On 4 November, the ECB took on the far-reaching supervisory responsibilities assigned to it for credit institutions in the euro area. In the SSM, the ECB and the euro-area national competent authorities work together. The division of tasks between the European and national institutions is based on the distinction between significant and less significant institutions.
Specifically, the following institutions are defined as significant:   banks with total assets of more than € billion or more than 20% of national GDP with total assets also in the latter case having to amounting to at least € billion;    banks receiving direct or indirect assistance from the EFSF or the ESM;  2  BIS central bankers’ speeches    the three most significant credit institutions in an SSM member state.