A member of the European Central Bank’s (ECB) Executive Board has made a speech which includes details of the ECB’s internal preparations for the single
Mr Asmussen said that the ECB’s internal preparations are concentrated on four main areas:
- the construction of a database with information on all euro area banks - with the help of this database the ECB will decide which banks will be directly supervised by the ECB. The ECB’s current estimate is that around 130 banks and banking groups will come
under direct supervision;
- reporting to the single supervisory mechanism - in order to harmonise the data collection the ECB has drawn up extensive guidelines, which are now being tested in a pilot study;
- a uniform supervisory model - which will lay down how the different national and European layers will work together; and
- a comprehensive assessment of the banks that will be directly supervised by the ECB.
Single supervision is expected to commence in Autumn 2014.