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Report of the Task Force on European Banking Union on prudential supervision of medium-sized and small (“less significant”) institutions in the European Union after the introduction of the Single Supervisory Mechanism

Audit Id 1515574522192
Title Report of the Task Force on European Banking Union on prudential supervision of medium-sized and small (“less significant”) institutions in the European Union after the introduction of the Single Supervisory Mechanism
Title in original language

English

Year 2017
Subject

Financial Institutions and Markets

Regulation, Regulators and Competition

Type

Compliance/Legality

Performance

Type of performance

Cooperative

Comments A comprehensive audit mandate assessing the supervisory review and evaluation process of banking supervision is no guaranteed in the Single Supervisory Mechanism (SSM). Before November 2014, national Supreme Audit Institutions audit scope went far beyond what the ECA is able to exercise today vis-à-vis the ECB. These are the findings set out in a report published jointly by several Supreme Audit Institutions. As from 2008, Europe was hit by a financial crisis and a subsequent sovereign debt crisis. Many governments supported failing financial institutions with public funds amounting to hundreds of billions of euros. In response, the countries of the euro area introduced the European Banking Union, including a Single Supervisory Mechanism. In this Mechanism, the European Central Bank is directly responsible for prudential supervision of all ‘Significant Institutions’. National Competent Authorities are directly responsible for supervising the ‘Less Significant Institutions’, based on guidance of the European Central Bank.
Country

Austria

Cyprus

Finland

Germany

The Netherlands

Materials

Joint report

English

Download report
Contact
International Relations Service
international@brh.bund.de
http://www.bundesrechnungshof.de
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