Adam Farkas is the Executive Director of the European Banking Authority (EBA). He was appointed in March 2011 and is serving a term of five years. He is in charge of the management of the Authority and prepares the work of the Management Board. In this respect, he is responsible for implementing the EBA's annual work programme under the guidance of the Board of Supervisors and under the control of the Management Board. Prior to this appointment, Adam Farkas served as Chairman of the Hungarian Financial Supervisory Authority. He started his career as an Assistant Professor at the Budapest University of Economic Sciences. He has also been a consultant to various financial institutions in Budapest and London, including the European Bank for Reconstruction and Development (EBRD). He became Managing Director and Member of the Board at the National Bank of Hungary where he was responsible, among other things, for reserve management, open market operations, treasury, and government banking services. He also worked in the private sector as co-CEO of CIB Bank Ltd. a subsidiary of the Intesa Group and later as CEO of Allianz Bank Ltd. (Allianz Group) where he was responsible for the establishment of a new commercial bank with universal banking licence for the market leading insurance company in Hungary. He holds a doctorate in Finance from the Corvinus University of Budapest and a M.Sc. from the Sunderland University (UK).
The European Banking Authority (EBA) is an independent EU Authority which works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector. The main task of the EBA is to contribute to the creation of the European Single Rulebook in banking whose objective is to provide a single set of harmonised prudential rules for financial institutions throughout the EU. The Authority also plays an important role in promoting convergence of supervisory practices and is mandated to assess risks and vulnerabilities in the EU banking sector.