The Single Supervisory Mechanism was established by Council Regulation (EU) 1024/2013 conferring specific tasks on the European Central Bank (ECB) concerning policies relating to the prudential supervision of credit institutions (the SSM Regulation).
The Single Supervisory Mechanism was established by Council Regulation (EU) 1024/2013 conferring specific tasks on the European Central Bank (ECB) concerning policies relating to the prudential supervision of credit institutions (the SSM Regulation). Its operational framework was specified by Regulation (EU) 468/2014 of the European Central Bank establishing the framework for cooperation within the Single Monitoring Mechanism between the ECB and national competent authorities and with national designated authorities (SSM Framework Regulation).
All euro area countries participate automatically in the SSM. EU Member States outside the euro area can choose to participate. To do so, their national supervisors enter into “close cooperation” with the ECB.
Within the SSM, the ECB directly supervises all euro area credit institutions that are classified as significant (significant institutions or SIs). The national supervisors (national competent authorities, NCAs) conduct the direct supervision of less significant institutions (LSIs), subject to the oversight of the ECB..
The classification of credit institutions into significant and less significant is based on the criteria laid down in Regulation (EU) 1024/2013 and further specified in Regulation (EU) 468/2014.
Accordingly, the ECB directly supervises the following significant credit institutions authorised in Greece:
- Alpha Bank S.A.
- Eurobank Ergasias S.A.
- National Bank of Greece S.A.
- Piraeus Bank S.A.