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On 4 November 2014, the European Central Bank will take over as the central supervisory authority for Eurozone banks under the Single Supervisory Mechanism (SSM) – which will be the world’s largest banking supervisory system. Even three years ago hardly any observers would have anticipated this development.
The SSM is the first part of the Eurozone Banking Union project and is uncharted territory for the ECB, national supervisors and banks alike. The latest Eurozone bank stress test establishes the immediate priorities for the ECB as the direct prudential supervisor for the 120 largest Eurozone banks. For Eurozone banks, on the other hand, old routines and relationships with supervisors are likely to change or even be replaced.
This note sets out the reasons why the SSM came into being and outlines its key features. It also explores its impact on the EU Single Market for financial services and expectations for the SSM’s first year of existence.
For more information please contact Brunswick Brussels: http://www.brunswickgroup.com/contact-us/brussels/