The European Banking Authority (EBA) has published its Annual Report for 2015 detailing the work it has carried out over the past year and setting out the key areas for future focus.
The report, published on 15 June 2016, states that in 2015 the EBA continued to identify, analyse and address risks in the banking sector through key outputs, such as semi-annual risk reports, risk dashboards, and stress test exercises. The report also highlights the EBA’s work in promoting protection of consumers through support of transparency, simplicity and fairness in consumer financial products and monitoring financial innovation.
The report sets out the key areas of focus for 2016 to include (among others):
- Enhancing the framework for credit risk.
- Reviewing the impact of proportionality.
- Promoting compliance, comparability and consistency for supervisory practices in the EU.
- Creating a revised version of Pillar 3.
- Protecting consumers and monitoring financial innovation.
In its report, the EBA states that going forward it will be reducing the intensity of its regulatory production and shifting its focus to understand the effects and impact of the new regulatory framework so as to make the reform package work in practice. The EBA intends to adopt a more proportionate approach to rule-making, in which the complexity of the rules matches the complexity of the business models of the banks, in a consistent way across the Single Market.