‒  Also some other banks from the outside potentially fall under SSM supervision. The Swedish SEB, for instance, has a subsidiary in Germany. ‒  Other large subsidiaries of non-euro area banks in the euro area include Bank of America (Ireland), HSBC (France and Malta), RBS (Netherlands), Bank New York Mellon (Belgium), Barclays (Spain), GE Capital (France), State Street (Luxembourg) and Cerberus (Austria).
However, if it were to happen, its impact on the economy and financial system would be severe. We also focus on three other key risks:   a sharp increase in global long-term interest rates;    stress emanating from China and other emerging markets; and    serious financial stress from the euro area.