The Council has agreed the text of the proposals aimed at establishing a single supervisory mechanism (SSM) for Europe’s banks. The European Central Bank will take on direct supervision of any bank with assets exceeding 30 billion euros or over 20% of the GDP of the Member State where it is established, unless its assets are below 5 billion euros. Decisions in EBA will require double majority, of both SSM-participating and non-participating Member States. The text agreed on the Regulation amending EBA is a Council general approach, still to be negotiated with the European Parliament. The SSM will be effective in March 2014. (Source: Agreed Text on SSM Powers to ECB Council Regulation and General Approach on Amendments to EBA Regulation)