Under the new European supervisory structure, the ECB assumed direct supervision of the 120 most significant euroarea banks on 4 November. Ms Buch has already discussed many important aspects of the Financial Stability Review, which I will now expand upon by taking a look at the current risk situation of the German banking sector. 2.
This grew by leaps and bounds in 2015 to 2019, recording over 6,400 daily volume of transactions on average, which were valued at P1.3 trillion per day. Moving toward an open banking system, PhilPaSS was enhanced into PhilPaSSplus, which accommodates the growing number of settlements between financial institutions while having stringent controls to support security of transactions.