European Banking Committee

SUMMARY OF:

Decision 2004/10/EC establishing the European Banking Committee

WHAT IS THE AIM OF THE DECISION?

It sets up the European Banking Committee (EBC), an advisory committee which supports and advises the European Commission on policy issues relating to banking activities in the European Union (EU). The EBC is directly attached to the Commission and assists it in adopting implementing measures for EU directives and regulations.

KEY POINTS

Role

The EBC is central to the preparation and implementation of European banking legislation.
It advises the Commission on policy issues concerning banking activities and issues opinions on the proposals it presents.

Composition

The EBC is composed of high-level representatives from EU countries, mostly from finance ministries.
The European Central Bank, the European Banking Authority and representatives from the European Economic Area and the European Free Trade Agreement countries may participate as observers.
The Commission may also invite other experts and observers (such as representatives from candidate countries) to attend meetings.

Rules of procedure

In 2014, the EBC amended its rules of procedure. These govern aspects such as:

calling meetings of the committee;
drawing up meeting agendas and the documentation to be sent to members;
keeping the European Parliament and the EU countries’ permanent representations (their embassies to the EU) informed;
voting procedures for EBC opinions;
membership of delegations to the EBC and the necessary quorum for its deliberations;
setting up working groups on particular issues;
admitting third parties, i.e. observers and experts.

The EBC replaced the former Banking Advisory Committee.

FROM WHEN DOES THE DECISION APPLY?

It has applied since 13 April 2005 (the date on which Directive 2005/1/EC which, among other things, replaced the Banking Advisory Committee by the EBC, entered into force).

BACKGROUND

For more information on the EBC’s work, see:

European Banking Committee on the European Commission’s website

MAIN DOCUMENT

Commission Decision 2004/10/EC of 5 November 2003 establishing the European Banking Committee (OJ L 3, 7.1.2004, pp. 36-37)