European Banking Authority (EBA)

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Definition of 'European Banking Authority (EBA)'

The European Banking Authority (EBA) is the European Union's single supervisory authority for banks. It was established in 2011 as part of the European Banking Union, and is based in London. The EBA's mission is to ensure the safety and soundness of the EU banking system. It does this by:

* Setting common rules and standards for banks across the EU
* Monitoring banks' compliance with these rules and standards
* Taking action against banks that are not compliant

The EBA is a key player in the European Banking Union. It works closely with other EU institutions, such as the European Central Bank (ECB), to ensure the stability of the EU banking system.

The EBA is governed by a board of directors, which is made up of representatives from the EU member states and the European Commission. The board is responsible for setting the EBA's strategy and policies.

The EBA has a staff of over 1,000 people. These staff members are responsible for carrying out the EBA's work, such as developing rules and standards, monitoring banks' compliance, and taking action against non-compliant banks.

The EBA is an important part of the European Banking Union. It plays a key role in ensuring the safety and soundness of the EU banking system.

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