The European Banking Committee (EBC) is the successor to the former Banking Advisory Committee (established by the First Banking Directive in 1978). The EBC was set up by the Commission Decision of 5 November 2003, published in the Official Journal of the EU in January 2004.
The EBC fulfils both advisory and comitology functions. It provides advice for the Commission on policy issues related to banking activities and assists the Commission in adopting implementing measures for EU Directives.
The Committee is composed of high-level representatives from Member States (mostly from Ministries of Finance). Observers from the European Central Bank, the European Banking Authority (formerly, the Committee of European Banking Supervisors), as well as from EFTA countries and candidate countries, are also invited to attend. The Commission also invites, if appropriate, other experts to attend the meetings.
The EBC is run by the European Commission (its meetings are being chaired by a high representative of the Commission and the secretariat is being provided by the Commission as well). The Committee usually meets three or four times a year. It held its first formal meeting in July 2005.
The Committee adopted its Rules of Procedure in July 2005. The amended Rules of Procedure were adopted in December 2010.