The vacancy notices for the middle management will follow a few weeks later, and then – in accordance with the cascade principle – the broad  2  BIS central bankers’ speeches  recruitment will begin. We need to be ready with the basic structure of the organisation for the Asset Quality Review (AQR) towards the end of the first quarter of 2014.
Let me therefore briefly take this opportunity to describe how we foresee the SSM’s organisational structure. The SSM will contain four Directorates General and a Secretariat Division. Two of the Directorates General (DGs Micro-Prudential Supervision I and II) will conduct the direct and day-to-day supervision over significant banks.