the energy sector.

4. EBA's 2018 Work Programme

• The EBA outlined strategic areas for its work programme, including the Single Rulebook, crisis management, supervisory convergence, risk assessment, data collection, and consumer protection.
• The EBA is working on a data hub project to collect data for all EU banks, aiming to improve impact assessments and consumer protection.
• BSG members expressed concerns about data collection consistency and the need for harmonisation of supervisory approaches.

5. Consumer Protection, Financial Innovation, and Payments

• The EBA reported on its deliverables under PSD2, including guidelines on professional indemnity insurance and payment institutions.
• BSG members raised concerns about the absence of data on deposit rates and the need for the EBA to monitor mortgage practices and foreign currency loans.
• The EBA highlighted its latest Consumer Trends Report, which focused on Dynamic Currency Conversion (DCC) and innovative use of consumer data.
• The EBA mentioned the ESAs' Joint Consumer Protection Day in Prague, noting a drop in attendance from industry representatives due to the move to Eastern Europe.

6. Discussion on Regulatory Sandboxes

• A BSG member presented a draft paper on regulatory sandboxes, suggesting the EBA should develop guidelines to harmonise practices across the EU.
• The paper raised concerns about regulatory fragmentation and the need for consumer safeguards and limits on sandbox activities.
• It was agreed that the Ad-Hoc Working Group on regulatory sandboxes will revise the paper by September 2017. The EBA also announced a Discussion Paper on sandboxing regimes, open for feedback.

Participants

• Chairperson: Santiago Fernández de Lis
• BSG Members:
  • Mike Dailly (Govan Law Centre)
  • Mark Roach (ver.di)
  • Luigi Guiso (Eief)
  • Sergio Lugaresi (Italian banking association)
  • Nikolaos Daskalakis (GSEVEE)
  • Sabine Masuch (Association of Private Bausparkassen)
  • Martin Schmalzried (COFACE)
  • Alin Iacob (AURSF)
  • Michel Bilger (Crédit Agricole)
  • Holzinger-Burstaller (Erste Group Bank)
  • Giovanni Petrella (Catholic University, Milano)
  • Christophe Nijdam (Independent)
  • Giedrius Steponkus (Lithuanian Investors association)
  • Monika Marcinkowska (University of Lodz)
  • Jesper Bo Nielsen (FSU-DK)
  • Simon Hills (UK Finance)
  • Dominic Lindley (Independent)
  • Thaer Sabri (European Money Association)
  • Angel Berges (Universidad Autonoma Madrid)
  • Dermott Jewell (Consumers' Association of Ireland)
  • Peter-Otto Muelbert (Mainz University)
  • Guillaume Prache (Better Finance)

EBA Staff

• Adam Farkas (EBA Executive Director)
• Dirk Haubrich
• Meri Rimmanen
• Antonio Barzachki
• Ester Botica Alonso
• Cédric Coraillon-Parquet
• Laura Diez Perez
• Benjamin Friedrich
• Con Horan
• Antonella Pisani
• Larisa Tugui

Conclusion

The meeting highlighted the EBA's ongoing efforts to strengthen the EU banking sector through regulatory reviews, stress testing, and consumer protection. It also underscored the importance of harmonisation across Member States and the need for better data collection and transparency. The discussion on regulatory sandboxes and the resolution cases in Spain and Italy reflected the BSG's interest in balancing innovation with consumer safeguards and financial stability.