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The decision was based on the evaluation of the work of the past five years, as well as on work requirements for the coming years. The decision to extend Mr Enria's term is subject to confirmation by the European Parliament.
In his role as Chairperson, Mr Andrea Enria will continue to prepare and lead the work of the EBA's BoS, the main decision-making body in charge of taking all policy decisions. Adam Farkas, in his capacity as Executive Director, will remain in charge of the management and the implementation of the annual work programme of the EBA.
Pedro Duarte Neves, alternate EBA Chairperson, commented on behalf of the EBA's BoS: "It gives me great pleasure to announce the extension of the mandates of both Andrea Enria and Adam Farkas. We are confident that they will continue to lead the EBA in fulfilling its task of creating a sound and efficient framework for the EU single market in banking". Mr Neves added "EU supervisors on the EBA's BoS look forward to continuing to work closely with them over the next five years."
"I would like to thank the Board for the renewed trust and support. It will be a great honour and responsibility to carry on heading the EBA in a new phase, now that the regulatory reform cycle and the strengthening of the banks' balance sheets are almost completed," Mr Enria said. Mr Farkas added: "We remain strongly committed to fulfilling the EBA mandate in the field of regulation, risk assessment and consumer protection".