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Current work programme
The annual work programme describes and summarises the main objectives, priorities and deliverables of the EBA in the forthcoming year. It is based on the tasks specified in the Regulation and in the relevant EU banking sector legislation.
In March 2015 the EBA published a revised version of its 2015 Work Programme.The review was carried out as a consequence of two developments since the adoption of the EBA's 2015 Work Programme in September 2014. First, the EBA has received some new mandates since the approval of its 2015 Work Programme. Second, the EBA's budget, adopted on 17 December 2014 by the Budgeting Authority, represents a nominal decrease of 6.2% compared to EBA'S 2014 budget and a 15% decrease compared to the EBA's Preliminary Draft Budget requested for 2015. Consequently, the EBA has re-prioritised its work taking into account its available resources and its tasks/mandates.
Highlights of the EBA's tasks in 2015
In 2015, the EBA's activities will focus on three core areas: regulation, oversight and consumer protection.
In the regulatory policy area, the EBA will continue to play a central role in the development of the Single Rulebook in banking, which will contribute to the achievement of a level playing field for financial institutions, as well as to raise the quality of financial regulation in the EU and the overall functioning of the EU Single Market. The EBA's regulatory work stems from the European Commission's legislation on capital requirements (the CRDIV/CRR package) and the recovery and resolution framework (the Bank Recovery and Resolution Directive and the revision of the Deposit-Guarantee Schemes Directive). In 2015 we will focus in particular on the recovery and resolution framework, the prudential areas of liquidity and leverage, along with other regulatory tasks such as the EBA's contribution to the legislative processes.
The EBA's oversight activities will focus on identifying, analysing and addressing key risks in the EU banking sector. The EBA will continue to monitor capital levels and banks' capital plans to strengthen their capital position further. The EBA's work in the colleges of supervisors will continue to ensure effective European cross-border supervision and will include, where appropriate, binding mediation.
Finally, in the area of consumer protection, the EBA is fully committed to promote transparency, simplicity and fairness in the market for consumer financial products or services across the single market. The EBA will work towards fulfilling its mandates as laid down under the Mortgage Credit Directive, the proposed review of the Payment Services Directive, the Payment Accounts Directive and the Markets in Financial Instruments Regulation.
In addition, the EBA will continue to undertake independent impact assessment, perform peer reviews and ensure internal and external policy coordination between the EBA's core functions and external stakeholders. The EBA's legal team will provide legal review of the EBA's policy proposals, as well as assistance in the EBA's peer review work. The EBA staff will continue to play a critical role in supporting the EBA's core functions.
A detailed list of the EBA's tasks is presented in the Annex.