ECB On Track for Bank Supervision According to Asmussen

The European Central Bank will be able to begin its new banking supervision role on time if European lawmakers back legislation next week for it to take on the role, ECB Executive Board member Joerg Asmussen said on Wednesday.

Asmussen expects the so-called single supervisory mechanism (SSM) to begin work next autumn, he said earlier in a speech.

“The timetable (for the SSM) is ambitious, but doable under the premise that the EU parliament approves the legislation for the SSM next week,” Asmussen said in a response to questions at a banking conference in Frankfurt.

He also said he expects to communicate details of a balance sheet review to banks this autumn and then the review to take place at the beginning of next year. The ECB is conducting the review to look into banks before it starts supervising them.

via Reuters

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