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Annual General Meeting 19Th June 2017 Content REPORT OF THE BOARD ANNUAL GENERAL MEETING 19TH JUNE 2017 CONTENT An introduction by the Chairman ........................................................... 4 An introduction by the Secretary General ......................................... 6 1. Report on EBA activities in 2016 and outlook for 2017+ ................ 10 1.1 REPORT ON WORK STREAMS IN 2016.....................................................................................10 1.2 MARKETING AND COMMUNICATIONS .....................................................................................19 1.3 CHANGES IN THE BOARD OF THE ASSOCIATION ...................................................................20 Board of the Euro Banking Association .................................................. 22 1.4 CHANGES IN EBA MEMBERSHIP .............................................................................................24 1.5 OUTLOOK FOR 2017+ ................................................................................................................25 2. Financial situation, P&L statement as at 31st December 2016 ........ 30 2.1 OVERALL EXPENSES INCURRED IN 2016 ....................................................................................30 2.2 REVENUES IN 2016 ........................................................................................................................31 2.3 INCOME TAX AND RESULTS FOR 2016 .........................................................................................32 2.4 EBA BUDGET FOR 2017 .................................................................................................................33 2.5 PROJECTED REVENUES FOR 2017...............................................................................................34 EBA Financials 2016-2017 ...................................................................... 36 P&L STATEMENT - REVENUES ............................................................................................................36 P&L STATEMENT - CHARGES ..............................................................................................................37 P&L STATEMENT - SUMMARY .............................................................................................................38 Appendix 1 ............................................................................................. 39 ACCOUNTS AS OF 31ST DECEMBER 2016 ..........................................................................................39 Appendix 2 ............................................................................................. 40 LIST OF EBA FULL MEMBERS .............................................................................................................40 LIST OF EBA USER MEMBERS ............................................................................................................41 LIST OF EBA ASSOCIATE MEMBERS ..................................................................................................42 2 BOARD REPORT 2016 3 AN INTRODUCTION BY THE CHAIRMAN In 2016, the European payments industry We offered to our members a pan-European continued to pursue its accelerated platform for analysing the strategic relevance transformation course in a changing landscape and understanding practical implications shaped by new regulation, technology, of key industry topics. One of our working customer requirements and market entrants. groups, for instance, provided new insights In addition to running their internal efficiency into use cases for cryptotechnologies in the and cost optimisation programmes, payment context of international payments and, more service providers (PSPs) and other market specifically, correspondent banking. Another players were heavily engaged in assessing, one made Open Banking and its potential for in particular, the implications and business further strengthening customer centricity in opportunities generated by technology transaction banking a focal topic on its agenda. developments and newly emerging regulatory Our PSD2 task force’s work on identifying key requirements at a European and global level. impact areas and open questions around the initiatives looking into remedying solutions or rules, structure or categories. I will present implementation of PSD2-related compliance recommendations, such as the Euro Retail a projection of the necessary governance But the past year also saw the industry requirements generated a first set of findings, Payments Board’s Working Group on Payment reforms with an implementation timeline to our embracing these new dynamics and tackling which was used as a starting point for the work Initiation Services in which we participate. As members at the Annual General Meeting 2017. some of the resulting challenges through of the PSD2 Practitioners’ Panel we initiated in part of our ongoing work on our EBA vision collective action: a number of important late 2016. 2025, we have also started to analyse which of My fellow Board members and I, together with future-oriented co-operative initiatives were the topics that remain unsolved today would our Secretary General and the whole EBA taken forward in 2016, often with the objective The open fora facilitated by the Association benefit from EBA-led co-operative action. Team, look forward to evolving the Association to foster pan-European harmonisation. Let me over the past year helped to foster cross- in a way that it will continue serving the needs just mention a few examples: the European industry dialogue at a pan-European level on On behalf of the Board of the Euro Banking of our membership in today’s and tomorrow’s Payments Council delivered the SCT Inst relevant developments and challenges related Association, I would like to thank our members payments environment while staying true to Scheme Rulebook in November 2016; the to the creation of ecosystems in the areas for their commitment and their contribution to its pan-European vision and co-operative Berlin Group worked on the definition of of Open Banking and instant payments. We these activities. The strong participation of our approach. standards for the interaction between account- put a major emphasis on involving the wider members in our working groups, their valuable servicing PSPs and third party providers; stakeholder community in these exchanges input to EBA-initiated practitioners’ groups and EBA CLEARING brought together close to 40 to assess from a broader perspective the industry fora, the 1,000+ attendees at EBAday financial institutions to develop the first pan- collaborative needs and the possible perimeter 2016 in Milan testify to the benefits that the Wolfgang Ehrmann European infrastructure solution for instant for any co-operative action to remedy such Association’s pan-European and practitioners- payments, which is scheduled to be ready for needs. And we fed insights gained from these driven work programme delivers to its large the kick-off of the EPC scheme this November. exchanges into our educational seminars network of payment actors. and our flagship event EBAday to help create I am pleased to say that the Euro Banking further awareness and momentum around To ensure that we continue to deliver value to Association (EBA) supported its members these topics. our membership and respond to the above- and the wider industry in progressing both its mentioned ongoing market developments, analytical work and collective action over the Our exchange with industry players and we are actively evaluating at Board level our past year: we engaged in assessing the impact stakeholders and our analytical assessments proposition for our members and our approach of key transformation factors and we launched of key industry topics have continued in to stakeholders. This workstream involves a or contributed to co-operative initiatives geared 2017. We have been able to channel some review of our governance arrangements, which at helping to put in place the collaborative of the issues and questions identified in the could lead to changes in today’s membership elements needed to successfully and efficiently context of the Open Banking Forum and deal with these transformation factors. the PSD2 Practitioners’ Panel into industry 4 BOARD REPORT 2016 5 AN INTRODUCTION BY THE SECRETARY GENERAL Digital banking or banking in a digital or, better and reposition themselves in the face of yet, digitalised world – these expressions ongoing market transformation. Shaped by very much characterise the situation the digitalisation-enabling technology, new market banking industry is facing today. While ‘digital entrants with business models based on banking’ implies that today’s isolated financial this technology, customers eager to reap its services and processes are transformed and benefits and regulators setting the framework made digital, ‘banking in a digitalised world’ for the emerging new ecosystem, this profound describes a complete transposition and market transformation offers a great span of integration of banking services into a fully opportunities and challenges to both new digitalised and interconnected world. In this and incumbent players. These opportunities world, banking services are embedded in the and challenges, as well as the underlying natural flow of the consumer experience or the transformation drivers and implications, need that can be fed into their work on individual It is important to add that the EBA’s collective corporate process they are related to. For the to be analysed in detail,
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