User:Ant.ucl/Single Supervisory Mechanism
From Wikipedia, the free encyclopedia
The Single Supervisory Mechanism (SSM) is the first pillar of the European banking union and is the legislative and institutional framework that grants the European Central Bank (ECB) a leading supervisory role over banks in the EU. The ECB directly supervises the larger banks while it does it indirectly for the smaller ones. Eurozone countries are required to participate, while participation is voluntary for non-eurozone EU member states. In October 2020, two non-Eurozone countries joined the European banking supervision mechanism through a process known as close cooperation: Bulgaria and Croatia. As of early 2021, the SSM directly supervises 115 banks across the Union, representing almost 82% of banking assets of these countries. The SSM, along with the Single Resolution Mechanism are the two central components of the European banking union.
This is not a Wikipedia article: It is an individual user's work-in-progress page, and may be incomplete and/or unreliable. For guidance on developing this draft, see Wikipedia:So you made a userspace draft. Find sources: Google (books · news · scholar · free images · WP refs) · FENS · JSTOR · TWL |
European Union regulation | |
Title | Conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions |
---|---|
Applicability | All EU member states. However, only eurozone states and EU member states with "close cooperation agreements" (collectively referred to as participating SSM members), will become subject to the supervision tasks conferred to ECB. |
Made by | Council of the European Union |
Made under | Article 127(6) of the TFEU. |
Journal reference | OJ L287, 29.10.2013, p.63–89 |
History | |
Date made | 15 October 2013 |
Came into force | 3 November 2013 |
Implementation date | 4 November 2014. |
Current legislation |