The ECB directly supervises the 118 significant banks of the participating Member States. These banks hold almost 82% of banking assets in the euro area. This includes Bank of Ireland, Allied Irish Banks, Permanent TSB and Ulster Bank Ireland DAC. Ongoing supervision of the significant banks is carried out by Joint Supervisory Teams (JSTs).
Each significant bank has a dedicated JST, comprising staff of the ECB and the national supervisors. The indirectly supervised banks, are known as “less significant” institutions. These banks are supervised by their national supervisors, in close cooperation with the ECB. At any time, the ECB can decide to directly supervise any one of these banks.