UK:
Meeting The Challenge Of The SSM
03 November 2014
Deloitte
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Background
The formal start of the Single Supervisory Mechanism (SSM) draws
a line under months of preparations for the transfer of prudential
supervision to the European Central Bank (ECB). However, this
milestone is just the start of a journey that will test both
supervisors and banks.
The next 12 months will be key for establishing the priorities
and approach of the SSM, with the first six months dominated by
addressing the findings of the recently completed Comprehensive
Assessment. Banks that engage in early planning and move
proactively to adapt to the new regime could be at a strategic
advantage.
This paper takes note of lessons learned during the
Comprehensive Assessment. It builds on those observations with an
analysis of the SSM's supervisory principles and objectives,
translating them into practical expectations of the new approach.
Finally, it offers a view on what banks need to consider when
preparing for ECB supervision, including the profile of the new
supervisor and its implications for building an effective
supervisory relationship.
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