On 27 May 2014, the ECB published a consultation paper on the supervisory fees  it is entitled to levy on euro banks under the Single Supervisory Mechanism (“SSM”) Regulation to recover expenses incurred in its supervisory role. The ECB estimates that it will incur approximately EUR 260 million in expenses in 2015. Responses to the consultation are due by 11 July 2014. The ECB will begin its supervisory tasks under the SSM on 4 November 2014.

The consultation paper is available at:

http://www.ecb.europa.eu/ssm/consultations/shared/pdf/fees/draft-ssm-fees- regulation201405.en.pdf.