EBA欧洲银行-EBA-BS-2015-078rev1-28Final-Minutes-BoS-24-25-Feb-201529_13页_374kb

EBA Board of Supervisors – Final Minutes Summary (24-25 February 2015)

Core Content

The EBA Board of Supervisors (BoS) meeting on 24-25 February 2015 in London covered a range of agenda items related to the EBA's work programme, regulatory proposals, and cooperation with other EU institutions. Key discussions revolved around the re-prioritisation of the 2015 work programme, the development of technical standards, and the ongoing implementation of regulatory frameworks such as CRD IV and CRR.

Main Points and Key Information

Agenda Item 1: Welcome and Approval of Agenda and Minutes

• The meeting was opened by the Chairperson, Andrea Enria.
• Membership changes were announced, including replacements for alternates from Denmark and Lithuania, and the addition of an observer from Liechtenstein.
• The provisional agenda and minutes of the December 2014 BoS meeting were approved.

Agenda Item 2: Re-prioritisation of the 2015 EBA Work Programme

• The EBA Management Board decided not to endorse the CBD project due to the reporting burden on NSAs.
• The Executive Director proposed changes to the work programme, including adjustments to deadlines and deliverables.
• The BoS largely agreed with the re-prioritisation, but requested the retention of the DPM design for the revised ITS on liquidity and leverage ratio.
• The BoS also asked the EBA to reconsider the delay on the guidelines on suitability of management board members due to potential implications for ESMA.
• Concerns were raised about the proposed budget increase and the need for contingency planning.
• The BoS emphasized the importance of avoiding double reporting under Pillar 1 and Pillar 2, and noted the Commission's intention to adopt pending technical standards by May 2015.

Agenda Item 3: Mandate of the Task Force on Impact Studies

• The BoS requested clarifications on the TFIS members' skills, qualifications, and reporting lines.
• The Chairperson clarified that the TFIS would not handle pro-cyclicality reporting and agreed to liaise with the ECB.
• The mandate was to be amended and submitted to the BoS for final approval by written procedure.

Agenda Item 4: Public Impact Study Group (ISG) Report on CRD IV – CRR / Basel III QIS Monitoring Exercise

• The internal version of the ISG report was presented.
• The public version had already been approved and was scheduled for publication in early March 2015.

Agenda Item 5: Draft Consultation Paper on Sound Remuneration Policies

• The draft consultation paper took into account the Commission's legal interpretation on variable remuneration rules.
• Some BoS members disagreed with the Commission's reading and expressed concerns about the impact on small institutions.
• A request was made to put the consultation on hold until further clarification from EU legislators.
• The BoS agreed to revise the draft and submit it for final approval, while also requesting an own-initiative advice from the EBA to the Commission on possible legislative changes.

Agenda Item 6: Draft Report on the Convergence of Supervisory Practices

• The annual draft report summarised EBA findings on supervisory practices across the EU.
• The BoS welcomed the report and requested changes to its tone regarding future internal model work.
• The draft was to be amended and submitted for final approval before publication.

Agenda Item 7: Draft Advice on Supervisory Benchmarking Exercise

• The EBA was requested to assess the effectiveness of the benchmarking process under Article 78 of CRD IV.
• The BoS supported the draft and suggested changes, including a reference to the rotation principle, materiality thresholds, and a less exhaustive approach for sub-consolidated exposure.
• The draft was to be amended and submitted for approval by written procedure before being sent to the Commission.

Agenda Item 8: Decision on EU-wide Stress Test 2015

• A proposal was made to replace the stress test with a transparency exercise in 2015.
• The SSM representative noted that a comprehensive assessment would be conducted on a small sample of banks.
• The BoS expressed diverging views on the long-term stress test strategy but leaned towards a bottom-up approach.
• A decision was made to not conduct a stress test in 2015 and to prepare for a regular cycle starting in 2016.

Agenda Item 9: Draft 2014 Annual Report on the Functioning of Colleges

• The report highlighted changes in the institutional setting, including the establishment of SSM, AQR, and stress test exercises.
• The BoS agreed to submit the report for a fatal flaw check before publication, along with the 2015 Colleges Action Plan.

Agenda Item 10: Restricted Session

• A confidential session was held among voting members and observers with direct supervisory functions.

Agenda Item 11: Update on Risks and Vulnerabilities

• The EBA Director of Oversight presented an update on financial sector risks, including low bank profitability, geopolitical risks, and FX movements.
• The ESRB noted increased resilience due to macro-prudential tools, while the ECB highlighted excessive risk-taking, weak profitability, and shadow banking challenges.
• The BoS agreed to a shortened consultation period for the Risk Assessment Report (RAR).

Agenda Item 12: EBA Opinion on Crowdfunding

• A draft opinion was presented, recommending convergence of lending-based crowdfunding regulation.
• The BoS endorsed the opinion, which would be transmitted to EU institutions and published on the EBA website.

Agenda Item 13: EBA Mandate under the Interchange Fee Regulation (IFR)

• The EBA was tasked with delivering RTS on payment card schemes within 12 months of the IFR's entry into force.
• The BoS agreed to the extended timeline, and the EBA was to align its staff rules with national policies on unpaid leave.

Agenda Item 14: Discussion Paper on the Single Supervisory Handbook (SSH) Project Plan

• The BoS supported the proposal to develop an SSH module on AQRs.
• The possibility of a Resolution Handbook and resolution planning module was raised for further discussion.

Agenda Item 15: Assessment of Equivalence of Professional Secrecy Provisions of Third Countries

• The BoS agreed to replace public consultation with a consultation by the Banking Stakeholder Group.
• A report on supervisory authorities in the US and China was to be sent to the BoS for final decision.

Agenda Item 16: Discussion Paper on the Future of IRB Models

• The BoS supported the publication of the paper as soon as possible.
• Drafting comments were requested to ensure neutrality and clarity on the IRB regulatory framework.

Agenda Item 17: Draft Consultation Paper on RTS on Financial Contracts

• The BoS agreed to proceed with public consultation on the draft.

Agenda Item 18: Draft Consultation Paper on Business Reorganisation Plans

• The BoS was invited to submit comments on proposed modifications to the RTS and guidelines.
• The paper would be published for public consultation following the comments.

Agenda Item 19: Reports from the Standing Committees

• The BoS took note of the reports presented.

Agenda Item 20: Any Other Business (AoB)

• The ESRB requested aggregate data on residential mortgages for the EBA's fourth risk-weighted assets report.
• The BoS was asked to consider aligning national policies on unpaid leave for staff with temporary agent contracts.

Participants

• Voting Members: Representatives from 28 EU member states.
• Alternates: Included replacements for Denmark and Lithuania, and an observer from Liechtenstein.
• Non-voting Members: ECB SSM, European Commission, EIOPA, ESMA, ESRB, and SRB.
• Representatives: Included officials from the ECB, ESRB, and other EU bodies.
• EBA Staff: Executive Director, Director of Oversight, Director of Regulation, and other team members.