As part of the on-going review of the implementation of the SSM, the Chair of the Supervisory Board of the ECB, Ms Daniele Nouy, visited the Malta Financial Services Authority earlier this month.
The main purpose of Ms Nouy's visit to Malta was to meet and address stakeholders from the banking industry as well as MFSA staff who are directly or indirectly involved within the wider SSM processes and procedures. Issues of common concern were discussed in a frank and open discussion, ensuring that the Authority and the industry provided and received feedback following the first full year of operation of the SSM.
As from the 4th of November 2014, the European Central Bank (ECB) was vested with banking supervision tasks and responsibilities as part of the Single Supervisory Mechanism (SSM), which besides the ECB also comprises the national competent authorities of participating countries within the Eurozone. The Supervisory Board's mandate is to plan and carry out the ECB's supervisory tasks, undertake preparatory work, and propose complete draft decisions for adoption by the ECB's Governing Council.
The main aims of the SSM are to ensure the safety and soundness of the European banking system and to increase financial integration and stability in Europe.
MFSA Newsletter - December 2015
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