The Supervisory Board of the Single Supervisory Mechanism (SSM) met for its inaugural meeting at the European Central Bank (ECB) in Frankfurt am Main, Germany today. As Executive Director of the Financial Market Authority (FMA), the competent national authority in Austria, Helmut Ettl was appointed to represent Austria as a voting member of the SSM Supervisory Board. The SSM Supervisory Board is currently composed of 24 members. Danièle Nouy, former Secretary General of the French banking supervisory authority, has been appointed Chair for a period of five years. Five other Supervisory Board members represent the ECB, and the 18 EU Member States currently participating in the SSM are each entitled to representation by one voting member. A representative of the competent national authority is to be appointed in each case.
The SSM Supervisory Board is the decision-making body of the new European architecture for banking supervision, referred to in short as the SSM; this body, which is structured in a decentralised fashion under the ECB as umbrella organisation, relies mainly on the national supervisory institutions for conducting practical supervision. The SSM Supervisory Board is responsible for planning and carrying out the ECB’s activities in the area of banking supervision. The body has the mandate to organise all preliminary activities, as well as to prepare and then take all decisions related to supervision. “The great challenge facing us in the coming months will be to complete all the necessary preparations that will allow the ECB to take over practical supervision of the 128 largest European banks according to schedule by November of this year. We also have to create and make operational the structures that will guarantee a strict separation of roles in monetary policy and in banking supervision, in this way ensuring the success of the new European system,” FMA Executive Director and SSM Supervisory Board member Helmut Ettl stated.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43/(0)1/24959-6006
+43/(0)676/882 49 516