Our domestic supervisory engagement cycle, approval procedures, and internal supervisory guidance, enshrined in PRISM, were effective from 2011 to October 2014; they have now been replaced by the prescriptions of the SSM Supervisory Manual, which are guided by a similar, if not more, tough, intrusive and sceptical ethos.
Daily supervision of the larger banks is conducted by joint supervisory teams, mostly made of Central Bank staff, but always headed by an ECB coordinator based in Frankfurt. These coordinators propose draft decisions drawn in consultation with us to the Supervisory Board of the ECB, where I sit.