1. On 18 July 2018 the EBA issued Guidelines on the management of interest rate risk arising from non-trading book activities. They updated the previous EBA Guidelines from 22 May 2015 and set up the first phase to implement within the EU the Standards on interest rate risk in the banking book published by the Basel Committee on Banking Supervision (BCBS Standards) in April 2016.

2. The second phase of the implementation of the Basel Standards within the EU takes place with the revision of Directive 2013/36/EU [Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures.] (Capital Requirements Directive - CRD) and Regulation (EU) No 575/2013 (Capital Requirements Regulation CRR) and the upcoming enactment of a number of technical standards that the EBA is mandated to draft in the revised CRD and CRR.