The European Central Bank (ECB) has published its first SSM quarterly report (2014/1) which provides an update on progress in the operational implementation of the single supervisory mechanism (SSM).
The report is addressed to the European Parliament, the Council of the EU and the European Commission and covers the ECB’s work from June 2012 to February 2014. Key achievements set out in the report include the following:
- the supervisory model of the SSM has largely been developed, as reflected in the draft SSM supervisory manual;
- joint supervisory teams will directly supervise approximately 130 banks considered to be “significant” in accordance with the SSM Regulation;
- the draft ECB SSM Framework Regulation has been finalised and will be submitted for public consultation before adoption. Under the SSM Regulation the ECB is required to adopt and publish the Framework Regulation by 4 May 2014;
- an initial mapping of the euro area banking system has been carried out. A catalogue has been created of all supervised entities falling within the scope of the SSM; and
- the internal preparatory work at the ECB is well advanced in many areas.
The second quarterly report will be published in May 2014.