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The development of the Single Rulebook in banking will remain the main focus of the EBA in the regulatory policy area. This single set of harmonised prudential rules applicable to institutions throughout the EU aim at creating a unified regulatory framework that would harmonise banking services in the EU Single Market. In particular, in 2015, the EBA will play a central role in the area of recovery and resolution, with several mandates stemming from the Banking Recovery and Resolution Directive (BRRD). Also, the EBA will continue its work on mandates under the Capital Requirements Directive (CRD).
The EBA will also continue on-going oversight of the EU banking sector aimed at identifying, analysing and addressing key risks. Following the 2014 EU-wide stress test, the EBA will continue to monitor capital levels of EU banks, and work with competent authorities to promote the ongoing process of balance sheet repair and the restoration of sustainable funding structures. The EBA's risk infrastructure will benefit from the collation of EU banking sector statistics based on the new supervisory reporting standards which started in 2014 and will continue its push for enhanced disclosure of comparable and consistent banking statistics to improve market discipline.
In relation to the oversight of cross-border institutions, the EBA will continue its work with EU colleges of supervisors to ensure effective cooperation between supervisors, including with the new Single Supervisory Mechanism (SSM). The EBA will also maintain its objective of supervisory convergence in the Single Market, by expanding its policy and monitoring including the roll out of guidelines on supervisory review and benchmarking banks' internal models. The EBA's important work in home host cooperation and convergence will be expanded to the new regime of Resolution colleges in 2015.
The EBA also has a role in fostering consumer protection in retail banking, payment services, and electronic money across the EU. Throughout 2015, the Authority will continue to monitor and take action on financial innovation, particularly innovative payment systems, issue guidelines in support of the Mortgage Credit Directive (MCD), the Payment Accounts Directive (PAD), the proposed review of the Payment Services Directive (PSD2), as well as on structured deposits under Markets in Financial Instruments Regulation (MiFIR). It will also work on "crowd funding", will collect, analyse and report on consumer trends, and continue to monitor the market for virtual currencies.