ECB Identifies Banks Subject to SSM

On 6 February 2014, the European Central Bank (ECB) published a decision identifying those banks that are subject to comprehensive assessment under the Single Supervisory Mechanism (SSM) in accordance with Article 33(4) of Regulation 1024/2013.

The comprehensive assessment is to be carried out by 3 November 2014, prior to the ECB taking up its role as supervisor on 4 November 2014 and will apply to all credit institutions, financial holding companies or mixed financial holding companies:

• the total value of whose assets exceeds EUR 27 billion; or
• which represent the three most significant institutions in each of the euro area Member States.

National competent authorities must assist the process by collecting all information of relevance to the comprehensive assessment and submitting the same to the ECB.

 

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