Missions and tasks
Missions and tasks
The main task of the EBA is to contribute, through the adoption of binding Technical Standards (BTS) and Guidelines, to the creation of the European Single Rulebook in banking. The Single Rulebook aims at providing a single set of harmonised prudential rules for financial institutions throughout the EU, helping create a level playing field and providing high protection to depositors, investors and consumers.
The Authority also plays an important role in promoting convergence of supervisory practices to ensure a harmonised application of prudential rules. Finally, the EBA is mandated to assess risks and vulnerabilities in the EU banking sector through, in particular, regular risk assessment reports and pan-European stress tests.
Other tasks set out in the EBA's mandate include:
- investigating alleged incorrect or insufficient application of EU law by national authorities
- taking decisions directed at individual competent authorities or financial institutions in emergency situations
- mediating to resolve disagreements between competent authorities in cross-border situations
- acting as an independent advisory body to the European Parliament, the Council or the Commission.
- taking a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market.
To perform these tasks, the EBA can produce a number of regulatory and non regulatory documents including binding Technical Standards, Guidelines, Recommendations, Opinions and ad-hoc or regular reports.
The Binding Technical Standards are legal acts which specify particular aspects of an EU legislative text (Directive or Regulation) and aim at ensuring consistent harmonisation in specific areas. The EBA develops draft BTS which are finally endorsed and adopted by the European Commission. Contrary to other documents such as Guidelines or Recommendations, the BTS are legally binding and directly applicable in all Member States.
Working as a specialised EU agency
The EBA is one of the specialised EU agencies set up by the European Parliament and the Council of the European Union to carry out specific legal, technical or scientific tasks is an important component of the EU. These agencies work alongside the main EU institutions and
Member States, feeding them evidence-based advice to help shape informed policies and laws at the EU and national level. They add value by promoting the sharing of information and expertise in areas that impact the lives of Europe's 500 million citizens.
In 2015, the EU agencies accounted for a total of 6,554 posts, amounting to 13% of all EU staff, and represented 1.5% of the total EU budget. For more information on the network of specialist EU agencies, you can download this brochure.