11 October 2016 EFDI General Assembly MINUTES 29 September 2016, Vilnius, Lithuania The meeting began at 8.30 am on the 29 September 2016 at the Palace of Government, Vilnius, Lithuania. 1) Welcoming Remarks Mr Dirk Cupei Chairman opened the AGM and thanked all present for their attendance. Mr Dirk Cupei Chairman confirmed all communications of the meeting were in line with Art. 17 of the EFDI Statutes. He noted that there are currently 56 full EFDI members, 48 1 were present or validly represented at least 2/3 of members represented as required by Art. 18 of the EFDI Statutes. The Chairman confirmed that General Assembly was therefore validly constituted. 2) Adoption of Agenda See annex 1. The agenda was adopted without comments. 3) Report from the Board See annex 2. Mr. Dirk Cupei Chairman continued by giving an overview of the activities during 2015/16. Mr Dirk Cupei Chairman informed the Membership that the EFDI AGM 2017 will be held in Oslo, Norway, hosted by the Norwegian Banks' Guarantee Fund. Ms Sonja Lill Flø Myklebust, representative of the host 2017, gave a brief overview on the status quo of the preparations and announced that a date for the event will be agreed shortly and communicated to the Membership. Action Point: Mr Dirk Cupei Chairman called for input of a theme for the EFDI AGM and International Conference 2017. As the last two years events were focused on solely EU related topics it would be advisable to increase the scope of the Conference back to a more international one. Mr Dirk Cupei Chairman further called for candidates to host the EFDI AGM 2018 1 In the course of the EFDI General Assembly the attendance increased to 53 Full Members present or validly represented. 1
4) Report of the Treasurer See annex 3. EFDI Treasurer Helmut Starnbacher presented his report on the financial situation of the Association to the Assembly. Following the report by EFDI Treasurer Helmut Starnbacher on the financial year 2014 and presentation of the draft budget for 2016, Mr Andras Feteke-Gyor inquired about the open positions in the 2015 report, which was explained by the fact that several members fees for the previous years were not paid yet. Mr Andras Feteke-Gyor noted that this might have implications following Art. 11 of the EFDI Statutes. Mr Dirk Cupei Chairman explained thereupon that the EFDI Board, after intense discussions at yesterday s Board Meeting, decided on not suspending any Member from voting and to extend the deadline for payment until 31 October 2016. Art. 11 of the EFDI Statutes therefore is not applicable. 5) Report of the Auditor See annex 4. The EFDI Auditor James Mews presented the findings of his audit report. The EFDI Auditor James Mews highlighted that the audit has led to one reservation. It is recommended that the bank account is operated with a four eyes mandate so that payments must be approved by two authorised persons through the banking system in order to reflect best practice and minimise the risk of fraud. Helena Persson inquired on the requirements for the release of payments. The EFDI Auditor James Mews explained that in accordance with Art. 30 of the EFDI Statutes, EFDI Treasurer Mr Helmut Starnbacher is authorised to operate the EFDI account held with the Raiffeisen Bank International AG (hereinafter referred to as RBI). The Association approves the budget in accordance with Art. 43 of the EFDI Statutes. The Board discusses particular items of expenditure as evidenced in the minutes of Board meetings. A second Board member approves the payment of invoices by email or telephone or by signature. There are no limitations on the bank mandate and the Treasurer approves payments from the account directly with RBI. Action Point: The recommendation of the EFDI Treasurer James Mews on the necessity of a four eyes mandate to approve payments will be put on the agenda for the board. 2
6) Approval of Balance Sheet 2015 and Budget 2017 Mr. Cupei called the assembly to vote on the Balance Sheet 2015, the Budget 2016 and the discharge of the Board. Vote: The Balance Sheet 2015 was approved with one abstention. The Budget 2016 was approved and the Board was discharged by show of hands, one abstention. 7) Election of the Internal Auditor Mr James Mews candidates for the position. There were no other candidates. Vote: James Mews was elected as Internal Auditor by show of hands, one abstention. 8) Report on the EU Committee Activities See annex 5. EU Committee Co-ordinator Alex Kuczynski presented his annual report on the activities of the EU Committee. It is foreseen to continue with three committee meetings per year, with the next in November in London. The work was dominated by the ongoing implementation of the DGSD especially in view of the H2C relations, risk based levies and stress testing of DGS s of which the latter one will be priority issue for the upcoming year. Future activities/topics: Home/host cooperation/h2c the further implementation of the H2C Cooperation Agreements, and consideration of bilateral agreements The central exchange mechanism for data A review of the implementation of risk-based levies EDIS Transposition and practical issues arising from the DGSD 9) Report from the H2C Initiative See annex 6 Thierry Dissaux reported on the status of works in the H2C-Initiative. He stated that after the EFDI H2C Agreement and Rulebook have been approved by the EFDI EU Committee in Vienna on 23 June 2016 shortly after it was knighted by the European Banking Authority ( EBA ). EBA, which closely worked together with EFDI in this regard, confirmed the Agreement meets its guidelines and further encouraged EFDI Members to enter into the Agreement. 3
Further, he emphasized that on the occasion of the Gala Dinner following the EFDI AGM this evening, 10 EFDI Members, namely Czech Republic, France, Germany (EdB), Greece, Hungary, Italy, UK as EU members, Iceland, Liechtenstein and Norway as EEA members, will sign the EFDI H2C Cooperation Agreement and will therefore be Founding Members. Ms Helena Persson inquired whether those DGS s mentioned by Mr Thierry Dissaux, have already discussed Schedule 2 of the Agreement or requirements of bilateral agreements or signed bilateral agreements. Mr Thierry Dissaux stated that he is not aware of any bilateral agreements signed so far. 10) Report of the EFDI ICS working group See annex 7. The ICS WG coordinator Karen Gibbons reported on the ICS working group meeting held in Vilnius the previous day under the chair of Mr Dominik Mueller-Feyen. A next meeting is planned by the end of the year / early 2017 and will probably be held in Prague. No other meetings were held since June 2015. She then gave an outlook on the International Investor Compensation Fund Meeting which was organised within the framework of the EFDI International Conference. The meeting will be very well attended with registrations from all over the world. Further, Ms Karen Gibbons reported on the results of the ICS questionnaire circulated in August 2016. She reported that so far 21 schemes have responded and emphasized that the more schemes who respond the more meaningful the results will be. An update on an annually basis is planned. 11) Report from PR Committee See annex 8. PR Committee Chair Istvan Toth reported on his second year of activity in this position. The PR Committee met already twice this year with a third meeting planned in November 2016 in Budapest. PR Committee Chair Istvan Toth then reported on the Meeting held in London last June with 11 participants from nine countries. In particular he highlighted a case study on the Gamification in the deposit insurance world. 12) Reports of EFDI Banking Union WG and Research WG a) Report of the EFDI Banking Union WG See annex 9. Mr Riccardo de Lisa on behalf of Working Group Chairman Prof Salvatore Maccarone reported on the activities of the Banking Union Working Group. 4
It is foreseen, given the utmost importance of EDIS, to follow and support EFDI Members within the legislative process and to draft a common EDIS Vision for the future. b) Report of the Research WG See annex 10. Working Group Chairman Mr Riccardo de Lisa reported on the activities of the Banking Union Working Group. Action Point: statistical unit shall evaluate a database template, collect data; keep on collecting data on stress test etc. It was inquired if it is possible if non Eurozone Members could participate in the BUWG. Mr Riccardo de Lisa emphasized that he does not see a problem as the larger the composition of WG members the more data collected and the better the results. Mr Dirk Cupei Chairman added that this question was part of the EFDI governance discussion. It is of importance that only EU Members decide on EU topics which is why non EU members only have voting rights in the EU Committee. The same must apply for the BUWG. 13) Report of the EFDI CCWG CCWG Chair Helmut Starnbacher reported on the meeting of the CCWG held in Vienna this September this year. Action Point: draft Terms of Reference for CCWG 14) Report of the EFDI Statutes Reform working group See annex 11. Steering Group Chair Joseph Delhaye began by stating that meanwhile 53 Full Members are present or represented at this year s AGM, which means a quorum of more than 90 %. He expressed his regrets that the revised EFDI Statutes are not up for decision at this AGM as the necessary quorum would be met today. Steering Group Chair Joseph Delhaye gave an outlook on the upcoming work within the steering group until an extraordinary AGM to be held next spring. Mr Herman Debremaeker stated that he supports a limitation of proxies but nevertheless does not see any additional benefit if one member state has more than one vote. Steering Group Chair Joseph Delhaye explained that in cases as mentioned by Mr Herman Debremaeker the revised EFDI State will specify that in Member States with more than one vote their vote shall be limited to only one vote. 5
Action point: A fine tuning of the revised EFDI Statute is planned for a meeting to be held this November. All Members called upon final input on specific issues important to them. An extraordinary General Meeting for the adoption of the revised Statutes is planned for the first quarter of 2017. 15) Election of the Board Introductory to the elections Mr Dirk Cupei Chairman explained the situation on candidatures and vacant positions in the Board as discussed at the Board Meeting and announced via email by the EFDI Secretariat the previous day. He stated that this year s annual meeting will incorporate the election of five Directors. Ms Marija Hrebac and Mr Joseph Delhaye both have been elected at the EFDI General Assembly 2014 for a term of three years. Their position comes up for re-election at the EFDI General Assembly 2017. The following seven candidates were standing for election (List of Candidates - annex 12): Mr. Dirk Cupei, Germany Mr. Thierry Dissaux, France Mr. Nikolay Evstratenko, Russian Federation Mr. Patrick Loeb, Switzerland, Aurelija Mažintienė, Lithuania Mr Ilhami Ozturk, Turkey Mr Helmut Starnbacher, Austria As voting committee were nominated Ms Karen Gibbons, Mr Alex Kuczynski, Ms Marija Hrebac and Mr Genci Mamani. Ms Karen Gibbons confirmed 53 votes were cast with 51 votes, 2 abstentions, 1 spoilt and 13 proxies. 2 Out of the aforementioned seven candidates, the following five candidates were elected: Mr. Dirk Cupei, Germany Mr. Thierry Dissaux, France Mr. Nikolay Evstratenko, Russian Federation Mr. Patrick Loeb, Switzerland Aurelija Mažintienė, Lithuania 2 In the course of the EFDI General Assembly the attendance increased from 48 Full Members at the beginning of the Meeting to 53 Full Members present or validly represented. 6
16) Election of Chairman, Vice Chairman and Treasurer The following Members of the Board were standing for and were elected as Chairman, Vice Chairman and Treasurer by show of hands: Mr Thierry Dissaux was elected as Chairman Mr Patrick Loeb was elected as Vice Chairman Ms. Aurelija Mažintienė was elected as Treasurer 17) Report on IADI Activities and Initiatives See annex 13. IADI Secretary General David Walker reported on recent IADI activities and initiatives. 18) Closing Remarks by Mr Thierry Dissaux End of Session: 14:50 Certified extract Paris, 11 October 2016 Thierry Dissaux EFDI Chairman 7