SSM: banks fret over giant supervisor's first steps
The European Central Bank is now home to the world’s biggest bank supervisor – a proud boast. Banks like the idea of harmonised eurozone supervision, but say their early brushes with the new overseer have been confusing and stressful
The Single Supervisory Mechanism (SSM) – the eurozone's new big-bank watchdog – is an infant giant. Responsible for the oversight of 123 large banks based in 19 countries, it took its first, toddling, earth-shaking steps on November 4 last year, after hiring 800 supervisors during the course of 2014, and writing the 2,000-page manual that will guide their work.
As with all infants, its arrival has redefined the world around it. Banks are getting used to a new way of working, and their concerns
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