The Joint Supervisory Teams (JST) are responsible for the day-to-day supervision of significant banks. They propose inspections, in which they participate without leading the inspections. That task is allocated to the Head of Mission. The Head of Mission is nominated by the horizontal Directorate General, Micro-Prudential Supervision IV – that is, by the ECB. Generally, on-site inspection teams are led by NCA staff.
Inflation remains under control, following the largest international commodity and asset price surge for decades. We greatly expanded our liquidity facilities. Cash continues to circulate, in the face of enormous pressure to hoard it. We continue to develop our monetary policy, liquidity management and prudential policy tools and to consider how the mix of tools might best be applied.