The draft list of significant credit institutions was published by the ECB on 27 June 2014. It contains all notified supervised entities within eurozone member states, for the purpose of the single supervisory mechanism (SSM). The list is expressly subject to changes before the final list is published by 4 September 2014. For more details on the assessment of whether or not a bank is “significant” and likely to be included on the list, see this blog post.
As a reminder, the significant credit institutions will be subject to direct supervision by the ECB, which will take over the roles of national competent authorities. The ECB will be exclusively empowered to carry out vital tasks for prudential supervision, as of 4 November 2014.
It remains uncertain whether the direct supervision by the ECB will be a blessing, a burden or even a bottleneck for the credit institutions judged to be significant.Contact Us