Go to the Content   Saturday, 26 May 2012
 

More power, and more problems

By Ian Wishart  -  09.06.2011 / 04:34 CET
It took a great deal of effort to set up three independent EU financial authorities, and arguments persist.

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Fact file

The European Securities and Markets Authority (ESMA)

Budget estimated to be €17 millon in 2011, rising to about €24m per year by 2013.

About 70 staff by the end of 2011, 120 staff by 2014.

Based in Paris.

Chaired by Steven Maijoor, formerly the head of financial reporting and market integrity supervision at the Dutch financial-market authority.

The European Banking Authority (EBA)

Budget estimated to be €13 million in 2011, rising to about €22.5m per year by 2013.

About 40 staff in 2011, eventually rising to 90.

Based in London.

Chaired by Andrea Enria, who previously worked at the Bank of Italy, overseeing supervisory regulations.

The European Insurance and Occupational Pensions Authority (EIOPA)

Budget of €10.5 million in 2011, rising to €17m in 2013 and €20m in 2014.

About 40 staff in 2011, eventually rising to 90.

Based in Frankfurt.

Chaired by Gabriel Bernadino, who was in charge of EIOPA's less powerful predecessor, the Committee of European Insurance and Occupational Pensions Supervisors.

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