ECB: supervision of leading banks and banks receiving European support

A clear distinction will be made between the role of the ECB and that of the national supervisory authorities. The ECB will initially supervise only the banks that have applied for or been granted European aid, before extending its supervision to other banks. Eventually it will oversee all banks with total assets of over EUR 30 billion and/or exceeding one-fifth of national income. This is likely to be effective from 1 March 2014 at the earliest. 
 
Smaller banks
Day-to-day supervision of smaller banks not receiving aid will remain the responsibility of the national supervisory authorities. However, the ECB can take over supervision of a bank at any time, for example if it is in difficulty.
 
Major decisions
The ECB will have a new Supervisory Board, which will take all major decisions. In addition to the ECB directors, the Board will include representatives of the national supervisory authorities. DNB Executive Director Jan Sijbrand and his European colleagues will therefore make regular trips to Frankfurt to take key decisions.
 
Preparations
The ECB and the national supervisory authorities have now started preparing for EU-wide supervision (allocating responsibilities between Frankfurt and the national authorities). They are also working on a framework for submitting prudential reports to the ECB. DNB will work to ensure that Dutch banks can use existing reporting systems wherever possible, as this will keep their workload to a minimum.  
 
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