EBA欧洲银行-EBA-BS-2016-001rev1-28Final-Minutes-BoS-08-09-December-201529_21页_437kb

EBA Board of Supervisors – Final Minutes Summary

Core Content

The document outlines the final minutes of the EBA Board of Supervisors (BoS) meeting held on 08-09 December 2015 in London. It details the key decisions and discussions across various agenda items, focusing on regulatory and supervisory developments, internal processes, and future work plans for the EBA.

Main Agenda Items and Outcomes

1. Welcome, Approval of Agenda and Minutes

• The meeting was opened by the Chairperson, who updated the BoS on changes to the membership of the BoS, including new members from Latvia, the ECB, and Iceland.
• The BoS approved the provisional agenda and minutes of the previous meeting (27-28 October 2015).
• The EBA Opinion on Regulatory and Supervisory Equivalence of Third Countries was to be dealt with via written procedure.
• The BoS was encouraged to continue promoting the call for expression of interest for the Banking Stakeholder Group (BSG), with applications due by 15 December 2015.
• An internal inquiry was initiated to address an error in the publication of CET1 ratio figures during the 2015 EU-wide transparency exercise. The erroneous data was removed, and the BoS was to be informed of the findings and lessons learned.

2. Election of the Alternate to the EBA Chairperson

• Mr Pedro Duarte Neves, from the Portuguese Central Bank, was re-elected as alternate Chairperson for a second non-renewable term until 30 June 2018, by secret ballot.

3. Election of Members of the EBA Management Board

• Mr Andrzej Reich (Polish Financial Supervision Authority) was re-elected for a second term.
• Mr Édouard Fernández-Bollo (French Prudential Supervisory and Resolution Authority) and Mr David Rozumek (Czech National Bank) were elected for their first terms, both until 30 June 2018.

4. Single Programming Document 2017

• A draft SPD for 2017 was presented, but it would need to be revised due to the impact of the 2016 budget approval on the 2017 work programme.
• The BoS agreed to a revised SPD version, to be submitted for approval in January 2016, and formally transmitted to the Commission by end-January 2016.
• The top priorities for the EBA were regulatory work and supervisory convergence, with a focus on resource efficiency and clear headcount distribution.
• KPIs of both quantitative and qualitative nature were welcomed.

5. Update on Risks and Vulnerabilities

• The EBA Director of Oversight presented an overview of risks in the European banking system, including transparency exercise results and a risk assessment report.
• The sample of banks for the two exercises differed, making direct comparison difficult.
• Key themes included risks from emerging markets, asset quality, profitability, and cyber risks.
• The BoS acknowledged the importance of understanding these risks, especially in the context of technological innovation and competition from fintech.

6. 2016 EU-wide Stress Tests – Preliminary Scenarios

• The ECB representative outlined the adverse scenarios for the 2016 stress tests, including four risk scenarios.
• The BoS considered the impact of economic shocks on exchange rates, inflation, oil prices, and monetary policy.
• The ECB noted that scenarios would be adjusted for countries with past economic contractions to avoid unrealistic assumptions.
• The final methodology and scenarios would be discussed for approval at the BoS meeting on 04 February 2016.

7–12. Regulatory and Supervisory Frameworks

• The BoS adopted the draft advice on synthetic securitisations without recommendation 3.
• Guidelines on shadow banking entities were adopted.
• Three Q&As on large exposure reporting, own funds, and supervisory reporting were discussed and agreed to be redrafted or referred to the Commission.
• Guidelines on sound remuneration policies were adopted, applicable from 01 January 2017.
• A draft Opinion on proportionality was revised and adopted.
• A consultation paper on remuneration requirements for sales staff was endorsed for publication and public consultation.
• A discussion paper on strong customer authentication and secure communication under PSD2 was also endorsed.

13–16. Implementation of PSD2 and NSFR

• The BoS was informed about the revised timelines and mandates under PSD2, including the RTS on passporting notifications and the discussion paper on strong customer authentication.
• The final NSFR report was adopted with minor changes, including ESRB input and future work on proportionality and derivatives.

17. Risk-Mitigation Techniques for OTC Derivatives

• A draft RTS on margin requirements for non-centrally cleared OTC derivatives under EMIR was introduced.
• The BoS considered two options for margin posting timing: $T + 1$ and $T + 1$ plus settlement cycle days.
• A majority supported $T + 1$.
• The draft RTS was to be submitted for final approval in early 2016.

18. Future of Internal Models in the EU

• The BoS was invited to discuss the future of internal models, aligned with BCBS and GHOS meetings.
• The EBA's report and opinion on the IRB approach were presented, with alignment to BCBS discussions.
• The BoS agreed to further discussions on the publication of the report and opinion, with updates expected after the GHOS meeting in January 2016.

Key Information

• Membership Changes: Several new members were added to the BoS, including Ms Liga Kleinberga (Latvia), Mr Korbinian Ibel (ECB), Mr Giuseppe Siani (ECB), and Mr Sigurdur Freyr Jónatansson (Iceland).
• Internal Inquiry: Initiated to investigate an error in CET1 ratio publication; findings and lessons learned would be shared with the Management Board and BoS.
• Budget Constraints: The 2016 budget approval affected the 2017 work programme, necessitating a review and adjustment.
• Regulatory Work: The EBA focused on regulatory and supervisory convergence, with a need for prioritisation and resource efficiency.
• Stress Tests: The 2016 stress test scenarios were discussed, with adjustments made to reflect realistic economic conditions.
• Synthetic Securitisations: The BoS adopted the advice without recommendation 3, which was to be addressed later.
• Shadow Banking and Remuneration: Guidelines and Q&As on shadow banking and remuneration were approved for publication and consultation.
• PSD2 and NSFR: The BoS endorsed the consultation papers and reports related to PSD2 implementation and NSFR impact analysis.
• OTC Derivatives and Internal Models: The BoS supported the draft RTS on margin requirements and agreed to further discussions on internal models and their future alignment with BCBS and EU institutions.

Conclusion

The meeting concluded with the BoS adopting several key documents and recommendations, including the updated SPD, NSFR report, synthetic securitisations advice, shadow banking guidelines, and remuneration guidelines. The BoS also supported the initiation of an internal inquiry and encouraged ongoing dialogue with the Commission and national authorities on regulatory and supervisory matters. The focus remained on ensuring regulatory consistency, addressing risks, and aligning with EU-wide legislative frameworks.