(a)

Improving the functioning of the internal market, including, in particular, a sound, effective and consistent level of regulation and supervision;

(b)

ensuring the integrity, transparency, efficiency and orderly functioning of financial markets;

(c)

strengthening international supervisory coordination;

(d)

preventing regulatory arbitrage and promoting equal conditions of competition;

(e)

ensuring the taking of credit and other risks are appropriately regulated and supervised;

(f)

enhancing customer protection.

(a)

To contribute to the establishment of high-quality common regulatory and supervisory standards and practices;

(b)

to develop and maintain up to date a European supervisory handbook on the supervision of financial institutions in the Union as a whole;

(c)

to contribute to the consistent application of legally binding Union acts;

(d)

to facilitate the delegation of tasks and responsibilities among competent authorities;

(e)

to cooperate closely with the ESRB (1);

(f)

to organise and conduct peer review analyses of competent authorities;

(g)

to monitor and assess market developments in the area of its competence;

(h)

to undertake economic analyses of markets to inform the discharge of the Authority’s functions;

(i)

to foster depositor and investor protection;

(j)

to promote the consistent and coherent functioning of colleges of supervisors, the monitoring, assessment and measurement of systemic risk, the development and coordination of recovery and resolution plans, providing a high level of protection to depositors and investors throughout the Union and developing methods for the resolution of failing financial institutions and an assessment of the need for appropriate financing instruments;

(k)

to fulfil any other specific tasks set out in this Regulation or in other legislative acts;

(l)

to publish on its website, and to update regularly, information relating to its field of activities;

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Conduct of 66 public consultations (on draft Regulatory and Implementing Technical Standards developed under the CRDIV/CRR, the Banking Recovery and Resolution Directive (BRRD), Markets in Financial Instruments Regulation (MiFiR), the European Markets Infrastructure Regulation (EMIR), Payments Account Directive (PAD), Mortgage Credit Directive (MCD) and Financial Conglomerates Directive (FICOD)), organisation of 32 public hearings (6).

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Submission of 22 draft Regulatory Technical Standards and 10 draft Implementing Technical Standards to the European Commission for final endorsement (including mandates on banks’ own funds, credit risk, market risk, liquidity and remuneration under the CRDIV/CRR legislative framework as well as several mandates under the BRRD).

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Issuance of 17 guidelines (on different topics such as recovery plan scenarios, high earners data collection or the security of internet payments) and one recommendation to national competent authorities (on the use of the Legal Entity Identifier).

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Coordination of the 2014 EU-wide stress test to assess the resilience of 123 EU banks to adverse economic developments, so as to understand remaining vulnerabilities, complete the repair of the EU banking sector and increase confidence. In addition, the EBA developed a common methodology and played an important role in ensuring comprehensive, consistent, and comparable disclosure of the results.

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Provision of 13 opinions addressed to the Commission, European Parliament and Council, and one technical advice to the European Commission on the prudential filter for fair value gains and losses arising from the institution’s own credit risk related to derivative liabilities.

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Adoption of a formal recommendation addressed to the Bulgarian National Bank (BNB) and the Bulgarian Deposit Insurance Fund (BDIF) notifying that they are breaching EU Law (Article 1(3)(i) and Article 10 of the Deposit Guarantee Schemes Directive — DGSD).

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Provision of three comment letters addressed to IASB (on the conceptual framework for financial reporting, on disclosure and on accounting for dynamic risk management) and two comment letters on auditing addressed to the IAASB (on the proposed strategy for 2015-2019 and the proposed work program for 2015-2016).

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One peer review completed on the implementation of the EBA’s guidelines on credit concentration risk.

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Application, maintenance and enhancement of the Single Rulebook Questions and Answers tool on the EBA’ website for institutions, supervisors and other stakeholders.

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Issuance of 23 thematic reports in various areas of EBA expertise (including reports on the consistency of banks’ risk-weighted assets, consumer trends report, report on the results of the Basel monitoring exercise, reports on banks’ liquidity, report on bench-marking of recovery plans, report on reconciliation of statistical and supervisory reporting, report on own funds deduction of net pensions/assets).

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Development of semi-annual banking sector and cross-sectoral risk reports, quarterly risk dashboards, weekly reporting on liquidity and funding conditions of European banks and on banking market indicators, regular updates on risks and vulnerabilities provided to the EU institutions and bodies.

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Extensive work in the regular thematic analysis of a number of areas including the finalisation of the work on consistency of outcomes in risk weighted assets (RWAs).

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Active participation in meetings and activities of colleges of national supervisory authorities, including the promoting and monitoring of supervisory cooperation in colleges, assistance in the process of establishment of resolution colleges.

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Work related to Euribor and benchmark-related issues, performed jointly with the ESMA, including monitoring the implementation of the recommendations to Euribor-EBF (published in February 2014) and the work on data collection and potential design of a transactions-based Euribor representing unsecured wholesale funding cost of EU banks.

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Annual assessment of banks’ implementation of Pillar 3 disclosure requirements.

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Contribution to the Basel Committee on Banking Supervision’s Regulatory Consistency Assessment Programme (RCAP).

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Chairmanship of the Joint Committee of the European Supervisory Authorities (ESAs), with a focus on cross-sectoral risks, including conduct of business risk, and on consumer protection.

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In the area of joint ESAs’ work on consumer protection, focus on the development of regulatory products as mandated in the Packaged Retail Investment and Insurance-based products legislation (PRIIPs), publication of a Discussion Paper on Key Information Documents (KIDs), finalisation of common guidelines on complaints handling, issuance of a reminder to financial institutions regarding self-placement, i.e. placements of their own instruments with their retail clients, issuance of common principles on product oversight and governance, and organisation of a second Joint Consumer Protection Day.

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In the area of joint ESAs’ work on cross-sectoral risks, production of two joint reports on identification of key cross-sectoral risks and vulnerabilities in the EU financial system.

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In the area of joint ESAs’ work on financial conglomerates, finalisation of guidelines on the consistency of supervisory practices for financial conglomerates, and publication of annual list of identified financial conglomerates.

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Leadership of the ESAs’ operational and secretarial support to the Board of Appeal of the ESAs.

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Providing input and contribution to the process of the European Commission’s audit of the European System of Financial Supervision, jointly with the other ESAs, and input to the audit by the European Court of Auditors of the EBA and its performance in setting up the new arrangements for regulation and supervision.

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Provision and coordination of 19 seminars and training activities to staff of EU national supervisory authorities (out of which four provided jointly with the other ESAs); hosting a legal workshop for policymakers, supervisors, and legal academics, and the third policy research workshop for economists, supervisors and academics to discuss the measurement of the riskiness of banks in a consistent manner.

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Fourteen meetings of the Board of Supervisors (eight physical meetings, six teleconferences), six meetings of the Management Board (all physical meetings), and seven meetings of the Banking Stakeholder Group (two of which were held jointly with the Board of Supervisors).

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Fulfilment of the Establishment plan (the EBA published 69 vacancy notices (41 Temporary Agents, 9 Contract Agents and 19 Seconded National Experts) for which 1  850 candidates applied and 173 were interviewed in 2014; no appeals were lodged with the EBA’s Executive Director or Ombudsman).

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Further improvement of the administration and transparency of the recruitment process.

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Introduction of a conflict of interest declaration procedure for new staff, prior to the start of their contract, from January 2014.

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Further improvement of induction training for newly recruited staff.

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Definition and implementation of traineeship policy, recruitment of first trainees in December 2014 with starting dates in 2015.

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Revision of the language training policy for eligible staff with a focus on cost effectiveness and sound financial management.

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Introduction of flexi-time arrangements for the EBA’s staff, including the software and related procedures, effective since April 2014.

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In relation to Allegro, further modifications and improvements (modifications reflecting the European Commission’s General Implementing Procedures on Staff Appraisal, simplification of the performance appraisal report, notification emails, amendments to missions at weekends, sick leave with and without certificate booking — taken away from the staff to be done by Human Resources only).

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Achieved 99,8 % budget execution on 2014 budget.

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Processed 469 financial commitment transactions and 2  711 payment transactions.

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Improved payment time statistics and generated no late payment interest.

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Implemented improved budget monitoring and reporting tools.

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Held multiple training sessions on the financial circuit and procurement rules.

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Successfully completed 12 procurement procedures, all in line with the EU procurement rules.

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Renewed 29 contracts which initially had been signed in 2013 for a period of 12 months.