Chair ECB-SSM: Update On The Next SSM

RegCORE Client Alert | Banking Union

QuickTake

The term of the current Chair of the ECB-SSM (the Chair) will come to an end at the end of 2023. The Chair of the European Central Bank's (ECB) Supervisory Board heads the banking supervision tasks ascribed to the ECB since 2014, with the establishment of the Single Supervisory Mechanism (SSM). The power to approve and appoint the Chair and the Vice-Chair of the Supervisory Board is vested, respectively, in the European Parliament (the Parliament) and the Council of the European Union (the Council). Accordingly, this decision is to be taken on the basis of a – highly anticipated – open selection procedure.

As the race to replace current Chair Andrea Enria has not yet officially started, with an official vacancy notice published 17 May 2023 Show Footnote, three key names have been floating around the last weeks: Claudia Buch, Margarita Delgado and Sharon Donnery. It is worth reminding at this point, the Chair is