Besides, fraud can be a very potent force in terms of its impact on confidence in the banking system; damages to the integrity and stability of the economy; it can collapse banks (like BCCI and Ghana Co-operative Bank), undermine the central bank’s supervisory role and even create social unrest and discontent and political upheavals for Government.
Coming together: the first year of European banking supervision  European supervisors came together over a year ago to put the first pillar of the European banking union in place. The SSM became operational on 4 November 2014. That was the date on which the ECB assumed responsibility for supervising the most significant banks in the euro area.