European Banking Authority
|European Banking Authority|
|Key People||Jo Swyngedouw, Interim Chairperson; Adam Farkas, Executive Director|
|Products||Banking, payments, and e-money regulation|
The European Banking Authority (EBA) acts as a hub and spoke network of the European Union and the national bodies. It safeguards public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors. Upon officially coming into being on January 1, 2011, the EBA took over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS).
The primary tasks that the EBA seeks to fulfill are:
- To provide opinions to the Union institutions and develop guidelines, recommendations, and draft regulatory and implementing technical standards
- To contribute to the consistent application of legally binding Union acts, in particular by contributing to a common supervisory culture across the EU member states, ensuring consistent, efficient and effective application of the Union acts, preventing regulatory arbitrage, mediating and settling disagreements between competent authorities and taking actions, in emergency situations
- To improve the cooperation of supervisory authorities, delegation of tasks, functioning of colleges of supervisors and conduct peer review analysis
- To cooperate with the European Systemic Risk Board (ESRB), and analyze the developments in the macro-prudential oversight of the financial system within the Union
- To ensure depositor and investor protection, and to improve transparency and disclosure of information in the banking industry
Powers and Competencies
The EBA has been given a broad area of competencies, including preventing regulatory arbitrage, guaranteeing a level playing field, strengthening international supervisory coordination, promoting supervisory convergence and providing advice to the EU institutions in the areas of banking, payments and e-money regulation as well as on issues related to corporate governance, auditing and financial reporting.
- Jo Swyngedouw, Interim Chairperson
- Adam Farkas, Executive Director