•  Should the home-country authorities of the large banking groups headquartered outside the euro area remain outside of the SSM, the ECB would assume the responsibility of a host supervisor of the major subsidiaries in the euro area. ‒  Nordea and Danske Bank have significant subsidiaries in Finland, which would bring them under direct supervision of the ECB.
Financing of the housing sector is an area of economic analysis that has come to prominence only in the last couple of decades. Two, perhaps inter-related, developments have contributed to this new prominence, financial innovation and the wide gyrations in housing prices that have been observed in the last two decades, starting with the real estate collapses in Japan and other Asian countries.