Collaboration with the European Banking Authority (EBA):
Role of the FGD in the EBA
Since 2018, the FGD has been a member of the working group set up by the European banking regulator and tasked, among other matters, with promoting EU-wide application and technical development of deposit guarantee regulations.
The European Banking Authority (EBA) was established in 2011 by the Parliament and the Council of the European Union and is responsible for building and implementing single banking regulation within the EU, otherwise known as the Single Rulebook. It also ensures the availability of mechanisms so that the supervisor can apply these rules in a consistent manner, thus helping to ensure a level playing field across the EU, contributing to financial stability and providing extra protection for depositors and bank customers in general.
In developing this Single Rulebook, the EBA relies on binding Regulatory Technical Standards (RTS) and Guidelines, all of which, in the interests of transparency and process efficiency, are discussed and made known to national authorities and other interested parties prior to their release. When going about this task, it sets up technical working groups and standing committees, in which national authorities can provide input. Public consultations are also carried out on policy proposals.
In 2018, the EBA set up a working group known as the Task Force on Deposit Guarantee Schemes, or TFDGS, composed of representatives of the various deposit guarantee schemes operating in Europe and the national authorities tasked with managing them, which in Spain is the FGD. The TFDGS operates as a platform for scrutinising regulatory proposals relating to deposit insurance, thus improving the protection of European depositors.
The EBA has issued various standards and publications regarding deposit insurance:
- First EBA report on the peer review of deposit guarantee scheme (DGS) stress tests and the resilience of DGSs (EBA/REP/2020/18 of 17 June 2020), assessing the resilience of DGS payout systems and processes that each national scheme conducted during the 2016–2019 period, generically referred to as “stress tests”.
- Three reports containing recommendations and observations for the European Commission to take into account during its future review of the DGSD, which is expected to be undertaken within the framework of the forthcoming proposal on the crisis management and deposit insurance (CMDI) framework.
- Opinion of the European Banking Authority on the eligibility of deposits, coverage level and cooperation between deposit guarantee schemes (EBA-Op-2019-10)
- Opinion of the European Banking Authority on deposit guarantee scheme payouts (EBA-Op-2019-14)
- Opinion of the European Banking Authority on deposit guarantee scheme funding and uses of deposit guarantee scheme funds (EBA/OP/2020/02)
- Issuance or updating of various guidelines applicable to funds, such as on payment commitments (Guidelines on payment commitments under Directive 2014/49/EU on deposit guarantee schemes (EBA/GL/2015/09)), on cooperation arrangements between deposit guarantee schemes (Guidelines on cooperation agreements between deposit guarantee schemes under Directive 2014/49/EU (EBA/GL/2016/02), on stress testing (Guidelines on stress tests of deposit guarantee schemes under Directive 2014/49/EU (EBA/GL/2021/10)) , on funds that count towards reaching the target level of available financial means of schemes (Guidelines on the delineation and reporting of available financial means (AFM) of deposit guarantee schemes (DGS) (EBA/GL/2021/17)), or the new guidelines on methods for calculating contributions to deposit guarantee schemes under Directive 2014/49/EU (Guidelines (revised) on methods for calculating contributions to deposit guarantee schemes under Directive 2014/49/EU repealing and replacing Guidelines EBA/GL/2015/10 (EBA/GL/2023/02).
- Opinion of the European Banking Authority on the interplay between the EU Anti-Money Laundering Directive and the EU Deposit Guarantee Schemes Directive (EBA/Op/2020/19 of 11 December 2020).