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 |
| Titre dans la langue originale |
English |
| Année | 2017 |
| Sujet |
Financial Institutions and Markets Regulation, Regulators and Competition |
| Type |
Compliance/Legality Performance |
| Type de performance |
Cooperative |
| Description | 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. |
| Auteur |
Austria Cyprus Finland Germany The Netherlands |
| Matériels |
Joint report English |
| Contact |
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