The European Central Bank (ECB) has published its second Quarterly Report on the progress in implementing the Regulation on the single supervisory mechanism (SSM). The report covers the period between 4 February 2014 to 3 May 2014.
The key messages in the report are:
- the establishment of the SSM governance structures, including the related organisational rules and arrangements have largely been completed;
- the framework Regulation for the SSM was adopted by the ECB’s Governing Council on 25 April 2014. Work continues on the SSM supervisory manual. This manual covers the processes and procedures as well as the methodology for the supervision of significant and less significant institutions and has been further refined using feedback from national competent authorities. The ECB will also publish a guide to supervisory practices, clarifying the features, tasks and processes of the SSM;
- work has begun on establishing joint supervisory teams that will be the main operational structure for the conduct of supervision by the SSM;
- the ECB’s supervisory board has approved a supervisory reporting manual which will provide the data framework to support the conduct of supervision; and
- preparatory work is well advanced in a number of areas including IT infrastructure and a framework for supervisory fees.