The EBA's Review Panel was established with the aim to develop the methodological framework for peer reviews and conduct them on a regular basis. A peer review entails an assessment and comparison of the effectiveness of the supervisory activities and of the implementation of the provisions by Competent Authorities vis-à-vis those of their peers. In line with Article 30 of the EBA Regulation, the EBA's Review Panel shall periodically organise and conduct peer reviews of some or all of the activities of Competent Authorities, to further strengthen consistency in supervisory outcomes.

The peer reviews shall include an assessment of the adequacy of resources and governance arrangements of Competent Authorities especially regarding the application of regulatory technical standards and implementing technical standards; the degree of convergence reached in the application of European Community legislation and in supervisory practices; and the best practices developed by Competent Authorities.

In line with its mandate, the EBA's Review Panel conducts independent reviews based on self-assessments provided by Competent Authorities against clear and objective implementation criteria. The credibility and the effectiveness of this mechanism are ensured by a clear and objective methodology, by the transparency of the process and by the independence, objectivity, seniority and knowledge of the Chair and the members of the Review Panel Community legislation of the Review Panel.

The EBA adopted the decision establishing the Review Panel on 4 May 2011, whereas the EBA's methodology for the peer review mechanism was agreed by the EBA's Board of Supervisors in June 2012. The decision sets out the Review Panel's mandate, delineates the appointment procedures of Review Panel members and workstreams and defines the scope of peer reviews. The methodology sets out guidance and procedures for the completion of both self assessments and reviews by peers, as well as for the reporting and publication requirements.