EU: Economy

House of Lords written question – answered at on 19 October 2010.

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Photo of Lord Myners Lord Myners Labour

To Ask Her Majesty's Government how the new European supervisory authorities and the European Systematic Risk Board will be funded; and how the United Kingdom's contribution will be determined and paid.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The legislation adopted by the European Parliament on 22 September 2010 establishes that the budget of the European supervisory authorities (ESAs) will be split between European Union (EU) funds and obligatory contributions from the national public authorities competent for the supervision of financial institutions. Initially, the budget of the ESAs will be financed 40 per cent from EU funds and 60 per cent through obligatory contributions from the national public authorities.

The contribution from the national competent authorities shall be made in accordance with a formula based on the weighting of votes set out in Article 3(3) of the protocol on transitional provisions annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union.

As regards the European Systemic Risk Board (ESRB), the European Central Bank shall ensure a secretariat and thereby provide analytical, statistical, logistical and administrative support to the ESRB.

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