European Banking Authority
|European Banking Authority|
|Formed||January 1, 2011|
|Preceding Agency||Committee of European Banking Supervisors (CEBS)|
|Headquarters||Tower 42 (level 18), 25 Old Broad Street, London EC2N 1HQ, United Kingdom|
|Agency executives||Andrea Enria, Chairperson
Adam Farkas, Executive Director
|Key document||Regulation (EU) No 1093/2010|
The European Banking Authority (EBA) is a regulatory agency of the European Union headquartered in London, United Kingdom. Its activities include conducting stress tests on European banks to increase transparency in the European financial system by identifying weaknesses in banks' capital structures. The EBA was established on 1 January 2011, upon which date it inherited all of the tasks and responsibilities of the Committee of European Banking Supervisors (CEBS).
The EBA has the power to overrule national regulators if they fail to properly regulate their banks. The EBA is able to prevent regulatory arbitrage and should allow banks to compete fairly throughout the EU. The EBA will prevent a race to the bottom because banks established in jurisdictions with less regulation will no longer be at a competitive advantage compared to banks based in jurisdictions with more regulations as all banks will henceforth have to comply with the higher pan European standard.
Common Reporting Framework
Common Reporting (COREP) is the standardized reporting framework issued by the EBA for the Capital Requirements Directive reporting. It covers credit risk, market risk, operational risk, own fund and capital adequacy ratios. This reporting framework has been adopted by almost 30 European countries. Regulated institutions are required to file periodically COREP reports, on both a solo and consolidated basis using XBRL. All regulated organizations in the UK must use COREP to make their regular statutory reports from 1 January 2014 onwards.
- European System of Financial Supervisors
- European Systemic Risk Board
- European Securities and Markets Authority
- European Insurance and Occupational Pensions Authority
- List of acronyms: European sovereign-debt crisis
- "New European Banking Regulator Will Conduct a Stress Test on Lenders". New York Times. 2011-01-13. Retrieved 2011-02-01.
- "Common Reporting Framework (COREP)". Moody's Analytics. 2011-07-01.
- European Banking Authority, official website
- Regulation (EU) No 1093/2010
- Larosière report
- EuroFiling initiative: XBRL taxonomies for COREP and FINREP regulatory frameworks
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