On 16 April 2015 the European Banking Authority (EBA) published its annual assessment of the EU Colleges of Supervisor, responsible for the oversight of EU cross border banks (the title of the report is “Accomplishment of the EBA Colleges Action Plan for 2014 and establishment of the EBA Colleges Action Plan for 2015”). The regulatory aim is that an enhanced cooperation between EU supervisory authorities strengthens the supervision of cross-border banking groups that operate both across more than one EU Member States and at a global level. The Colleges of Supervisors are the introduced vehicles for coordinating these supervisory activities. Under EU law (Article 51 and 116 CRD (Capital Requirements Directive 2013/36/EU)) such Colleges have to be established for European Economic Area banks that have subsidiaries or significant branches in other EEA countries.
The 2014 report assesses in particular how colleges have worked in 2014 and identified key areas for the effective oversight of EU cross border banking groups in 2015. The report introduces items for supervisory attention in 2015, and has as one of the main topics the Information Technology (IT) risks and the need for related activities of the EU banks. IT risks appear to the Colleges to be increasing due to the vulnerability of outdated systems to cybercrime and outages.