The European Central Bank (ECB) has published its third SSM quarterly report on progress in the operational implementation of the Regulation establishing the single supervisory mechanism (SSM Regulation). The report is addressed to the European Parliament, the Council of the EU and the European Commission. It covers the period from 4 May 2014 to 3 August 2014 and summarises the ECB’s progress in establishing the SSM during that period.
The report also highlights progress on a number of on-going ECB initiatives relating to the SSM, including:
- the ECB will assume the tasks conferred on it by the SSM Regulation on 4 November 2014;
- the SSM Supervisory Board has largely finalised the process of determining which credit institutions in the euro area should be deemed significant and therefore subject to direct supervision by the ECB. These lists will be published on the ECB’s website before 4 September 2014;
- the ECB is finalising the methodology for the join-up of the asset quality review and the stress test, which will be published in the first half of August 2014;
- before 4 November 2014, the ECB will publish its guide to the SSM’s approach to banking supervision; and
- staffing of the SSM is proceeding, with more than 15,700 job applications received.
The ECB intends to publish the fourth and final SSM quarterly report in November 2014.