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The Supervisory Review and Evaluation Process, also known as ‘SREP’, is a periodic assessment of the risks taken by European banks. This process, undertaken annually by supervisors from the ECB and Joint Supervisory Teams, is an essential element of the implementation of the Single Supervisory Mechanism.
SRM (Single Resolution Mechanism): decision process that applies to banks covered by the Single Supervisory Mechanism. SRM covers all banks established in the Eurozone. SSM (Single Supervisory Mechanism): synonym of European Banking Supervision.
It followed by announcing two major policy initiatives: first, the creation of European Banking Supervision under the European Central Bank's central authority, using Article 127(6) of the Treaty on the Functioning of the European Union; and second, "when an effective single supervisory mechanism is established," the possibility of direct bank ...
The Single Resolution Board (SRB) was established in 2014 by Regulation (EU) No 806/2014 on the Single Resolution Mechanism (SRM Regulation) and began work on 1 January 2015. It became fully responsible for resolution on 1 January 2016 and was henceforth the resolution authority for around 143 significant banking groups as well as any cross ...
Single Supervisory Mechanism (SSM) Depositor and Investor Protection; Supervision of securities markets departments; Supervision of investment firms; Innovation, payments, markets infrastructures and governance; Supervision of information systems and support PFS; Personnel, administration and finance; Information systems of the CSSF (IT) Resolution
In the banking union (which includes the euro area as well as countries that join on a voluntary basis, lately Bulgaria), the European Central Bank, through its supervisory arm also known as ECB Banking Supervision, is the hub of banking supervision and works jointly with national bank supervisors, often referred to in that context as "national ...
The Single Resolution Board (SRB) is an EU agency that was established in Brussels in 2015 as part of the broader set of reforms known as the banking union. It acts as the bank resolution authority for a subset of banks in the euro area and as the institutional hub of the Single Resolution Mechanism (SRM). Resolution is the restructuring of a ...
For banks that are subject to the direct supervision of the ECB in the "Single European Supervisory Mechanism" (SSM), a separate resolution authority was created at European level ("Single Resolution Mechanism - SRM"). [citation needed] As the national resolution authority for Austria, the FMA is part of the SRM. [13]