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.
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.
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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