Regulatory Capital ECB Publishes First SSM Quarterly Report

On 4 February 2014, the European Central Bank ("ECB") published its first Single Supervisory Mechanism ("SSM") (Regulation 1024/2013) quarterly report. The report covers the ECB's work from June 2012 to February 2014.

The following milestones are noted in the report:

• the development of the supervisory model of the SSM as reflected in the draft SSM supervisory manual (which covers the tasks and supervisory processes of the SSM, including the relations between the ECB and national competent authorities ("NCAs"));
• the finalisation of the draft ECB SSM Framework Regulation, (which will be submitted for public consultation before adoption); and
• the initial mapping of the euro area banking system, including a catalogue of all supervised entities falling within the scope of the SSM.