CYPRUS PUBLIC AUDIT OVERSIGHT BOARD(CyPAOB), represented by the Director General, Mr. Panos Prodromides, Board Member, Mr. Marios Neoptolemou and audit regulator, Kyriaki Andreou, participated in the 8th meeting of the European Systemic Risk Board and the CEAOB with statutory auditors of EU banks and insurers took place on 6th and 7th of November in Frankfurt.
Mr. Panos Prodromides, Director General of CyPAOB and Chair of CEAOB, along with Mr. Markus Gröninger, Head of CEAOB’s Financial Services(FS) Task Force had the pleasure of participating and presenting CEAOB’s current and upcoming steps and priorities and FS Task Force activities and analysis of regulatory inspection findings.
Representatives of statutory auditors of EU banks and insurers and European Contact Group discussed the role of deposits and derivatives and explained the exposure of EU banks to interest rate risk. Also, a presentation regarding the ongoing preparations to the first application of the ESRS by large corporations, including banks and insurance corporations, as well as relevant issues identified at this stage. Lastly, representatives of European Insurance and Occupational Pensions Authority (EIOPA), shared insights on the financial stability implications of asset-intensive reinsurance with a focus on EU/EEA insurance sector.