During the past months, the national competent authorities and the ECB have got the first flavour of acting closely together. The comprehensive assessment also provides the ECB with a deep knowledge of the major banks to be under its direct supervision. After thorough preparations since last year, the SSM will assume its supervisory tasks next week.
I am confident that due to the SSM, we will have a more effective and efficient supervision, making the banking sector safer and helping it fulfil its tasks in the economy. 4  BIS central bankers’ speeches  ***** For the ECB, taking over the responsibility on banking supervision is a big challenge.