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EBA BoS Meeting Summary (5-6 December 2012)

Core Content

The Board of Supervisors (BoS) of the European Banking Authority (EBA) convened a two-day meeting on 5-6 December 2012 in London. The meeting addressed a wide range of topics related to banking supervision, risk assessment, regulatory frameworks, and coordination with other European Supervisory Authorities (ESAs). Key discussions included the preparation of risk assessment reports, capital conservation recommendations, stress tests, the European Banking Union, and the review of benchmark rate setting processes.

Main Topics and Key Points

Agenda Item 1: Opening, Welcome & Approval of Agenda and Minutes

• The meeting was chaired by Andrea Enria.
• The agenda and draft minutes of the previous BoS meeting (14 November 2012) were approved.

Agenda Item 2: Risks and Vulnerabilities

• The EBA submitted a risk assessment package to the BoS.
• The BoS welcomed the improvements in the quality of the report and the use of diverse data sources.
• A streamlined version of the risk report will be published in January 2013.
• The SCOP letter on risks and vulnerabilities was discussed, highlighting asset quality, forbearance, funding, and the need for home-host cooperation.
• The risk assessment report for the ESRB will be endorsed via written procedure and transmitted to the ESRB Secretariat.

Agenda Item 3: EBA Recommendation on Capital Conservation

• The new EBA Recommendation on capital conservation will replace the 2011 temporary capital buffers recommendation once CRD IV/CRR enters into force.
• The BoS expressed support for the general approach but raised concerns about the time schedule, elements of capital plans, template complexity, and the validity period.
• The recommendation should be considered a minimum standard, not a dynamic target.
• A revised version of the recommendation will be circulated by the end of 2012 for BoS comments.

Agenda Item 4: Asset Quality Exercise

• A three-stage asset quality review was proposed by the Management Board (MB).
• Some members questioned the timeline and suggested decoupling the Asset Quality Review (AQR) from the 2013 stress test.
• The BoS agreed to wait for the approval of the Single Supervisory Mechanism (SSM) before taking further decisions.
• Coordination with the ECB is emphasized.

Agenda Item 5: Forbearance and NPL

• SCARA was tasked with preparing a consultation paper on forbearance and non-performing loans (NPL).
• The BoS confirmed the mandate and endorsed the task force setup.
• The paper is expected to be ready by January 2013 and submitted for endorsement at the February BoS meeting.

Agenda Item 6: EBA 2013 Stress Test

• The EBA staff provided a document clarifying the interaction between stress test results and capital plans.
• The BoS confirmed the main methodological assumptions (static balance sheet, time horizon, etc.).
• The MTF is mandated to flesh out the methodology and data needs.
• The timing of the stress test is subject to the establishment of the SSM and ECB decisions.
• Communication of results was postponed for further discussion.

Agenda Item 7: European Banking Union and EBA Impact

• The EBA is tasked with developing a Single Supervisory Handbook (SSH) to complement the Rulebook.
• The BoS supported the initiative but raised concerns about the process, legal status, and coordination with SCOP and ECB.
• A Steering Committee proposal will be further discussed by the Management Board (MB).
• The governance of the EBA will be a focus at the February 2013 BoS meeting.

Agenda Item 8: Euribor-EBF Review and Draft CP on Benchmark Rate Setting

• The EBA and ESMA are reviewing the Euribor setting process.
• The BoS supported the recommendations and agreed to share them with the Euribor-EBF.
• A joint warning on Contracts for Difference (CfD) will be circulated for approval via written procedure.
• The ETFs good practices paper will be submitted to the BoS after incorporating feedback.

Agenda Item 9: TCOR Progress Report

• The TCOR Task Force is working on the Top-down report and low default portfolio analysis.
• The BoS agreed to continue the work and will review the top-down report in January 2013.
• A document on resource needs, data requirements, and timeline will be circulated.

Agenda Item 10: Recommendation on Recovery Plans

• A draft recommendation was introduced for the development of recovery plans by 40 closely monitored banking groups.
• The BoS supported the recommendation but emphasized the need for home-host cooperation.
• The EBA staff will revise the draft and seek written comments by 13 December 2012.

Agenda Item 11: EBA Opinion on Non-Banking Recovery and Resolution Framework

• The EBA drafted an opinion in response to the Commission's consultation on non-banking recovery and resolution frameworks.
• The BoS broadly supported the opinion with minor amendments.

Agenda Item 12: Consumer Protection

• A joint warning on CfDs with ESMA is under development.
• A good practices paper on ETFs was introduced, with plans to publish after incorporating feedback.

Agenda Item 13: Functioning of Supervisory Colleges

• The BoS acknowledged the improved functioning of supervisory colleges.
• The EBA Colleges Action Plan for 2013 will be discussed, with templates and deadlines to be consulted with SCOP.

Agenda Item 14: Review of the European System of Financial Supervision (ESFS)

• The EBA will provide an opinion to the European Commission on the review of the ESFS.
• The governance of the EBA will be discussed in February 2013.
• BoS members were requested to submit suggestions for areas to be discussed at the next Management Board meeting.

Agenda Item 15: Update on the EBA 2012 Work Programme

• The EBA updated the BoS on its 2012 Work Programme.
• The 2013 Work Programme will be revised once CRD IV/CRR is agreed.

Agenda Item 16: Update on the IT Strategy

• The IT Strategy was discussed, with concerns raised about data collection scope.
• The BoS agreed to continue the work and follow up once the project approval document is submitted.

Agenda Item 17: Reports from Committees

• A new work strand related to SCARA / SCREPOL was proposed, focusing on asset encumbrance definitions and reporting templates.

Agenda Item 18: AoB (Administrative and Organisational Business)

• No formal 2013 budget was approved yet.
• A written procedure will be launched to endorse a provisional budget.
• Audit processes were briefly updated.

Participants

BoS Members

• Chairperson: Andrea Enria
• Voting Members and Alternates:
  • Austria: Michael Hysek
  • Belgium: Mathias Dewatripont/Rudi Bonte
  • Bulgaria: Nelly Kordovska
  • Cyprus: Argyro Procopiou
  • Czech Republic: David Rozumek
  • Denmark: Ulrik Nodgaard
  • Estonia: Raul Malmstein/Andres Kurgpold
  • Finland: Jukka Vesala
  • France: Daniele Nouy/Frederic Visnovsky
  • Germany: Peter Lutz
  • Greece: Vasiliki Zakka
  • Hungary: Károly Szász/Laszlo Seregdi
  • Ireland: Matthew Elderfield
  • Italy: Giovanni Carosio/Roberto Rinaldi
  • Latvia: Kristaps Zakulis
  • Lithuania: Aldona Jociene
  • Luxembourg: Claude Simon
  • Malta: Andre Camilleri
  • Netherlands: Jan Sijbrand/Anthony Kruizinga
  • Portugal: Pedro Duarte Neves/Maria Adelaide Cavaleiro Joaquim
  • Spain: Fernando Vargas Bahamonde/Cristina Iglesias-Sarria
  • Sweden: Martin Andersson
  • UK: Andrew Bailey

Observers

• Norway: Morten Baltzersen
• Iceland: Luovik Porgeirsson
• Liechtenstein: Rolf Bruggeman
• Croatia: Damir Odak

Institutions and Representatives

• European Commission: Mario Nava
• European Central Bank: Panagiotis Strouzas
• ESRB: Francesco Mazzaferro
• EIOPA: Carlos Montalvo
• ESMA: Verena Ross

EBA Staff

• Corinne Kaufman, Mario Quagliariello, Joseph Mifsud, Stefano Cappiello, Meri Rimmanen, Philippe Allard, Ben Pott, Efstathia Bouli, Markus Trzeciok, Tea Turcaniova, Patricia Juanes Burgos

Key Outcomes

• The BoS supported most recommendations and reports but emphasized the need for amendments and coordination with other ESAs.
• The establishment of the Single Supervisory Mechanism (SSM) and ECB decisions significantly influence the timing of key initiatives like stress tests.
• The EBA is working on the Single Supervisory Handbook and will coordinate with SCOP and ECB.
• A joint EBA-ESMA warning on Contracts for Difference (CfD) and a good practices paper on ETFs are in development.
• The IT Strategy and 2013 Work Programme are under review, with a focus on data collection and resource needs.