The European Parliament confirms Adam Farkas as the EBA's first Executive Director

The European Parliament (EP) today confirmed Adam Farkas as the first Executive Director of the European Banking Authority (EBA). The confirmation follows an open hearing held at the Economic and Monetary Affairs Committee (ECON) of the European Parliament on 17 March, 2011, where the selected candidates for the posts of Executive Directors of the recently established European Supervisory Authorities (ESAs) for banking (EBA), insurance and occupational pensions (EIOPA), and securities and markets (ESMA) respectively, were heard by Members of the European Parliament.

The confirmation by the European Parliament's Plenary is the final step in the selection procedure.  The European Commission drew up the final shortlist of candidates from which Adam Farkas was selected as Executive Director by the EBA Board of Supervisors on 2 March, 2011.

Upon news of his confirmation by the European Parliament, Adam Farkas said:

I am honoured and delighted to have been confirmed by the European Parliament as the first Executive Director of the European Banking Authority. The success of the EBA will be key to enhancing the financial stability and soundness of financial institutions and ultimately to rebuilding the trust of citizens in the European financial system. I am fully committed to fulfilling the EBA's mandate through the use of its newly established powers, and to ensuring that the EBA operates as an independent, transparent, effective and efficient European Authority. I look forward to working with the EBA Chairperson, the EU Institutions, and all the members of the EBA's organisation.

The Executive Director will be in charge of the day-to-day management and operations of the Authority. He will remain in office for a five-year term and may be re-elected only once.

Adam Farkas, who has recently served as Chairman of the Hungarian Financial Supervisory Authority and holds an extensive financial services experience, will take up his duties as Executive Director of the EBA in mid-April 2011.