•  Contrary to the Single Rule Book the institutional framework in the Banking Union will only cover a subset of EU member states – the euro area countries and the countries opting in.
•  As the name implies, the SSM will be a unitary supervisory system, composed of national competent authorities and the ECB – and close cooperation between them – and with the possibility of non-euro area Member States to participate. •  The ECB will assume direct supervisory responsibility and major decision making powers for significant banks meeting certain criteria.