Page 13 - EBA 2015.1815 Annual report 2014 web 2

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2 0 1 4 a n n u a l r e p o r t
Interview with the
Executive Director
The institutions of the EU have assessed the work of the EBA
in its first three years of existence and also its performance in
times of crisis. How would you summarise their assessment?
In 2014, the European Commission, European Parliament, European
Council and European Court of Auditors provided their evaluations on
the performance of the EBA and the other two European Supervisory
Authorities (ESAs), since their establishment in 2011. Although each
analysis had a different focus, I was pleased to see that all EU institu-
tions have recognised and praised the progress made by the EBA in
building a functional organisation and delivering its planned mandates,
most notably by developing common rules and taking steps forward on
supervisory convergence across the whole Single Market. The intense
and productive regulatory activity speaks for itself: by the end of 2014,
we launched 64 consultations and published 32 technical standards, 17
guidelines, 1 recommendation, 14 opinions and 23 reports. And I would
also like to underline that the EBA has been able to deliver high-quality
products in a timely manner despite significant budgetary and human
resources constraints, something that has been acknowledged by the
EU institutions in their respective reports. The reports have also high-
lighted limitations in the EBA’s legal mandate in various areas, more
specifically in consumer protection, supervisory convergence, stress
testing, binding mediation between EU supervisory authorities, and our
involvement in EU legislative negotiations. Still, I am proud that even in
the abovementioned areas and against these limitations, we have still
managed to do some good work. Jonathan Hill, the recently appointed
EU Commissioner for Financial Stability, Financial Services and Capital
Markets Union, recently spoke about the high quality of our work and
acknowledged that the EBA managed to prepare large volumes of draft
implementing legislation under tight deadlines and he considered that
our very positive cooperation with the Commission has been fundamen-
tal to the successful development of the single banking market.
Just to give a few examples, the role of the EBA in the 2014 EU-wide
stress test has been crucial too in providing a common methodology
and common benchmarks to test the resilience of the capital positions
of EU banks. The results of the exercise in October 2014 provided an
unprecedented level of transparency into EU banks’ balance sheets, a
key factor to drive market discipline and reinforce investors’ confidence
across the entire EU Single Market.
Adam Farkas