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E U R O P E A N B A N K I N G A U T H O R I T Y

4

All of the institutions concluded that despite

difficult circumstances, the EBA had quickly

established a well-functioning organisation

and had made significant progress towards be-

ing recognised as an Authority in its own right.

The institutions positively assessed the EBA’s

performance against its broad range of tasks,

in particular its significant contribution to

the development of the Single Rulebook in

banking. They recognised that this had been

achieved in the face of significant constraints

in terms of budget and human resources,

notwithstanding the constant increase in the

number of mandates and tasks attributed to

the EBA by EU legislators.

The reviews included some recommenda-

tions to improve the EBA’s effectiveness and

productivity, in particular regarding its role in

supervisory convergence and consumer pro-

tection, as well as the enhancement of its

internal governance processes. They also rec-

ognised limitations in the EBA’s legal mandate

in various areas, including its role in stress

testing, binding mediation between competent

authorities and its involvement in legislative

negotiations at EU level.

The EBA acknowledged the results of the

reviews and appreciated the positive assess-

ment it had received, as well as the recogni-

tion of its legal limitations, which constrained

the full deployment of its mandate.

Achievements in 2014

During 2014, the EBA made significant pro-

gress and continued its crucial role in safe-

guarding the integrity and stability of the EU

banking sector. Among notable achievements

were the further development of the Single

Rulebook in banking, the continued promo-

tion of supervisory convergence and the as-

sessment of risks, as well as continued work

to provide transparency into the EU banking

sector. In addition, the EBA carried on with

its mandates related to protecting consumers

and monitoring financial innovation.

Completing the Single Rulebook in banking

One of the main tasks of the EBA is to con-

tribute to the creation of the Single Rulebook

in EU banking. With it, the EBA lays the regu-

latory foundations at the basis of harmonised

single EU banking sector, comprising both

Euro and non-Euro areas. With its role to pro-

mote the consistent application of the Single

Rulebook across the EU, the EBA also ensures

convergence in the implementation of these

rules in supervisory and resolution practices.

In 2014, the EBA fulfilled this task by produc-

ing 32 binding technical standards, 23 reports,

17 guidelines and 14 opinions and advice

that led to a convergent application of Level

1 banking legislation, specifically the Capital

Requirements Regulation (CRR), the Capital

Requirements Directive (CRD) and the Bank

Recovery and Resolution Directive (BRRD).

The EBA went a step further and provided re-

sponses to stakeholders’ questions regarding

the application of specific provisions in Levels

1 and 2 of the banking regulation.

In 2014, the EBA’s activity regarding the Sin-

gle Rulebook included use of internal models,

common reporting frameworks, supervisory

convergence, bank recovery and resolution,

remuneration and progress in the area of

own funds.