European Banking Authority
London, United Kingdom
January 1, 2011
The European Banking Authority (EBA, English European Banking Authority ) is an agency of the European Union, the legal basis of the EU Council Regulation 1093/2010 of 24 November 2010, the Financial Market Authority, headquartered in London, the January 1, 2011 from the Committee of European Supervisory Authorities for the banking ( CEBS, English Committee of European Banking Supervisors ) emerged. It is part of the European System of Financial Supervisors (ESFS, English European System of Financial Supervision ). The Chairman is the Italian Andrea Enria.
Tasks
A central task of EBA, it should be to develop European standards of supervision, which should then form the framework for national supervisors will continue primarily responsible. Direct intervention rights of the EBA exist only in two cases: first, when national supervisory authorities can not agree on the way of financial market regulation. Second, the EBA has a right to take action in the event that a national authority against current European law violates.
EBA decisions may have " no direct impact on the financial responsibilities of Member States."
Construction
The EBA has a board of directors and a supervisory board. The Supervisory Board is the management body and convenes for a period of five years a full-time chairman of the EBA as well as an Executive Director. The Board of Directors functions as the control.
In the initial phase the staff of the EBA is to consist of approximately 40 employees and expanded over a period of three years to 90.
EBA Board
The Supervisory Board is the governing body of the EBA. He shall take the decisions referred to above and is politically independent. Its decisions are - depending on the subject area - taken with either a simple or qualified majority. The Supervisory Board shall be composed of:
- The non-voting chairman,
- The heads of the authorities responsible for the supervision of credit institutions, national authorities of the Member States, meeting at least twice a year in person,
- One non-voting representative of the European Commission,
- One non-voting representative of the European Central Bank,
- One non-voting representative of the European Systemic Risk Board,
- A non- voting representative of the European Supervisory Authority for Insurance and Occupational Pensions Authority,
- One non-voting representative of the European Securities and Markets Authority.
EBA Board
The Board of Directors shall be composed of:
- The Chairman,
- Six other elected by the voting members of the Supervisory Board members,
- The non-voting Executive Director,
- One voting only a few points representative of the European Commission.
The decisions of the Board are taken by simple majority of members present. Each member has one vote. The Directors accept, unlike what the name suggests, rather the task of the Supervisory Board; he exercises the budget law of the Authority and to the Supervisory Board has the right to propose annual and multi- year plans.
Chairman
The chairman of the EBA is appointed by the Supervisory Board for a period of five years ( for single reclosure choice ). He directs supervisory and Board of Directors and can only be removed from his post if the European Parliament agrees to a relevant request of the Supervisory Board.
Executive Director
The management of the daily business will assume an executive director, who must be appointed by the Board and approved by the European Parliament. His term of office is five years ( for single reclosure choice ).
Criticism of the EBA advisory body
In September 2011, UNI-Europa complained, the umbrella association of European service trade unions in the EU Ombudsman and criticized the over-representation of the banking sector of the "old " EU Member States, an over-representation of consumer organizations from the "new" EU Member States and an over-representation of British nationals to the Advisory Board " banking Stakeholder Group " of the bank supervisory authority. On November 12, 2013 criticized the European Ombudsman, Emily O'Reilly, again the approach in the selection of members of the newly formed Advisory Board. In 2011, the EU Ombudsman identified several shortcomings in the selection of representatives to the supervisory authority, especially the lack of geographical balance.