The EBA’s Board of Supervisors, the principal decision-making body of the Authority, composed of 27 voting members, one from each EU Member State, selected today Adam Farkas to serve as the first Executive Director of the EBA, subject to confirmation by the European Parliament. The Executive Director will be in charge of the day-to-day management and operations of the Authority. He will remain in office for a five-year term and may be re-elected only once.

Adam Farkas has recently served as Chairman of the Hungarian Financial Supervisory Authority. His extensive financial services experience spans from CEO and Board positions at private sector banks to the Managing Director role at the National Bank of Hungary. He also served as Board member of the Budapest Stock Exchange and of the Central Depository and Clearing House.

I think they have deliberately chosen someone from a country which has not be adequately represented on the top jobs in the ESAs and also deliberately chosen someone from Eastern Europe.  This is a very important job – day to day management of the EBA. Therefore it is more important to appoint the best person for the job rather than the most favourable political appointment. I hope they have got this right.