For on 4 November 2014, the ECB became the direct supervisor for the 123 largest banks in the euro area. Together, these institutions account for more than 85% of the aggregate total assets of the euro area’s banking sector. That makes the ECB one of the world’s biggest banking supervisors.
Yet the ECB is not walking alone; it is being accompanied by the national supervisors. Ultimately, European banking supervision rests on the shoulders of both the ECB and the national supervisors. Let me therefore share with you my view, as a national supervisor, of the first six months of European banking supervision. 2.