Written answers

Tuesday, 8 July 2014

Department of Finance

European Banking Sector

Photo of Andrew DoyleAndrew Doyle (Wicklow, Fine Gael)
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219. To ask the Minister for Finance if he will outline the Irish arrangements and permanent delegation to the European Banking Authority based in London; and if he will make a statement on the matter. [29889/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The European Banking Authority (EBA) forms part of the European System of Financial Supervision and aims to ensure effective and consistent prudential regulation and supervision across the European banking sector. It took over all existing tasks and responsibilities of the Committee of European Banking Supervisors. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.

The EBA's main task is to create a single EU rule book in banking. This provides a single set of harmonised prudential rules for financial institutions throughout the EU. It does this by developing draft technical standards, which can then be adopted by the European Commission as EU law. It issues guidance and recommendations with which national supervisors and firms must make every effort to comply. This improves the functioning of the internal market by ensuring appropriate, efficient and harmonised European regulation and supervision.

The Central Bank is a member of the EBA Board of Supervisors, which is attended by the Deputy Governor Financial Regulation, Cyril Roux.  The Central Bank is also represented on the Standing Committees, sub groups of these Committees and various other working groups.

The Central Bank of Ireland currently has three staff members seconded to the EBA on a temporary basis.

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