The ECB has published its decision on the credit institutions that will be subject to comprehensive assessment by the ECB. The relevant credit institutions are listed in the Annex to the decision.
The assessment is an important step in preparing the single supervisory mechanism and, more generally, towards bringing about greater transparency of the banks’ balance sheets and consistency of supervisory practices in Europe.
The goals of the comprehensive assessment are three-fold:
- transparency – enhancing the quality of information available on the condition of banks;
- repair – identifying and implementing any necessary corrective actions;
- confidence building – assuring all stakeholders that banks are fundamentally sound and trustworthy.
The ECB will carry out a comprehensive assessment of large banks before 3 November 2014 (before taking on the role as supervisor under SSM on 4 November 2014). In accordance with Article 33(4) of the Regulation establishing the SSM (Regulation 1024/2013), the decision provides that national competent authorities (NCAs) responsible for supervising the listed credit institutions must submit "all information of relevance to the comprehensive assessment that the ECB requests.