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. Continue reading →
On 9 January 2014, the European Central Bank (ECB) published a press release announcing the appointment of four Directors General who will head the single supervisory mechanism (SSM) starting early 2014: Continue reading →
On 11 December 2013, the European Commission published a press release containing remarks made by Michel Barnier, European Commissioner for Internal Market and Services on EU banking structural reform. Mr Barnier stated that the legislative proposal on EU banking reform will be presented at the beginning of January 2014. Following the recent publication of the Volcker Rule on 10 December 2013, the Commission will also look at the details of this new rule (see this blog post for more details). For certain banks deemed too big to fail, he explained that the EU banking reform proposal will consider separation, calibration and treatment of the risks taken by these banks.
Yesterday’s meeting of finance ministers in Brussels failed to establish crucial details over bail-in according to the Financial Times. The negotiations did produce a draft compromise broadly based on Germany’s revised position (see this blog post for more details). The financing details will be left to an emergency meeting on the eve of the next EU summit in Brussels on 19 December 2013. In the event Brussels rejects the board proposal, the plans would need the approval of the European Commission or a majority vote of banking union member states.
An article in today’s Financial Times reports that, today’s meeting of finance ministers in Brussels is expected to make further progress on the creation of a single banking framework union. Following a meeting of key countries and EU officials in Berlin last Friday, unsubstantiated reports that France and Germany were resolving ongoing differences and a deal was close to completion emerged. Continue reading →
On 2 December 2013, the Council of the European Union published a press release announcing that it has approved the Memorandum of Understanding (MoU) (15963/13) between the Council and the European Central Bank (ECB) relating to the single supervisory mechanism (SSM). A few days earlier on 30 November 2013, the Inter-institutional Agreement (IIA) between the ECB and the European Parliament on the implementation of procedures related to the SSM was published in the Official Journal of the EU (OJ).
On 28 November 2013, the Presidency of the EU Council published its latest Compromise Proposal (17055/13) with respect to the Single Resolution Mechanism (SRM). Changes to the previous compromise text (15503/13) are highlighted in bold and underlined.