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EBA Work Programme 2015 Summary

Core Content

The European Banking Authority (EBA) Work Programme for 2015 outlines the main objectives and deliverables of the EBA in line with its mandate under Regulation (EU) No 1093/2010. The EBA is tasked with contributing to the development of the single rule book, ensuring a level playing field for financial institutions, and enhancing the quality of financial regulation and the functioning of the single market.

Main Focus Areas

Regulatory Area

• Single Rule Book Development: The EBA continues to play a central role in developing the single rule book, focusing on harmonizing regulations across the EU.
• Key Directives and Frameworks:
  • BRRD: The EBA is responsible for issuing guidelines and technical standards under the Bank Recovery and Resolution Directive, which was transposed into national laws by 31 December 2014. Nearly 40 mandates are due in 2015.
  • CRD IV/CRR: This framework, effective from 1 January 2014, introduces stronger capital requirements, liquidity rules, and leverage measures. The EBA is tasked with developing detailed technical rules and monitoring their implementation.
  • DGSD: The EBA's role under the Deposit-Guarantee Schemes Directive includes rulemaking, mediation, and peer reviews.

Oversight Area

• Supervisory Convergence: The EBA will expand its work on home host cooperation and supervisory convergence, particularly in Pillar 2, to ensure consistent application of regulations.
• Resolution Planning: The EBA will assist in the development and assessment of resolution plans, and monitor the functioning of resolution colleges.
• Risk Assessment: The EBA will continue to monitor key risks in the EU banking sector, assess capital levels, and prepare risk reports for the European Parliament, Commission, and ESRB.
• Stress Testing: The EBA will coordinate EU-wide stress tests, provide scenarios and methodologies, and act as a data transparency hub.

Consumer Protection Area

• Transparency and Fairness: The EBA is committed to promoting transparency, simplicity, and fairness in consumer financial products and services.
• Structured Deposits and Payment Services: The EBA will monitor structured deposits and work on guidelines for fee information, standardized terminology, and the implementation of the Payment Accounts Directive.
• Mortgage Credit Directive (MCD): The EBA will issue legal instruments on responsible mortgage lending and the treatment of borrowers in arrears, ensuring consistent implementation across the EU.

Key Deliverables and Tasks

• Guidelines and Technical Standards: The EBA will issue over 250 deliverables, including guidelines, reports, opinions, and technical standards, primarily in areas such as credit and market risk, liquidity, leverage, and bail-in mechanisms.
• Monitoring and Reporting: The EBA will monitor the implementation of regulations, provide regular reports, and support the calibration of rules.
• Legal Support: The EBA will provide legal analysis and support for its core functions, including drafting regulatory products and handling complaints.
• Operational Improvements: The EBA will implement activity-based budgeting, improve procurement processes, enhance HR policies, and develop a new communications strategy.
• IT and Internal Control: The EBA will enhance its IT infrastructure, including data collection and real-time notification systems, and improve internal control standards.

Policy and Coordination

• The EBA will support the Banking Stakeholder Group, the Joint Committee, and the Board of Appeal.
• It will assist in the planning and execution of its deliverables and maintain external coordination with EU institutions and bodies such as the BCBS and IMF.
• The EBA will also provide training to EU banking supervisors.

Legislative Context

• The EBA is involved in various legislative proposals and initiatives, including the revision of large exposures rules, review of accounting and prudential filters, and the regulation of shadow banking.
• These initiatives are expected to significantly impact the EBA's tasks between 2015 and 2017.

Implications of the Single Supervisory Mechanism (SSM)

• The establishment of the SSM and the Single Resolution Mechanism will require the EBA to strengthen supervisory convergence and unify methodologies.
• The EBA will develop a Single Supervisory Handbook and ensure smooth home host relations.
• It will also focus on leveraging its EU-wide data and insights to support the banking sector.

Conclusion

The EBA's 2015 work programme is comprehensive and aligned with the broader goals of financial stability, regulatory consistency, and consumer protection across the EU. It reflects the evolving regulatory landscape and the EBA's increasing role in shaping and implementing EU banking policy.