Five work streams are underway: first, on mapping the euro area banking system to identify systemically important banks; second, on the supervisory model to be adopted, which is most likely to be centred around joint supervisory teams; third, on supervisory data reporting; fourth on legal issues; and fifth, on the asset quality review that we will undertake prior to taking any bank under supervision.
It  BIS Review 72/2009  5  is also vital to ensure that stability is restored to the banking sector as quickly as possible and I have outlined the actions already taken in this regard.