The European Commission has issued its second quarterly report in relation to progress made in the operational implementation of the Single Supervisory Mechanism Regulation.

The key messages include:

  • The establishment of the SSM governance structures, including the related organisational rules and arrangements, has largely been completed.
  • The SSM Framework Regulation was adopted by the Governing Council on a proposal of the Supervisory Board and published on 25 April 2014, together with a Feedback Statement on the outcome of the consultation and the amendments which had been introduced.
  • Work on the SSM Supervisory Manual continued during the period under review.
  • The establishment of Joint Supervisory Teams which will be the main operational structure for the conduct of supervision by the SSM, has been initiated.
  • The staffing of the SSM is proceeding at a satisfactory pace, after initial delays in the appointments at senior manager level.
  • There has been significant progress in the conduct of the comprehensive assessment.
  • The Supervisory Board approved a Supervisory Reporting Manual, which will provide the data framework to support the conduct of supervision.