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Since 4 November 2014, the European Central Bank (ECB) has fully assumed its supervisory tasks under the new prudential supervisory architecture for banks within the EU implemented by Council Regulation (EU) No 1024/2013 of 15 October 2013 (SSM Regulation). The SSM is a system of financial supervision which is composed of the ECB and the participating national competent authorities of the European Union, i.e. Member States of the euro area and any other Member State of the European Union not part of the euro area but which decided to participate in the SSM through “close cooperation” between its national competent authority and the ECB. The SSM is the 1st pillar of the Banking Union.
The ECB is in charge of the direct supervision of the significant banks assisted by the national supervisory authorities. Less significant institutions are supervised by their national supervisory authority, under the oversight of the ECB.
The criteria for determining whether banks are considered significant as well as the full list of all supervised entities can be found on the ECB Banking Supervision website.
The main objectives of the SSM are to ensure the safety and soundness of the European banking system and to increase the financial integration and stability in Europe. The ECB is in charge of ensuring the efficiency and coherence of the SSM functioning by cooperating with the national competent authorities of the participating EU countries.