This timeline shows the key steps of European banking supervision – from the initial proposals for a banking union, through the EU legislative process to the launch of the Single Supervisory Mechanism and beyond.
29 June 2012
European Council paves way for banking union
Euro area Heads of State or Government decide to assign supervisory tasks to the ECB within a Single Supervisory Mechanism.
- 26 Jun. 2012 – European Council publishes report towards a genuine Economic and Monetary Union
- 30 May 2012 – European Commission calls for a banking union
- 25 Apr. 2012 – ECB President Mario Draghi refers to the strengthening of banking supervision and resolution at the European level
12 September 2012
European Commission presents legislative proposals
The European Commission presents draft regulations, which assign specific supervisory tasks to the ECB (SSM Regulation) and align the role and responsibilities of the EBA with the new framework for banking supervision. It also formulated a road map towards a banking union.
5 December 2012
“Four Presidents’ Report” lays out detailed plans for a genuine Economic and Monetary Union
The Presidents of the European Council, the European Commission, the European Central Bank and the Eurogroup present the “Four Presidents’ Report”, which builds on the vision presented by European Council President Herman Van Rompuy on 26 June 2012 and sets out a road map for the creation of a genuine Economic and Monetary Union.
23 October 2013
ECB starts comprehensive assessment
The ECB, together with the national supervisors, starts the comprehensive assessment, a “financial health check” of 130 banks. The results of the comprehensive assessment are to be published before the ECB assumes its supervisory role in November 2014.
3 November 2013
SSM Regulation enters into force
The SSM Regulation provides that the ECB assumes its full supervisory tasks on 4 November 2014.
- 15 Oct. 2013 – EU Council adopts the SSM Regulation
- 12 Sep. 2013 – European Parliament approves the Commission's legislative proposals
- 27 Nov. 2012 – ECB broadly welcomes the European Commission's legislative proposals
16 December 2013
Danièle Nouy appointed as Chair of the Supervisory Board
The EU Council appoints Ms Danièle Nouy as Chair of the Supervisory Board of the SSM for a five-year term starting on 1 January 2014.
11 February 2014
Sabine Lautenschläger appointed as Vice-Chair of the Supervisory Board
The EU Council appoints Ms Sabine Lautenschläger as Vice-Chair of the Supervisory Board of the SSM starting on 12 February 2014. As required by the SSM Regulation, the Vice-Chair was chosen from among the members of the ECB’s Executive Board.
15 May 2014
SSM Framework Regulation comes into force
The SSM Framework Regulation sets out the legal structure for the ECB’s cooperation with national supervisory authorities within the SSM. It governs relations between the ECB and national supervisors and includes rules that apply directly to banks.
19 August 2014
Regulation on the Single Resolution Mechanism enters into force
The Regulation on the Single Resolution Mechanism sets out uniform rules and procedures for the resolution of banks under the Single Resolution Mechanism, supported by a Single Resolution Fund. A Single Resolution Board will work in close cooperation with the national resolution authorities of the participating countries.
4 September 2014
ECB publishes list of credit institutions
The ECB publishes the list of the significant credit institutions under direct ECB supervision as well as the list of the less significant banks in the euro area, which remain supervised by the national supervisors.
8 September 2014
Members of Administrative Board of Review appointed
The ECB’s Governing Council appoints all five members and two alternates of the Administrative Board of Review. Banks can ask this independent body to review the ECB’s supervisory decisions.
26 October 2014
ECB publishes results of comprehensive assessment
Following the completion of the comprehensive assessment, the ECB publishes the results for individual banks and for countries as a whole, together with recommendations for supervisory measures.
4 November 2014
ECB Regulation on supervisory fees enters into force
The ECB Regulation on supervisory fees sets out how the annual supervisory fee for banks is calculated and applied, and how it is levied from all supervised banks.
4 November 2014
Single Supervisory Mechanism becomes operational
The ECB fully assumes supervisory responsibility for banks in the Member States participating in the SSM.
19 December 2014
Members of the Single Resolution Board appointed
The EU Council appoints members of the Single Resolution Board and adopts the methodology for banks’ contributions to the resolution funds.
1 January 2015
Lithuania joins the Single Supervisory Mechanism
By adopting the euro, Lithuania automatically joins the SSM as the 19th participating country. Its three largest banks fall under the ECB’s direct supervision.
1 January 2016
Single Resolution Board becomes operational
The Single Resolution Board decides whether and when to place a bank into resolution and sets out, in the resolution scheme, a framework for the use of resolution tools and the Single Resolution Fund.