It will be important that the non-core management teams and governance arrangements are put in place swiftly to ensure momentum with the deleveraging process. Refreshing boards and management A third key work stream involves improving standards of governance and fitness and probity for the financial services sector generally, and continuing the process of refreshing the boards and management teams of the banks.
A particular innovation here will be the Joint Supervisory Teams, which will contain staff from both the ECB and the national competent authorities. There will be one team for each significant banking group directly supervised by the SSM, operating under the management of a coordinator working for the ECB.