European Banking Authority

from Wikipedia, the free encyclopedia
European Banking
Authority (EBA)

EBA logo
 
 
English name European Banking Authority
French name Autorité bancaire européenne (ABE)
Organization type European Union Authority
status Establishment of the Union with its own legal personality
Seat of the organs Paris , France
FranceFrance 
Chair SpainSpain José Manuel Campa
founding

January 1, 2011

Official website

The European Banking Authority ( EBA , English E uropean B anking A uthority ) is an agency of the European Union , based in Paris , which was built on the basis of Regulation (EU) no. 1093/2010 of 24 November 2010, whose mission the financial market authority and the January 1, 2011 from the Committee of European banking supervisors (CEBS, English Committee of European banking supervisors ) emerged. It is part of the European System of Financial Supervision (ESFS, English European System of Financial Supervision ). The chairman is the Spaniard José Manuel Campa , and Ádám Farkas from Hungary is the executive director .

The EBA was founded in London , where it was initially based. Due to the upcoming Brexit , a relocation of the seat became necessary; On November 20, 2017, the decision was made to go to Paris . On May 30, 2019, the previous headquarters in London were closed and the new headquarters in Paris opened on June 3, 2019. In Paris, the EBA is located in the Tour Europlaza in the office district of La Défense .

tasks

A central task of the EBA should be to develop European supervisory standards, which should then form the framework for the national supervisory authorities that continue to be primarily responsible. The EBA only has direct rights of intervention in two cases: Firstly, when several national supervisory authorities cannot agree on the manner of financial market regulation. Second, the EBA has a right of recourse in the event that a national authority violates applicable European law .

EBA decisions must "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 appoints a full-time chairman of the EBA and an executive director for a period of five years. The board of directors acts as a controlling body.

In the initial phase, the EBA's staff consisted of around 40 employees and grew to 90 over a period of three years. There are now 170 employees.

EBA supervisory board

The supervisory board is the management body of the EBA. It takes the resolutions listed above and is politically independent. Its resolutions are made either with a simple or qualified majority , depending on the subject area . The supervisory board consists of:

EBA Board of Directors

The board of directors consists of:

  • the chairman,
  • six other members elected by the voting members of the Supervisory Board,
  • the non-voting Executive Director,
  • a representative of the European Commission who is only entitled to vote on a few points.

The resolutions of the Board of Directors are made with a simple majority of the members present. Each member has one vote. Contrary to what the name suggests, the board of directors tends to assume the role of a supervisory board; he exercises budgetary law over the authority and has the right to propose annual and multi-year plans to the supervisory board.

Chairman

The chairman of the EBA is appointed by the supervisory board for a period of five years (with one-time re-election). He heads the supervisory and administrative board and can only be removed from his post if the European Parliament approves a request by the supervisory board in this regard.

Executive Director

Day-to-day operations are run by an Executive Director, who is appointed by the Board of Directors and approved by the European Parliament. His term of office is also five years (with one-time re-election). Adam Farkas is the current Executive Director of the EBA.

Criticism of the EBA advisory body

In September 2011, UNI-Europa , the umbrella organization of European service unions, complained to the EU ombudswoman and criticized the over-representation of the banking sector in the "old" EU member states, an over-representation of consumer organizations from the "new" EU member states and an over-representation of British nationals at the Banking Authority Advisory Group on Banking Sector Interest. On November 12, 2013, the European Ombudsman , Emily O'Reilly , again criticized the approach to the selection of the members of the new advisory body. As early as 2011, the EU ombudswoman identified various deficiencies in the selection of the representatives of the supervisory authority, in particular the lack of geographical balance.

Background and history

As a result of Brexit , the European Banking Authority is expected to leave its London location, EBA boss Andrea Enria has announced. On the day of announcement of the British government that the United Kingdom wanted to leave the European Union (29 March 2017), Prime Minister Xavier Bettel of Luxembourg submitted the Luxembourg candidacy for the relocation of EBA from London to Luxembourg. Due to the links to the ECB, Frankfurt also applied for the EBA seat. In the crucial council meeting on November 20, 2017, Bonn lost its simultaneous application for the EMA and Frankfurt that for the EBA against Paris. The EBA's support was unusual: while Frankfurt was initially in second place in the first round, Dublin and Paris moved forward in the second voting round, and Frankfurt fell back to just four votes. In the third, decisive round there was a stalemate between the two favorites of 13 to 13 votes. The German Minister of State in the Foreign Office, Michael Roth , is said to have voted for Paris or abstained from supporting Dublin as instructed. In the end, the lot decided.

In January 2020, Executive Director Ádám Farkas moved to the Association for Financial Markets in Europe (AFME). The EU Ombudsman, Emily O'Reilly , then found "maladministration" at the EBA. EBA boss José Manuel Campa admitted that he had no means of checking conditions against Farkas.

See also

Web links

Individual evidence

  1. ↑ Regulation (EU) No. 1093/2010 of the European Parliament and of the Council of November 24, 2010 on the establishment of a European Supervisory Authority (European Banking Authority), ... , accessed on June 14, 2013
  2. ↑ Germany misses out on the awarding of EU authorities. In: welt.de. November 20, 2017. Retrieved November 20, 2017 .
  3. ^ The European Banking Authority Leaves London. In: forbes.com. May 31, 2019, accessed June 6, 2019 .
  4. ↑ a b EU establishes banking supervision . handelsblatt.com; Retrieved October 24, 2010.
  5. ↑ Frankfurt fails in the race for EU banking supervision . Spiegel Online , November 20, 2017.
  6. ↑ a b c d europarl.europa.eu : Position of the European Parliament adopted at first reading on September 22, 2010 with a view to the adoption of Regulation (EU) No. ... / 2010 of the European Parliament and of the Council establishing a European Supervisory Authority (European Banking Authority) , accessed on October 24, 2010.
  7. ↑ europa.eu
  8. ↑ European Banking Authority will leave London on Brexit . Reuters
  9. ↑ European banking supervision would move away from London . Handelsblatt.com
  10. ↑ Luxembourg claims the seat of the European Banking Authority . Luxemburger Wort , online.
  11. ↑ Secret rebellion against Merkel? Spiegel Online , December 27, 2017.
  12. ↑ "EU Ombudsman criticizes change from banking supervision to financial lobby" wiwo.de from May 11, 2020
  13. ↑ Yasmin Osman: "Controversial change in personnel: EU Ombudsman messes with Eba" Handelsblatt from January 20, 2020

Coordinates: 51 ° 30 ′ 40.4 "  N , 0 ° 7 ′ 11.4"  W.