19 December 2011
The European Banking Authority (EBA) has published today the compliance table regarding its Guidelines on Internal Governance. These guidelines aim at enhancing and consolidating supervisory expectations and to ultimately improve the sound implementation of internal governance arrangements. Effective internal governance is fundamental if individual institutions and the banking system as a whole are to operate well.
The EBA Internal Governance Guidelines repeal the 2010 High Level Principles for Risk Management, the 2009 High Level Principles for Remuneration Policies and Section 2.1 of the 2006 Guidelines on the Application of the Supervisory Review Process under Pillar 2.
Article 16(3) of the EBA Regulation requires national competent authorities to inform the EBA within two months after the publication of the EBA guidelines or recommendations whether they comply or intend to comply with each set of these guidelines or recommendations. If a competent authority does not comply or does not intend to comply it must inform the EBA of the reasons. The EBA decides on a case by case basis whether to publish reasons.
Although EBA tries to ensure the accuracy of this document, EBA relies on information provided by the competent authorities and therefore cannot accept responsibility for its contents or any reliance placed on it.
For further information on the current position of any competent authority, please contact that competent authority.