The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) has endorsed the Budget 2015, as adopted by the European Budgetary Authority last December. Its amount was reduced by 7,6% (around 1,7 million euros) comparing to the last year and currently equals 19,9 million euros. It amounts for a decrease of 2,4 million euros, if compared to the original proposal that EIOPA Members approved.
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In order to respond to these cuts and ensure delivery of high quality work, EIOPA has undertaken a severe strategy driven reprioritisation exercise, including not only extensive reallocation of human resources and rationalisation of funds, but also postponement and cancellation of ongoing projects.
In 2015, Solvency II will remain the highest priority of EIOPA. However, cuts will affect even the Authority’s top project, and e.g. the Solvency II training programme for supervisors will be reduced by 20% and production of the IT supervisory toolkit related to XBRL reporting has been cancelled.
Certain work streams, including those in the areas of Financial Stability and Consumer Protection, have been deprioritised. Investments into EIOPA’s operational software, infrastructure and efficiency of business processes will also be very limited.
Carlos Montalvo, Executive Director of EIOPA, said: “The current budget is putting at risk the effective delivery of the main tasks assigned to EIOPA by the European law. We see our mission in ensuring a strong and consistent insurance supervision in Europe for the sake of financial stability and consumer protection. Realisation of this mission becomes particularly challenging without the adequate level of staff and budget”.
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