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In July 2011, the European Commission adopt-
ed a legislative package to strengthen the
regulation of the banking sector. The proposal
replaces the current capital requirements dir­
ectives with a new directive (known as CRD)
and a regulation (CRR) and constitutes an­
other major step towards creating a sounder
and safer financial system.
While waiting for the Commission to officially
adopt the new regulatory structure, the EBA
concentrated on preparing supporting draft
regulatory standards and guidelines. As the
implementation date for the directive and
regulation were postponed into 2013, these
standards remain in draft form and could be
subject to amendments depending on the final
wording of the new proposals.
Banks’ ‘own funds’ were a key area on which
the EBA concentrated in 2012. Three consult­
ation exercises and a public hearing were or-
ganised across the year, which resulted in the
production of 16 technical standards that have
been preliminarily endorsed by the Authority’s
Board of Supervisors.
The EBA also launched a consultation on
draft regulatory technical standards (RTS) to
harmonise practices of prudent valuation so
as to ensure consistency and transparency
in the way financial institutions calculate ‘fair
value’ positions. A discussion paper was pub-
lished and work will continue into 2013.
The proposed CRD empowers the EBA to de-
velop RTS around the levels of salary and bo-
nuses paid to senior bank staff. Remuneration
levels should reflect the credit quality of the
individual institution and the level to which
individual staff members’ roles have on the
institution’s risk profile. A benchmarking ex-
ercise held in 2012 revealed a worrying level
of variation across the EU in the way the finan-
cial institutions work out which of their staff
do have a material impact on the firm’s risk
profile and this will be reflected in the draft
During the year, the EBA achieved adoption
by the European Commission of a technical
standard on central counterparties, the bodies
which sit in between trades in securities mar-
kets. This saw the organisation work closely
with partners at the European Securities and
Markets Authority (ESMA) and the European
System of Central Banks (ESCB).
In a further example of joint working, the
EBA and the European Securities and
Markets Authority (ESMA) conducted in-
vestigations into the Euribor rate setting
mechanism. The outcomes were published
in early January 2013 and have resulted
in recommendations being made to the
Euribor European Banking Federation. The
EBA also produced recommendations for na-
tional supervisors on the supervisory oversight
of banks participating in the Euribor panel
and launched a consultation on principles for
benchmark-setting processes in the EU.
A vital role for the EBA is to ensure that the
development of the new regulatory environ-
ment happens in a transparent manner such
that all stakeholders can have confidence in
the system. Confidence is also generated
when under­lying information is collected and
assessed in a harmonised way.
Understanding financial institutions’ liquid-
ity and leverage positions is vital to the con­
tinued smooth running of the system. National
authorities require harmonised information
on banks’ liquid assets (inflows and outflows)
and on their leverage ratios. To that end,
the EBA issued public consultations on both
issues during 2012 in order to help with the
development of draft implementing technical
standards (ITS).
Public consultations were also issued on the
way information is collected on the liquidity
and leverage positions of financial institutions.
These will help inform draft ITS on both areas.