The European Central Bank (ECB) has published an introductory statement given by Daniele Nouy, Chair of the Single Supervisory Mechanism (SSM) Supervisory Board, at a hearing of the European Parliament’s Committee on Economic and Financial Affairs. In her statement, Ms Nouy observed the following:
- good progress has been made in preparing for the SSM. Most senior managers have been appointed and progress is underway to recruit around 800 supervisors. In addition, the composition of the joint supervisory teams, which will be responsible for the operational supervision of significant credit institutions, is taking shape. In parallel, the ECB is designing information management solutions to support supervisory processes;
- there is now a largely developed supervisory model of the SSM, which is reflected in a draft supervisory manual. Although this manual is an internal staff document, a public version will be prepared in due course; and
- preparation of the SSM fee framework is well on track. A public consultation is envisaged in the first half of 2014.