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«EBA BSG 2013 76 EBA Staff 10 December 2013 / 09.30 – 17.00 Location: EBA premises, 18th Floor, London Banking Stakeholder Group Meeting – Minutes ...»

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EBA BSG 2013 76

EBA Staff

10 December 2013 / 09.30 – 17.00

Location: EBA premises, 18th Floor,


Banking Stakeholder Group Meeting –


Agenda item 1: Welcome and Approval of the Agenda

1. The BSG Chairperson and the EBA Executive Director welcomed the BSG Members. The EBA

Executive Director apologised that the EBA Chairperson was unable to attend the morning

session of the meeting as he had been requested to attend a meeting of an EU Institution at late notice.

2. The BSG approved the minutes of the 30 October 2013 meeting subject to minor editorial changes and the EBA Staff were requested to upload the minutes on the EBA’s public website.

Agenda item 2: BSG Chairperson to update on developments

3. The BSG Chairperson updated the Group on recent discussions between the BSG Chairperson, BSG Vice-Chairperson and the EBA Staff in relation to the proposed BSG’s Working Group structure so as to reflect the EBA’s workflow.

4. He informed that he and the BSG’s Vice-Chairperson had attended the EBA’s Policy Research Workshop held on 17 November 2103 which they considered to be very informative.

Agenda item 3: Banking Stakeholder Composition - Ombudsman Complaint 1966-2011- (EIS)LP

5. The EBA Executive Director noted that the European Ombudsman has issued its decision on 07 November 2013 in respect to the complaint raised by UNI Europa, which had been lodged on 29 September 2011. This was one of four complaints lodged with the European Ombudsman in 2011 in respect of the composition of the first BSG, and the first to which the European Ombudsman has opined.

6. It was noted that the European Ombudsman had taken into account the EBA’s written statement of 31 January 2012 and the outcomes of an on-site inspection at the EBA’s offices 1


by Ombudsman staff on 19 March 2013. It was noted that the EBA and the other ESAs had informally received most of the feedback mentioned in the decision, and as a result these points had, to a great extent, been taken into account in the revised selection procedure for the recently renewed BSG composition.

7. The UNI Europa Finance representative welcomed the decision by the EBA to appoint two employee representatives, which is an improvement compared to the first BSG. However, the UNI Europa Finance representative viewed that “balanced proportions”, in line with the other categories (consumers, users, etc.), would mean three employee representatives.

8. The BSG Chairperson noted that the EBA’s task in selecting the BSG would seem to be an impossible optimisation problem, where it is very difficult to fulfil all the objectives laid out in the EBA’s Regulation with the limited amount of freedom that is available to theEBA including, the applications received.

9. The EBA informed the BSG that it will prepare its response, as requested by the European Ombudsman, by 30 April 2014 and that the EBA would consider sharing a draft with the BSG. It was clarified that the response would not affect the current composition of the BSG, as the complaints did not relate to this.

Agenda item 4: BSG Working Groups

10.The BSG Chairperson noted that most of the work of the BSG is conducted through working groups. It was proposed to have two levels of such working groups: Standing Technical Working Groups (STWGs) and temporary Ad Hoc Working Groups.

11.Standing Technical Working Groups (STWG) will be mainly responsible for drafting responses to EBA documents such as Regulatory Technical Standards, Implementing Technical Standard, Discussion Papers, and Guidelines etc. In cases where it might not be clear which STWG would be responsible for a particular Consultation Paper, it was agreed that the BSG would decide on the responsibility flexibly on a case-by-case basis. Temporary Ad Hoc Working Groups would be established from time to time as and when BSG wishes to report on an issue on its own initiative rather than in response to an EBA publication.

12.The BSG Chairperson emphasised that the work of BSG was certainly not restricted to responding to EBA documents and consultations and that it was free to consider, and make written submissions, on any issue that relates to the work of EBA. The two-fold structure of Working Groups is designed to reflect this.

13.The BSG established three Standing Technical Working Groups, to which Members had been asked to volunteer in advance of the meeting. The BSG also selected coordinators for each of these Working Groups, while noting that the STWG structure and coordination may be

reviewed periodically at a later stage:

Capital and Risk Analysis Working Group: Louise Lindgren 

–  –  –

Recovery, Resolution and Systemic Issues Working Group: Santiago Fernandez de Lis  Consumer Issues and Financial Innovation Working Group: Robin Jarvis 

14.BSG Members were asked to further consider whether they wished to join Working Group(s) (noting greater Consumer representation on the Capital and Risk Analysis Working Group and greater Credit and Investment Institutions representation sought on the Consumer Issues and Financial Innovation Working Group).

15.Further, the BSG set up an Ad Hoc Working Group on Risk Weights and Supervisory Consistency, headed by Andrea Resti, who provided a presentation on its possible considerations. Interested BSG Members were invited to contact Andrea Resti by 31 December 2013, suggesting:

Topic to be covered (ideally, through a temporary title of 5-20 words) and main steps of the  analysis (e.g., through 5-10 bullet points) Short narrative describing the topic and expected results  Approach to be used in the analysis (descriptive, empirical, based on mere logical reasoning,  based on previously published evidence, etc.)

16.Furthermore, BSG were asked to consider whether to establish further Ad Hoc Working Groups on either the leverage ratio or proportionality. In particular, the BSG Chairperson asked Chris De Noose to propose possible outlines of the work of both working groups.

17.BSG Members were requested to send suggestions for possible other Ad Hoc Working Groups to the BSG Chairperson and BSG Vice-Chairperson.

18.The BSG agreed to assign among its Working Groups, the draft BSG opinions on the following

EBA Consultation Papers, currently out for consultation:

[EBA/CP/2013/38], [EBA/CP/2013/37] and [EBA/CP/2013/39] (deadline 22 December 2013) –  assigned to the Capital and Risk Analysis Working Group, Andrew Procter to lead the work on these CPs [EBA/CP/2013/40] (deadline 18 January 2014) - assigned to the Capital and Risk Analysis  Working Group, Jesper Nielsen to lead the work [EBA/CP/2013/41] (deadline 24 January 2014) - assigned to the Capital and Risk Analysis  Working Group, Chris De Noose to lead the work [EBA/CP/2013/43] (deadline 24 January 2014) - assigned to the Capital and Risk Analysis  Working Group, Michel Bilger to lead the work

–  –  –

[JC/CP/2013/03] (deadline 07 February 2014) - assigned to the Consumer Issues and Financial  Innovation Working Group: Dominic Lindley to lead the work

19.The three Working Group Coordinators were asked to initiate the preparation of a possible BSG opinion, which they may wish to discuss by convening conference calls, if necessary. The coordinator of the Capital and Risk Analysis Working Group suggested that the STWG hold a conference call on 17 December 2013 to initiate such discussions.

Agenda item 5: Update on Regulatory and Oversight Developments i. EBA Executive Director to Update on General Developments

20.The EBA Executive Director reported on the EBA’s peer review exercise on the implementation of the EBA stress testing guidelines, which had been published on 12 November 2013. The report showed that National Competent Authorities (NCAs) largely complied with the three assessed guidelines.

21.Further, he noted that the EBA recently presented data on high earners in EU banks, regarding the remuneration of EU bank staff who received one million Euro or more in total in 2012, which is part of the EBA's work on bank staff remuneration policies aimed at ensuring prudent and sustainable risk taking in the EU banking sector, as mandated to the EBA under the CRD/CRR framework.

22.The BSG noted that in some Member States their banks’ highest earners earn less than one million Euro, and that the name of the report may, thus, be misleading.

23.He also reported on recent and upcoming workshops the EBA has held, including the EBA Policy Research Workshop to discuss measures on how to regulate and resolve systemically important institutions which was held on 14/15 November 2013 in London. Further, the EBA hosted a workshop on the conclusions of the EBA analysis of Pillar 3 reports on 28 November 2013.

24.In addition, the EBA hosted a workshop on stress testing on 05 December 2013, where the most recent issues regarding stress testing in banks, stress tests as a risk management tool, as well as stress testing from a regulatory perspective were discussed. He announced that on 17 January 2014, the EBA will host a legal workshop, which will bring together policymakers, supervisors, and legal academics to discuss the latest developments in the EU's regulatory and institutional landscape. Legal academics in the BSG as well as its Chair- and Vice-Chairperson had been invited to the Workshop.

25.The EBA Executive Director updated on liquidity that the EBA is mandated to produce a report for the European Commission on uniform definitions of liquidity by 31 December 2013, as was presented at the 30 October 2013 BSG meeting. In this regard, the EBA had held a public hearing on 23 October 2013 during which the preliminary findings of the report were presented.


26.Some BSG Members enquired about concerns that were noted in particular in Denmark, with regards to the treatment of covered bonds compared with government bonds. The EBA Executive Director explained that the report still needed to be endorsed by the EBA's Board of Supervisors and would then be sent to the European Commission. The Commission may subsequently consider the EBA’s assessment when drafting the delegated act, which must be adopted by 30 June 2014. This means that the European Commission has the final say on any policy options regarding definitions of liquidity.

27.Regarding the 2014 stress testing, the EBA Executive Director noted that the EBA was currently considering (and discussing with the ECB and non-SSM supervisors) the key components that an EU wide exercise should have, taking into account the need: i) to leave sufficient flexibility to national supervisors, ii) while maintaining comparability of the results and a level playing field across jurisdictions.

28.BSG Members suggested that it needs to be communicated by the EBA and ECB that there is only one European stress testing exercise. Concerns were raised by BSG Members as to the confidentiality of AQR and stress test results, given legal disclosure requirements.

29.In addition, the EBA Executive Director reported on the on-going review of the European System of Financial Supervision (ESFS) where under the ESAs Regulation, the Commission’s review of the ESAs is due to be finalised by 2 January 2014, and the review of the ESRB by 17 December 2013.

30.He noted that the consultants (Mazars) commissioned by the European Parliament, for its assessment of the ESAs, had published its final report on the ESAs review on 21 November

2013. The report concludes that the ESAs have made significant progress towards being recognised Authorities in their own right, and have gained influence within the financial services industry and with national competent authorities.

31.Furthermore, the European Parliament has drafted and published its own initiative report in October 2013. This draft report provides an overall very positive assessment of the EBA and proposed recommendations to enhance the ESAs powers, competences as well as resources. It is envisaged that the European Parliament will vote on its final report by early February 2014.

–  –  –

32.EBA Staff presented its current draft of the next edition of its EBA Risk Assessment Report. The report draws on the views of banks and national supervisors to construct a forward-looking view of risks that are of concern to regulators and policymakers.

33.The main outcomes of the report are:

There are several indicators showing that confidence is returning. At the same time,  developments in the global money and financial markets remain fragile and susceptible to a sudden switch of market sentiment.

–  –  –

The institutional reforms at EU level are critical to breaking pernicious linkages, in particular  the establishment of the banking union including the creation of a more integrated framework for bank resolution, and a single deposit guarantee scheme.

A dislocation between financial markets and the real economy continues to be observed.

 Uncertainties about asset quality persist and remain a fundamental issue across the EU. The  uncertainties about asset quality have heightened the need for rigorous Asset Quality Reviews (AQRs), with consistent definitions, across the EU.

The issue of profitability is a cause of concern for both banks and their supervisors. The need  for bank restructuring and changes to business models will remain a challenge.

As well as reputation risk, the potential prudential impact of conduct-related issues also  remains a concern.

34.BSG Members had been asked for written comments in advance of the meeting which were taken into account by EBA Staff together with comments coming from the EBA’s Board of Supervisors.

35.BSG Members noted further that the Risk Assessment Report was mainly based on aggregates and suggested that the EBA could consider differentiating further by region or Member State.

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