European Banking Authority (EBA)

With effect from 01.01.2011 the European Banking Authority (EBA) was founded as an independent EU authority by means of Regulation (EU) No. 1093/2010 of the European Parliament and the Council as the successor organisation to the CEBS (being accountable to the European Parliament, the Council of the European Union and the European Commission) and is part of the European System of Financial Supervision (ESFS). Its task is to ensure an effective and consistent level of regulation and supervision within the European banking sector. In addition to drawing up Technical Standards and Guidelines in order to establish an European Framework for the Financial Sector, the EBA also plays a decisive role with regard to the promotion of harmonisation of supervisory practices. The EBA also investigates risks and weaknesses in the EU banking sector (e.g. By conducting pan-European stress tests). Further tasks cover the investigation of inadequate application of EU law by supervisory authorities, being empowered to pass resolutions in crisis situations, conciliation between competent supervisory authorities in cross-border disputes as well as providing independent advice to the European Parliament, the Council of the European Union, and the European Commission.