European Parliament approves Gstädtner as EBA director — Cyprus Mail
In Belgium, the European Parliament approved Thomas Gstädtner as the new Executive Director of the European Banking Authority (EBA). The decision was made during a plenary vote, Cyprus Mail reports.
Five-year mandate
Gstädtner will hold the position for five years, with the possibility of a one-time extension of the mandate. The EBA Board of Supervisors selected him from a shortlist of candidates drawn up following an open selection procedure.
According to Gstädtner, he plans to work with the EBA Chair, the Board of Supervisors, staff and stakeholders across Europe. He also said that the authority would continue to promote the development of a resilient, innovative and well-integrated European financial sector.
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Executive Director's responsibilities
EBA Chair François-Louis Michaud congratulated Gstädtner on his approval. According to him, the new director's experience and leadership qualities will be important for the authority's work amid rapid changes in the financial sector.
The Executive Director is responsible for the day-to-day management and operational activities of the European Banking Authority, including overseeing its work and administration. Gstädtner is expected to take up his duties in the coming weeks. He previously held senior positions in the European supervisory system and worked in the areas of prudential supervision, financial stability and regulatory policy.
