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E X E C U T I V E S U M M A R Y O F T H E A N N U A L R E P O R T 2 0 1 4

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Executive summary

About the EBA

The European Banking Authority (EBA) is the

independent European Union (EU) Authority

that works to ensure effective and consistent

prudential regulation and supervision across

the banking sector in the EU. Its overall objec-

tives are to maintain financial stability in the

EU and to safeguard the integrity, efficiency

and orderly functioning of the banking sector.

The main task of the EBA is to contribute to the

creation of the EU Single Rulebook in bank-

ing, whose objective is to provide a single set

of harmonised prudential rules for financial

institutions throughout the EU. The Author-

ity also plays an important role in promoting

convergence of supervisory practices and is

mandated to assess risks and vulnerabilities

in the EU banking sector.

The EBA was established on 1 January 2011

at the height of the financial crisis as part of

the European System of Financial Supervision

(ESFS) and took over all existing responsibili-

ties and tasks of its predecessor, the Commit-

tee of European Banking Supervisors (CEBS).

2014 EU institutions’ review of the EBA

In 2014, the European Commission, the Eu-

ropean Parliament, the Council of the EU and

the European Court of Auditors carried out

the first comprehensive review of the Europe-

an Supervisory Authorities (ESAs) and of the

ESFS since their establishment in 2011. As

such, 2014 was an important year for the EBA,

as well as for the other ESAs.

The report by the European Commission, pub-

lished in August 2014, was prepared in line

with Article 81 of the ESAs Regulation, which

requires the Commission to publish every 3

years a general report on the experience ac-

quired as a result of the activities of the ESAs.

It was preceded by a report by the European

Parliament, published in February 2014, which

built on the findings of a study by the consult-

ing group Mazars and commissioned by the

Parliament. This was followed by the publica-

tion of a special report in July 2014 by the Eu-

ropean Court of Auditors on the performance

of the EBA during the financial crisis and, fi-

nally, by the adoption of the Economic and Fi-

nancial (ECOFIN) Council’s conclusions on the

ESFS reviews in November 2014.