The European Banking Authority (EBA) published today its 2017 Annual Report, which provides a detailed account of all the work the Authority achieved in the past year and anticipates the key areas of focus in the coming years.
In 2017, the EBA finalised important components of the Single Rulebook and welcomed the agreement reached on the Basel III frame¬work by the Basel Committee on Banking Supervision (BCBS), in December 2017, which concludes the global post-crisis prudential reforms and puts an end to the remaining regulatory uncertainty.
In particular, the EBA continued its work on the enhancement of the comparability of capital requirements with the objective of restoring the overall trust in internal models.
The EBA also contributed to many Capital Markets Union (CMU) initiatives, which have allowed the Authority to establish itself, over the years, as the leading regulatory body on securitisation and covered bonds in the EU.
The EBA played an important role in cleansing banks' balance sheets and reducing non-performing loans (NPLs). In particular, it supported the Council's action plan to address NPLs by developing detailed templates to help establish a proper secondary market for these loans in the EU and guidelines to help manage NPLs more effectively.
The EBA continued to strengthen its role as EU data hub for the collection, use and dissemination of banking data by improving transparency and expanding its data infrastructure.
Finally, the EBA continued enhancing the pro¬tection of consumers, promoting transparen¬cy, simplicity and fairness for consumer finan¬cial products and services across the Single Market, monitoring financial innovation, and contributing to secure and efficient retail payments in the EU.