Second, the ECB will have access to the data concerning all credit institutions. Third and most important, the ECB, on the basis of the information and data received, may decide at any time to exercise directly supervisory powers also on one or more credit institutions, either on its own initiative or on request by the national competent authorities.
Therefore, the legislation provides a framework that includes the right incentives to ensure that the level playing system among all credit institutions in the Member States participating to the SSM is maintained. At the same time, it allows fully exploiting the existing wealth of knowledge and experience by national supervisory authorities.