Ms Sharon Bowles
Chairwoman of the Committee
on Economic and Monetary Affairs
60, rue Wiertz
Frankfurt, 10 January 2014
Re: Your letter of 6 December 2013 [here]
Dear Ms Bowles,
Thank you for your letter of 6 December in relation to the ECB’s internal preparations for the Single Supervisory Mechanism (SSM). A number of the issues raised in your questions remain under discussion. On other aspects, this letter provides relevant information, complementing my letter of 15 November 2013, now that more information is available.
Brussels, 13 December 2012
The Council today (1) set out its position on two proposals aimed at establishing a single supervisory mechanism (SSM) for the oversight of credit institutions.
Agreement in the Council will enable the presidency to negotiate with the European Parliament with the aim of adopting the legislation before the end of the year, in line with the October European Council’s conclusions.
The proposals involve two regulations: one conferring supervisory tasks on the European Central Bank, the other modifying regulation 1093/2010 establishing the European Banking Authority (2).