21 / 22
The Directive in the context of the European Banking Union
7
visory Authority (European Insurance and Occupational Pensions Au-
thority)(...)”
,
19
and
• the European Securities and Markets Authority (‘ESMA’) under
Regula-
tion (EU) No 1095/2010
“establishing a European Supervisory Author-
ity (European Securities and Markets Authority)(...)”
.
20
The three Authorities, which are mainly regulatory authorities with some
especially designated supervisory powers, succeeded and replaced the three
Lamfalussy Committees (CEBS, CESR and CEIOPS),
21
thus maintaining the
‘sectoral approach’ with regard to European institutional arrangements con-
cerning the financial system’s micro-prudential supervision.
22
Nevertheless,
financial supervision remained, in principle, national.
EBA plays a very important role in the context of European legislation on
deposit guarantee schemes. Accordingly, it will be examined in more detail
below in Sections B-E of this study, as appropriate.
(ii)
In addition, the European Systemic Risk Board (the ‘ESRB’) was estab-
lished under
Regulation (EU) No 1092/2010
of the European Parliament and
of the Council of 24 November 2010
“on European Union macro-prudential
oversight of the financial system and establishing a European Systemic Risk
Board”.
23
Accordingly, the macro-prudential oversight of the European fi-
nancial system was the
first – and unique until 2014 – component
of the
europeanised ‘bank safety net’ (see below under 2). Each Member State also
designated an authority entrusted with the conduct of macro-prudential
policy in national legislation, as set out in Recommendation B, paragraph
1, of the
Recommendation of the European Systemic Risk Board
of 22 De-
cember 2011
“on the macroprudential mandate of national authorities”
(
ESRB/2011/3
).
24
19. OJ L 331, 15.12.2010, pp. 48-83.
20. OJ L 331, 15.12.2010, pp. 84-119.
21. On these Committees, see indicatively
Lastra (2006)
, pp. 334-341.
22. As regards the reasons that led to this approach being adopted (although there were
proposals for the unification of Authorities), see
Louis (2010)
, p. 154 (point 7.10).
23. OJ L 331, 15.12.2010, pp. 1-11. In connection to the operation of the ESRB specific
tasks have been conferred on the ECB under
Council Regulation (EU) No 1096/2010
of 17 November 2010
“conferring specific tasks upon the European Central Bank
concerning the functioning of the European Systemic Risk Board”
(OJ L 331,
15.12.2010, pp. 162-164).
24. OJ C 41, 14.2.2012, pp. 1-4.