Hungary's Ádám Farkas steps down as Executive Director of the European Banking Authority
The EBA's Board of Supervisors (BoS) has conducted an assessment of the potential conflict of interest arising from Ádám Farkas' proposed future employment at the Association for Financial Markets in Europe (AFME). In compliance with the EBA staff regulations and ethics rules, the BoS has decided that Ádám Farkas will no longer participate in the EBA's policy and supervisory work and will focus exclusively on operational matters until 31 October 2019. For the remainder of his notice period, his duties will be reallocated until 31 January 2020, the EBA announced on Tuesday.
The BoS has also decided to apply conditions on his future employment. Ádám Farkas cannot engage in lobbying or advocacy of the EBA, or have professional contacts with EBA staff, for 24 months after leaving the Authority. Mr Farkas cannot advise his new organisation's members or otherwise contribute to the activities of his new organisation on topics directly linked to the work he carried out during his last three years of service for 18 months after leaving the EBA.
José Manuel Campa, EBA Chairperson praised the contribution Ádám Farkas has made in building up the EBA from its creation in 2011, ensuring its smooth and sound operation as it grew, and throughout its move in June 2019 from London, UK to its new seat in Paris, France.
The EBA will soon start the recruitment process of a new Executive Director.
Ádám Farkas was appointed as first Executive Director of the EBA in 2011 and his mandate was renewed in 2015 for another five-year term.
About Ádám Farkas
Ádam Farkas (1968) took up his role as the first Executive Director of the European Banking Authority on 18th April 2011. He is in charge of the management of the Authority and preparing the work of the Management Board. 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.
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).
Prior to this, he was the Chairman of the Hungarian Financial Supervisory Authority (PSZÁF) in 2009-2010. His other previous positions include Managing Director and Member of the Board at the National Bank of Hungary (1997-2001), 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 (2002-2005) and later as CEO of Allianz Bank Ltd. (Allianz Group, 2006-2009) where he was responsible for the establishment of a new commercial bank with universal banking licence for the market leading insurance company in Hungary. Farkas holds a doctorate in Finance from the Corvinus University, Budapest and an M.Sc. from Sunderland University (UK).
His non-executive roles include: Member of Supervisory Board at QuoteMTF; Member of the Board of Directors at Allianz Hungaria Insurance (Allianz Group); Member of the Board of Directors at Budapest Airport (Hochtief Group); Member of the Supervisory Board, Chairman of the Audit Committee at Magyar Telekom (Deutsche Telekom Group); Member of the Board of Directors at the Budapest Stock Exchange; Member of the Board of Directors at the Central Depository and Clearing House (Keler).
His education and training include: Doctorate Budapest University of Economic Sciences, Financial Economics (Application of Option Pricing in the Valuation of Capex Projects); Master of Science Sunderland University (formerly Sunderland Polytechnic); Summer University, Undergraduate George Washington University (General Management and Investment Analysis); Bachelor of Art Budapest University of Economic Sciences (Banking and Finance)
Cover photo by MTI/ Szilárd Koszticsák