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The European Banking Authority has elected Csaba Kandrács, Deputy Governor of the Central Bank of Hungary, as a new member of its Board of Supervisors. A Hungarian financial supervisory leader has not held such a senior board position in the EU institution for more than a decade, the Central Bank announced in a statement.
The appointment of Csaba Kandrács is for two and a half years, and is renewable.
In addition to the Chair Person, the EBA’s Board of Supervisors is composed of the 27 national supervisory authorities, where applicable accompanied by a representative of the national central bank, with Observers from the European Commission (EC), the European Systemic Risk Board (ESRB), the European Central Bank (ECB), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pension Authority (EIOPA).
The main role of the Board of Supervisors is to take all policy decisions of the EBA, such as adopting draft technical standards, guidelines, opinions, and reports. The Board of Supervisors also makes the final decision on the EBA’s budget.
It is important that the composition of the Board is balanced, proportionate, and reflective of the European Union as a whole. It should operate in accordance with its mission and the tasks entrusted to it, in line with the founding regulation and EU legislation.
Kandrács has been Deputy Governor of the Central Bank of Hungary responsible for financial supervision and consumer protection since October 2, 2019.
From June 2016, until his appointment as Deputy Governor, he was Executive Director of the bank responsible for financial supervision and consumer protection.
He also worked as Ministerial Commissioner and as Deputy State Secretary at the Ministry for National Economy. From 2009, until 2012, he was Head of the Finance Division of the 5th District Municipality of Budapest. From 2003, he worked as Executive at the National Office for Program Licence of the Ministry of Finance.
Featured photo via Facebook/Magyar Nemzeti Bank