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European Banking Union

Jens-Hinrich Binder (Hrsg.), Christos V. Gortsos (Hrsg.), Klaus Lackhoff (Hrsg.), Christoph Ohler (Hrsg.)

2022

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Art. 4 SSMR Tasks conferred on the ECB Klaus Lackhoff and Andreas Witte S. 37-85

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133E. Legal instruments for the exercise of the supervisory tasks of the ECB(Art. 4 (3)(2) and (3 …” „… ECBissues in exercising this oversight function. Consequently, the fact that the ECB may takeover the …” „… consequence that LSI supervision isalready within the competences of the ECB.The view that the ECB is …”

Art. 9 SSM Framework Regulation The ECB as chair of a college of supervisors Framework Regulation S. 254

„… are deemed by the ECB to be less significant.2Art. 9 SSM Framework RegulationThe ECB as chair of a …” „… college of supervisors1. When the ECB is the consolidating supervisor, it shall chair the college …” „… with Article 51(1) of Directive2013/36/EU, the ECB shall establish a college of supervisors with the …”

Art. 10 SSM Framework Regulation The ECB and NCAs as members of a college of supervisors Framework Regulation S. 254-255

Art. 18 SSMR Administrative penaltiesThe views expressed in this article are those of the author and do not necessarily reflect the views of the ECB. Chryssa Papathanassiou S. 264-277

„… the author and do not necessarily reflect the views ofthe ECB.Art. 18 SSMR Administrative penalties …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27VI. The interplay with the general sanctions regime of the ECB(Regulations (EC) 2532/98 and …” „… of tasks were transferred to the ECB,namely the ECB is exclusively competent for the tasks of …”

Art. 30 SSMR Supervisory feesThe views expressed in this publication are the personal views of the author and not necessarily the ones of the ECB. Georgios Zagouras S. 413-421

„… ECB.Supervisory fees Art. 30 SSMRGeorgios Zagouras 41341-2007_tcm47-156157.pdf>; Niamh Moloney, ‘European Banking …” „… to the SSM tasks of the ECB are not covered by the ECB’snormal budget. Rather, the institutional …” „… and not necessarily theones of the ECB.Staff and staff exchange Art. 31 SSMRGeorgios Zagouras 42117 …”

Art. 28 SSMR ResourcesThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. Martina Almhofer S. 404-409

„… Annual Report on supervisory activities 2014’ (March 2015); ECB,‘ECB Annual Report on supervisory …” „… ECB’scrisis management for banks.19However, sufficient staffing may not only be attained by creating …” „… Annual Report on supervisory activities 2017’ (March 2018); ECB, ‘ECBAnnual Report on supervisory …”

Art. 31 SSMR Staff and staff exchangeThe views expressed in this publication are the personal views of the author and not necessarily the ones of the ECB. Georgios Zagouras S. 421-428

„… and not necessarily theones of the ECB.Staff and staff exchange Art. 31 SSMRGeorgios Zagouras 421172 …” „… decisions of the ECB;(j) the cost effectiveness of the SSM;(k) the possible impact of the application of …” „… with and assisting the ECB and acting on its instructions.48 The NCAs have to applytheir own …”

Art. 29 SSMR Budget and annual accountsThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. Martina Almhofer S. 409-413

„… ); ECB, ‘ECBAnnual Report on supervisory activities 2018’ (March 2019); ECB, ‘ECB Annual Report on …” „… ECB.Supervisory fees Art. 30 SSMRGeorgios Zagouras 413 …” „… Art. 29 SSMRBudget and annual accounts*1. The ECB’s expenditure for carrying out the tasks …”

Art. 26 SSMR Supervisory boardThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and do not necessarily ... S. 354-381

„… those of the ECB.Art. 26 SSMR Supervisory board354 Georg Gruber343536Following the approval of this …” „… duties directly related to the monetary function of the ECB. All the ECBrepresentatives shall have voting …” „… adopting the Rules of Procedure of the ECB(ECB/2004/2), OJ L 80, 18.3.2004, at p. 33; consolidated version …”

Art. 9 SSMR Supervisory and investigatory powersThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and d... S. 146-158

„… ECB.Art. 9 SSMR Supervisory and investigatory powers146 Georg GruberGunnar Schuster, ‘The banking …” „… in the SSMR. The term refers to the ECB’scompetence to undertake investigations and to impose legally …” „… or NDA as the competent authority.18II. Powers of the ECBArt. 9(1)(2) SSMR specifies that the ECB …”

Art. 27 SSMR Professional secrecy and exchange of informationThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. The autho... S. 381-404

„… )38 in order to receive non-public information from the monetarypolicy side of the ECB.Interest in …” „… (with a view to Art. 27 SSMR) include the ECB.Therefore, individual members of ECB staff or its …” „… interplay with the ECB’sprofessional secrecy regime, see also Maricut-Akbik, ‘Holding the Supervisor to …”

Art. 25 SSMR Separation from monetary policy function Christos V. Gortsos S. 341-354

„… thefollowing: information classified as “ECB-CONFIDENTIAL” or “ECB-SECRET” under the ECB’s Confi-dentiality …” „… the staff involved in carrying out other tasks conferred on the ECB.This staff must report to the …” „… with their access rights: ECB-SECRET: access within the ECB limited to those with a strict “need to …”

Art. 14 SSMR Authorisation Elke Gurlit S. 189-215

„… judicial authority may not examine the lawfulness of the ECB’sdecision initiating on-site inspection or any …” „… the ECB unless the ECBobjects within a maximum period of ten working days, extendable once for the …” „… national law, it shall submit a proposal to the ECBto that end. In that case, the ECB shall take a decision …”

Art. 7 SSMR Close cooperation with the competent authorities of participating Member States whose currency is not the euro Christoph OhlerClose cooperation with the competent authorities of participat... S. 133-141

„… the ECBAs a result of Art. 139(2)(e) TFEU and Art. 9(3) SSMR, the ECB may not exercise itssupervisory …” „… from the ESAs’ in ECB(ed), Building bridges: central banking in an interconnected world, ECB Legal …” „… instruc-tions issued by the ECB.D. Suspension and terminationBoth the ECB and the Member State may initiate the …”

Art. 32 SSMR Review Christos V. Gortsos S. 428-445

„… Member States;(i) the effectiveness of the recourse mechanism against decisions of the ECB;(j) the cost …” „… reviews the effectiveness of the external audit applicable to the ECB,considering that the scope of ECA’s …” „… the ECB’sSupervisory Board in the ESRB was further formalised by virtue of Regulation (EU) 2019/2176 …”

Art. 6 SSMR Cooperation within the SSM Christos V. Gortsos S. 92-133

„… measures with the ECB.The national competent authorities shall report to the ECB on a regular basis on …” „… . 6(4) SSMR.111 Accordingly,it became subject to direct supervision by the ECB.The Landeskreditbank …” „… criteriaapplied by the ECB;Second, manifest errors of assessment of the facts;Third, infringement of the …”

Art. 24 SSMR Administrative Board of Review René Smits S. 321-341

„… discussing the position of the ABoR in the decision-making process at the ECB(section 2), the rules applying …” „… decisions adopted under the powers the SSMRgives the ECB.The ABoR is composed of five Members and two …” „… ECB,ECLI:EU:T:2021:669, para. 100.Art. 24 SSMR Administrative Board of Review330 René Smits1819As to the formal …”

Art. 13 SSMR Authorisation by a judicial authority On-site inspections/Authorisation by a judicial authority S. 178-189

„… ECB’sdecision shall be subject to review only by the CJEU.Bibliography Klaus Lackhoff, Single Supervisory …” „… ECBor tasks of other authorities.1The direct vesting of on-site inspection powers to the ECB under the …” „… Statewhose currency is not the euro but that entered into a close cooperation with the ECB,Art. 7 SSMR …”

Art. 20 SSMR Accountability and reporting Fabian Amtenbrink S. 288-302

„… ?’, Journal of European Integration 40 (2018), 295; Diane Fromage, ‘Guaranteeing the ECB’sdemocratic …” „… (Frankfurt a.M. 2017), 25, < https://www.ecb.europa.eu/pub/pdf/other/ecblegalconferenceproceedings201712 …” „… . 19(3) SSMR)Art. 19(3) SSMR instructs the ECB Governing Council to establish “a Code of Con-duct for the …”

Art. 3 SSMR Cooperation Ann-Katrin Kaufhold S. 23-37

„… only applies for the coordination of ECB’ssupervisory work with national oversight of credit …” „… statusof a significant supervised group pursuant to an ECB decision based on Arts. 6(4) or6(5)(b) SSMR.(3 …” „… supervised group within the meaning of Art. 6(4) SSMR.IV. Supervisory procedures and decisions(1) “ECB …”

Art. 10 SSMR Request for information Klaus Lackhoff and Mikulas Prokop S. 158-171

„… SSMRThe Arts. 10-13 SSMR form the first section of the chapter on the powers of the ECB.This mirrors that …” „… of the ECBI. Material scope – what can be requestedArt. 10(1) SSMR grants the power to the ECB to …” „… therefore, the Council may confer upon the ECBtasks whereby ECB powers may extend beyond participating …”

Art. 19 SSMR Independence Fabian Amtenbrink S. 277-288

„… such a Code of Conduct is placed with the ECB’sGoverning Council.5B. Detailed explanationsI …” „… tasks from the monetary policy tasks of the ECB.The latter is addressed in Art. 25 SSMR.12 Yet, in spite …” „… Procedure ECB.Art. 19 SSMR Independence282 Fabian Amtenbrink11121314SSM-related from other tasks, such as …”

Art. 11 SSMR General investigations Klaus Lackhoff and Mikulas Prokop S. 171-177

„… basis of a decision of the ECB.When a person obstructs the conduct of the investigation, the national …” „… decision of the ECB.”General investigations Art. 11 SSMRKlaus Lackhoff and Mikulas Prokop 17516171819The …” „… purpose must be based on the ECB’sprudential supervisory tasks.Further it this decision needs also to …”

Art. 21 SSMR National parliaments Fabian Amtenbrink S. 302-307

„… procedures apply for the formulation/establishment ofsuch a request to the ECB.In contrast to Art. 20(6) SSMR …” „… this is that the ECB as aUnion institution, regardless of its independent position as a monetary policy …” „… context, including those deriving fromDecision 2004/258/EC on public access to ECB documents and namely …”

Art. 33 SSMR Transitional provisions Christos V. Gortsos S. 445-451

„… Bank (ECB)today assumed responsibility for the supervision of euro area banks, following a …” „… contained in the ECB’s“Aggregate Report on the Comprehensive Assessment”.14B. Provisions that have not been …” „… , functions well and proves its effectiveness.Art. 33 SSMRTransitional provisions1. The ECB shall publish the …”

Art. 15 SSMR Assessment of acquisitions of qualifying holdings Elke Gurlit S. 215-235

„… explicitlymentioned in the SSMR (→ Art. 14 paras. 12 et seq.). However, even accepting the ECB’sstance, assessments of …” „… assessment and the NCA’s draft decision. In exercising this task, the NCAs arerequired to assist the ECB.II …” „… complain about lack of competence if the ECB transgressed the limits of its compe-tence.138If an …”

Art. 23 SSMR Reporting of violations Ann-Katrin Kaufhold S. 318-321

„… theidentity of the whistleblower, can contribute significantly to the success of the ECB’ssupervisory …” „… submitted by the pre-structured web platform accessible on the ECB’sbanking supervision website4 or by any …” „… seek judicial review57 and the competent court to carry out its review.58 Therefore theECB must …”

Art. 5 SSMR Macro-prudential tasks and tools Kern Alexander S. 85-89

„… takingsuch a decision, the concerned authority shall duly notify its intention to the ECB.Where the ECB …” „… supervisory competence of ECB(Art. 5(1) SSMR)As analysed elsewhere in this commentary, the SSMR allocates …” „… perspective of the EBA, the ECB is – in the exercise ofits supervisory tasks under the SSMR – one of the many …”

Arts. 103–105 SSM Framework Regulation Procedural provisions for the use of macro-prudential tools Kern Alexander S. 89-92

„… appropriate.Art. 105 SSM Framework Regulation Exchange of information and cooperation in respect of the ECB’suse …” „… Art. 5 SSMR hascreated some legal and institutional uncertainty over the issue of whether the ECB …” „… hasprimary competence to exercise macro-prudential tools, and there has been tension be-tween the ECB and …”

Art. 22 SSMR Due process for adopting supervisory decisions Ann-Katrin Kaufhold S. 307-318

„… (26) FR “ECB supervisory decision” means a legal act adopted by the ECBin the exercise of the tasks …” „… examine the accessible file in the offices of the ECB(lit.c). When determining the means the ECB has to …” „… those activities that they perform pursuant to Art. 6 SSMR in cooperationwith the ECB.21 In these …”

Art. 16 SSMR Supervisory powers Christos V. Gortsos S. 235-251

„… 4(1) and withoutprejudice to other powers conferred on the ECB, the ECB shall have the powers setout …” „… the requirements of the acts referred to inthe first subparagraph of Article 4(3);(b) the ECB has …” „… ), the ECB shall have, in particular, the followingpowers:(a) to require institutions to hold own funds …”

Art. 8 SSMR International relations Christoph Ohler S. 141-146

„… the ECB.Under Art. 7(7) SSMR, the Member State may notify its reasoned disagreement withan objection …” „… the ESCB Statute is narrower as it refers only to the ECB’sparticipation in “international monetary …” „… ECB.Art. 9 SSMR Supervisory and investigatory powers146 Georg Gruber …”

Art. 17 SSM Framework Regulation Right of establishment and exercise of the freedom to provide services in relation to non-participating Member States Framework Regulation S. 260-264

„… to other areas of EU or domestic law.1 For instance, the ECB’ssupervisory competence does not include …” „… . However, the ECB/SSM will onlyhave the competence to supervise individual banks or “credit institutions …” „… ” as definedunder EU law.12 As a result, the ECB/SSM will have only limited authority to …”

Art. 30 SRMR Obligation to cooperate and information exchange within the SRM Christos Hadjiemmanuil S. 881-895

„… . Incertain cases (as in the case of the ECB-SRB MoU, discussed infra, → paras. 19–25), their conclusionis …” „… official website, on the website of the competentsupervisory authority (presumably, both the ECB and the …” „… respective responsibilities under this Regulation, theBoard, the Council, the Commission, the ECB and the …”

Art. 1 SSMR Subject matter and scope Christoph Ohler S. 1-13

„… established in their territoriesare subject to prudential measures taken by the ECB.As it is provided by Art …” „… on the ECB specific tasks concerning policies relating to theprudential supervision of credit …” „… supervisory tasks conferred on ECB in accordance withArticle 4 of this Regulation. The scope of the ECB’s …”

Art. 11 SSM Framework Regulation Right of establishment of credit institutions within the SSM Framework Regulation S. 255-256

„… entities, the ECB shall participate in the college of supervisors as amember, while the NCAs shall be …” „… significantsupervised entities and significant supervised entities, the ECB and the NCAsshall participate in the college …” „… . For asignificant supervised entity, the consolidating supervisor will chair the college and theECB …”

Art. 12 SSMR On-site inspections Klaus Lackhoff and Mikulas ProkopOn-site inspections/Authorisation by a judicial authority S. 177-178

„… . The lawfulness of the ECB’sdecision shall be subject to review only by the CJEU.Bibliography Klaus …” „… investigation. Hence, the ECB has to share information that it hasobtained from the entities with the national …” „… competent authorities concerned. This obli-gation of the ECB is a part of a duty of cooperation in good …”

Art. 4 SRMR Participating Member States Christoph Ohler S. 479-483

„… purposes ofthis Regulation.2. Where close cooperation between a Member State and the ECB is suspended …” „… suspend or terminate close cooperation.3. In the event that the close cooperation with the ECB of a Member …” „… termination of close cooperation with the ECB has takenplace, whether voluntarily, in accordance with Art. 7(6 …”

Art. 12 SSM Framework Regulation Exercise of the freedom to provide services by credit institutions within the SSM Framework Regulation S. 256-257

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B. Notification of NCA and ECB – Art. 11(1)-(2) SSM Framework Regulation 2C. Decision by the ECB …” „… the important principle of communication and exchange ofinformation between the ECB, home State …” „… . Notification of NCA and ECB – Art. 11(1)-(2) SSM FrameworkRegulationSignificant supervised entities seeking to …”

Art. 34 SRMR Requests for information Klaus Lackhoff and Mikulas Prokop S. 927-932

„… the information available to the ECB or to the national competentauthorities, require the following …” „… itsresolution powers.5. The Board, the ECB, the national competent authorities and the national reso-lution …” „… exchange of information between theBoard, the ECB, the national competent authorities and the national …”

Art. 16 SSM Framework Regulation Competent authority of the host Member State for freedom to provide services Framework Regulation S. 259-260

„… ECB’ssupervisory competence does not include the competence of participating host States touse their powers to …” „… authority of the host MemberState is governed by Art. 14 SSM‑FR. The ECB has supervisory competence over …” „… ) SSM Framework RegulationWhere the institution is less significant, the ECB allocates supervisory …”

Art. 18 SRMR Resolution procedureThe information and views set out in this publication are those of the author and do not necessarily reflect the official opinion of the Commission. The Commission doe... S. 666-690

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18II. Role of the Board and the ECB/SSM …” „… without delay.II. Role of the Board and the ECB/SSMThe Board shall adopt a resolution scheme only when it …” „… close cooperation with the ECB.However, the ECB may also inform on its own initiative the Board or the …”

Art. 2 SSMR Definitions Christos V. Gortsos S. 13-23

„… accordancewith the calendar applicable to the ECB.A. Introductory remarks …” „… legal nature of the competences conferred on the ECB. Contrary tothe position of the General Court and …” „… the Court,61 the Federal Constitutional decidedthat the ECB’s competences in the area of indirect …”

Art. 14 SSM Framework Regulation Competent authority of the host Member State for branches Framework Regulation S. 258-259

„… MemberState authority, and then the host State authority is required to notify the ECB on thereceipt of this …” „… communication.1B. Art. 13(2) SSM Framework RegulationFor significant institutions, the ECB has two months to …” „… State.3 Thehost State NCA then must notify the ECB of the conditions under national law that it …”

Art. 13 SRMR Early intervention Christos V. Gortsos S. 608-619

„… MREL.Art. 13 SRMREarly intervention1. The ECB or national competent authorities shall inform the Board of …” „… referred to in paragraph 1, andwithout prejudice to the powers of the ECB and national competent …” „… group concerned.For the purposes of the first subparagraph, the ECB or the relevant national compe-tent …”

Art. 17 SSMR Powers of host authorities and cooperation on supervision on a consolidated basis Kern AlexanderPowers of host authorities and cooperation on supervision S. 251-252

„… ) SSMR: the imposition of additional or more frequent reportingrequirementsThe ECB has the power to …” „… of additional disclosure requirementsFinally, the ECB powers also include the power to require from a …” „… territory of another4.90 This is another case where the ECB has the power to impose a course of action.91 …”

Arts. 8–17 SSM Framework Regulation Introduction Framework Regulation S. 252-253

„… purposes of the tasks not conferred on the ECB by Article 4.2. The provisions set out in the relevant Union …” „… conducting super-vision on a consolidated basis shall not apply to the extent that the ECB is the …” „… onlycompetent authority involved.3. In fulfilling its tasks as defined in Articles 4 and 5 the ECB shall respect …”

Art. 8 SSM Framework Regulation Supervision on a consolidated basis Framework Regulation S. 253-254

„… . 8 SSM Framework RegulationSupervision on a consolidated basis1. The ECB shall conduct supervision on …” „… basis.Consolidated Supervisor (Art. 8 SSM Framework Regulation)Within the Banking Union, the ECB shall act as the …” „… holdingcompanies) on a consolidated basis. This means the ECB has plenary competence tosupervise all the operations …”

Art. 99 SRMR Entry into force Christos V. Gortsos S. 1226-1254

„… – cooperation agreement I 27 73, 76 et seq.– ECB/EBA I 3 10Memorandum of Understanding Council – ECB …” „… – arrangements by the ECB I 32 7– budget I 20 11– credibility I 20 1 et seq.– definition I 20 8 et seq.; II …” „… qualifying holdings– assessment by ECB I 15 40 et seq.– assessment by NCA I 15 32 et seq.– completed …”

Art. 13 SSM Framework Regulation Notification of the exercise of the right of establishment within the SSM by credit institutions established in non-participating Member States Framework Regulation S. 257-258

„… Article 39(1) of Directive 2013/36/EU. The notification shall becommunicated to the ECB and to the NCA of …” „… thehome Member State authority, which will, in turn, inform both the ECB and the hostState where the …” „… notify their National NCAs, which will, in turn, notify theECB and the host State where the institution …”

Titelei/Inhaltsverzeichnis S. I-XXX

„… , 27 January 2011, Evropaïki Dynamiki v ECB,Opinion of AG MengozziSSM 9 17CJEU Case C-617/10, 26 …” „… Baden-Württemberg – Förderbank v ECBSSM 27 86CJEU Case C-422/18 P, 2 October 2019, ECB v Espírito Santo …” „… firstinstanceCase T-247/16, 12 September 2017, Trasta Komercbanka AS v ECB,Case T-247/16 is now named Fursin and …”

Art. 2 SRMR Scope Jens-Hinrich Binder S. 461-463

„… to consolidated supervision by the ECB(Art. 2(b) SRMR …” „… procedural requirements on the coopera-tion between the SRB, the Commission, the Council, the ECB and other …” „… participating Member State, where theyare subject to consolidated supervision carried out by the ECB in …”

Art. 29 SRMR Implementation of decisions under this Regulation Christos Hadjiemmanuil S. 854-881

„… 2019: Building Bridges: Central Banking Law in an Interconnected World (ECB,Frankfurt am Main 2019 …” „… ; and Case T-687/18, Pilatus Bank plc v ECB,ECLI:EU:T:2019:542, paras. 17–20, 23–27.92 Case C-132/12 P …” „… Commission, acting on its own initiative or following a communication bythe ECB or an NRA indicating the …”

Art. 15 SSM Framework Regulation Notification of the exercise of the freedom to provide services within the SSM by credit institutions established in non-participating Member States Framework Regulati... S. 259

„… authority of the host MemberState is governed by Art. 14 SSM‑FR. The ECB has supervisory competence over …” „… ) SSM Framework RegulationWhere the institution is less significant, the ECB allocates supervisory …” „… Article 4(1) of the SSMRegulation, the ECB shall carry out the tasks of the competent authority of the …”

Art. 49 SRMR Participation in plenary sessions Janina Heinz S. 975-980

„… Commission and the ECB is entitled to partici-pate in the meetings and debates of plenary sessions as …” „… purpose, theCommission and the ECB shall each designate a representative. The representative shallhave …” „… involvement of an ECB representa-tive, on the other hand, is to be attributed to the fact that the on-going …”

Art. 7 SRMR Division of tasks within the SRMThe views expressed by the author are strictly personal and do not engage the Single Resolution Board or the European Commission or its services in any way.... S. 506-518

„… wider range of entities than the ECB.Art. 7(2)(a) SRMRBasically, the SRB has direct resolution powers …” „… ratione personae with the directpowers of supervision of the ECB.Practical commentsFrom a practical point …” „… coveredby the consolidated supervision of a parent undertaking by the ECB.Art. 7(3)(4) SRMR provides for an …”

Art. 74 SRMR Access to financial facility Christos V. Gortsos S. 1115-1123

„… interbank markets or resort to the ECB monetary policy operations.It is noted in this respect that, in …” „… (Arts. 17-24 ESCB Statute),the ECB and the NCBs can conduct open market operations and offer standing …” „… and Guideline (EU) 2015/510 of the ECB of 19 December 2014 “on theimplementation of the Eurosystem …”

Art. 21 SRMR Write-down and conversion of capital instruments or eligible liabilities Andreas Witte S. 717-732

„… adversescenario. It was determined to be FOLTF by the ECB.In a first step, FROB, following an instruction from the …” „… the ECB, after consulting the Board. The Board, inits executive session, may also make such assessment …” „… session, may make such an assessment only after informing theECB of its intention and only if the ECB …”

Art. 9 SRMR Resolution plans drawn up by national resolution authorities Matthias Haentjens S. 534-537

„… resolution plan.” To this purpose, para. 12, last sentence,requires “the institutions, the ECB or the …” „… any changes thereto tothe ECB or to the relevant national competent authorities.” On the NCAs, see …” „… and groups underECB supervision as well as all other cross-border groups. More specifically …”

Art. 8 SRMR Resolution plans drawn up by the Board Matthias Haentjens S. 518-534

„… . The Board shall draw up the resolution plans, after consulting the ECB or therelevant national …” „… revision or update of the resolution plans referred to in thefirst subparagraph, the institutions, the ECB …” „… theECB or to the relevant national competent authorities.Bibliography Emilios Avgouleas, Charles …”

Art. 10 SRMR Assessment of resolvability Matthias Haentjens S. 537-552

„… includes the ECB.Re. (b): A ‘resolution authority’ is defined in Art. 2(1)(18) BRRD as “an …” „… , after consulting the competent authorities, including the ECB, and the reso-lution authorities of …” „… 537111213142. The ECB or the relevant national competent authority shall provide the Boardwith a recovery plan …”

Art. 57 SRMR Resources Andreas Witte S. 1016-1023

„… extent the SRMR addresses the ECB,it remains the ECB’s own responsibility to devote the necessary …” „… ECB: The supervisory tasks of the ECBare, as far as their primary law basis is concerned, rooted in …” „… elaborate. This is because the SSMR allocated supervisory compe-tences to the ECB as an already existing …”

Art. 59 SRMR Part I of the budget on the administration of the Board Andreas Witte S. 1030-1035

„… , ‘The Application of National Banking SupervisionLaw by the ECB: Three Parallel Modes of Executing EU …” „… ECB’s own supervisory activities within the SSM are fundedthrough supervisory fees levied under Art. 30 …” „… supervisory fees levied by the ECB and the NCAswithin the context of the SSM, by the Commission in its initial …”

Art. 3 SRMR Definitions Christos V. Gortsos S. 463-479

„… to consolidated supervision bythe ECB (Art. 2(b) SRMR)In addition to credit institutions, the SRMR …” „… supervision bythe ECB pursuant to Art. 4(1)(g) SSMR (see infra, → Art. 4 paras. 36-39). Although therelevant …” „… entities are not themselves licensed as credit institutions and therefore are notsupervised by the ECB on a …”

Art. 45 SRMR Accountability Fabian Amtenbrink S. 955-965

„… Athanassiou, ‘FinancialSector Supervisor’s Accountability. A European Perspective’, ECB Legal Working Paper …” „… the resolution procedure.4 What is more,similar to what has been observed for the ECB in the context …” „… Commission (SRB-Commission MoU), aswell as the memorandum of Understanding between the SRB and the ECB …”

Art. 11 SRMR Simplified obligations for certain institutions Matthias Haentjens S. 562-573

„… supervision by the ECB pursuant to Article6(4) of Regulation (EU) No 1024/2013 or that constitute a …” „… carried out by the ECB in ac-cordance with Art. 4(1)(g) SSMR; and (c) investment firms and financial …” „… parent undertaking carried out by the ECB in accordance withArt. 4(1)(g) SSMR. On these terms, see the …”

Art. 31 SRMR Cooperation within the SRM Christos Hadjiemmanuil S. 895-918

„… Baden-Württemberg – Förderbank v ECB,ECLI:EU:C:2019:372, paras. 32, 37‒41. Even though the SRMR does not describe …” „… ofcooperation on the ECB.113 The only difference is that, while the relevant obligation ofthe ECB (which …” „… . 6 SSMR regulates the division of tasks between the ECB and the national competent authorities(NCAs …”

Art. 1 SRMR Subject matter Jens-Hinrich Binder S. 453-461

„… sta-bility within the Eurozone, but was highly controversial amid concerns given the ECB’sindependence …” „… of resolutionpowers to the ECB was discussed as a potential alternative13 (but was rejected, not …” „… allocated to theECB. This might have increased substantially the ECB’s capacity to protect systemic …”

Art. 12d SRMR Determination of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 579-584

„… consulting the competent authorities, including the ECB, on the basis of thefollowing criteria:(a) the need …” „… ECB, adjust theamount corresponding to the current requirement referred to in Article 104aof Directive …” „… shall be adjusteddownwards if, after consulting the competent authorities, including the ECB, theBoard …”

Art. 12k SRMR Transitional and post-resolution arrangements Minimum Requirements S. 589-608

„… Furthermore, the Board or the ECB may carry out an assessment of whether theinstitution is failing …” „… cross-border groups and significant financial institutionssupervised by the ECB in the euro area.16 This …” „… groups under ECB supervision aswell as all other cross-border groups that have been designated by the SRB …”

Art. 16 SRMR Resolution of financial institutions and parent undertakings Jens-Hinrich Binder S. 648-653

„… , ‘Bail-in and the Two Dimensions of Burden-sharing’, in: ECB(ed), ECB Legal Conference 2015 (2015), 205 …” „… under the national lawstransposing Art. 7 BRRD, which are then evaluated by the ECB pursuant to Art. 4(1 …” „… (2016), paras. 4.21 and 4.31. See alsoGardella, in: ECB (ed), ECB Legal Conference 2015 (2015), 205, at …”

Art. 77 SRMR Use of the Fund Georgios Psaroudakis S. 1136-1140

„… Intervention. ECB Legal Conference 2015 (2015), 225, at p. 246.10 Cf., on the uncertainties and difficulties …” „… .4 See ECB Opinion CON/2013/76, ecb.europa.eu/ecb …” „… ECB is thought in Union case law to bethe competent authority for all credit institutions in the euro …”

Art. 15 SRMR General principles governing resolution Jens-Hinrich Binder S. 631-648

„… pp. 120–122; id., in: ECB (ed), ECBLegal Conference 2015 (2015), 253, at pp. 255–256. See also …” „… EffectiveResolution Strategies’ (2013); Anna Gardella, ‘Bail-in and the Two Dimensions of Burden-sharing’, in: ECB(ed …” „… Stakeholders’ Mandatory Contribu-tion to Resolution Financing: Principle and Ambiguities of Bail-in’ in: ECB …”

Art. 37 SRMR Authorisation by a judicial authority Klaus Lackhoff and Mikulas ProkopOn-site inspections/Authorisation by a judicial authority S. 936-941

„… inspections/Authorisation by a judicial authority936 Klaus Lackhoff and Mikulas Prokop1Unlike the ECB under the SSMR, it …” „… parent undertak-ings where they are subject to consolidated supervision carried by the ECB; as well …” „… supervision of the parent undertaking carried out by the ECB. The SRB may alsosubject third parties to whom …”

Art. 12 SRMR Minimum requirement for own funds and eligible liabilitiesAs amended by Art. 1(6) SRMR II.I am grateful to Prof. Dr. E.P.M. Joosen, for his insightful comments to an earlier version of th... S. 573-574

„… , after consulting the competent authorities, including the ECB, shalldetermine the requirements for own …” „… Board21 As follows from the ECB’s ‘List of significant supervised entities and the list of less …” „… 1 of this Article.6. The Board shall inform the ECB and EBA of the requirements for own fundsand …”

Art. 65 SRMR Contributions to the administrative expenditures of the Board Andreas Witte S. 1069-1075

„… Art. 30 SSMR, governing the supervisory fees levied by the ECB to fund its super-visory activities …” „… SSM, where less significant institutions are also liable to pay supervi-sory fees to the ECB. It may …” „… administrative review of an ECB decision under Art. 24 SSMR is option-al. For the reasons for this discrepancy …”

Art. 73 SRMR Alternative funding means Christos V. Gortsos S. 1114-1115

Art. 43 SRMR Composition Christoph Ohler S. 953-955

„… . Each member, including the Chair, shall have one vote.3. The Commission and the ECB shall each …” „… as a permanentobserver.The representatives of the Commission and the ECB shall be entitled to …” „… as observerwithout voting rights.13 Art. 56(3) SRMR.14 Case C-301/02 P, Tralli v ECB, ECLI:EU:C …”

Art. 10a SRMR Power to Prohibit Certain DistributionsAs amended by Art. 1(5) SRMR II. Matthias Haentjens S. 552-562

„… consulting the com-petent authorities, including the ECB, where applicable, shall without unnecessarydelay …” „… entity, the Board, afterconsulting the competent authorities, including the ECB, where applicable, shall …” „… in the first subparagraph applies, the Board shallnotify the competent authorities, including the ECB …”

Introduction to Arts. 67–74 SRMR Christos V. Gortsos S. 1079-1088

„… the Banking Union with a European Deposit Insurance Scheme: who isafraid of cross-subsidisation?’ ECB …” „… after resolution in Europe’s banking union’, EconomicGovernance Support Unit (November 2018); ECB …” „… : ecb.europa.eu/press/key/date/2018/html/ecb.sp180130.en.html>; Oliver Moullin, Stefano Mazzocchi,Charlie Bannister and Elisa …”

Arts. 12–12k SRMR Minimum requirements S. 573

Art. 66 SRMR Anti-fraud measures Andreas Witte S. 1075-1079

„… enforceability (see supra, → para. 7) and provides that the ECB sup-plies the necessary data for the calculation …” „… . 5(3)of the Delegated Act that the SRB regime replaces the “fee” terminology of the ECB’s Regulation …” „… Deposit Insurance Scheme: who isafraid of cross-subsidisation?’ ECB Occasional Paper Series No 208 (April …”

Art. 47 SRMR Independence Fabian Amtenbrink S. 968-973

„… ECB, which in itsopinion on the European Commission proposal for the SRMR stressed that “A strongand …” „… .4.5 Footnotes excluded. See ECB, Opinion of the ECB on a proposal for a Regulation of the …” „… be compared to that namely of the ECB.11The SRB does not enjoy in-stitutional independence in the …”

Art. 42 SRMR Legal status Christoph Ohler S. 950-953

„… SRMR.11 In this respect see Case C-11/00, Commission v ECB, ECLI:EU:C:2003:395, para. 132 …” „… , shall have one vote.3. The Commission and the ECB shall each designate a representative entitled …” „… representatives of the Commission and the ECB shall be entitled to participatein the debates and shall have access …”

Art. 78 SRMR Mutualisation of national financing arrangements in the case of group resolution involving institutions in non-participating Member States Georgios PsaroudakisMutualisation of national fi... S. 1140-1141

„… ECB is thought in Union case law to bethe competent authority for all credit institutions in the euro …” „… this exclu-sive ECB competence, it can be said that the Fund is the group-level resolution authorityfor …” „… institutions that are supervised by the ECB (in other words, for all euro area institu-tions).On the basis of …”

Art. 20 SRMR Valuation for the purposes of resolution Christos V. Gortsos S. 699-717

„… , ‘Legal challenges of bail-in’, ECB Legal Conference2017 – Shaping a new legal order for Europe: a tale of …” „… of the ‘No Creditor Worse Off Principle for an Effective Bail-in’, ECB LegalConference 2015 – From …” „… resolution Art. 20 SRMRChristos V. Gortsos 70312ECB in accordance with the same SSMR Article (hereinafter …”

Art. 38 SRMR Fines Chryssa Papathanassiou S. 941-946

„… Board (SRB) are quite similarwith those of the ECB banking supervision.1 The SRB is empowered to impose …” „… sanctions imposed by theSRB. Finally, the SRB is an agency under Art. 42(1) SRMR, while the ECB is a …” „… . By contrast to the ECB, the level of fines that the SRB can impose islower than that the maximum …”

Art. 76 SRMR Mission of the Fund Georgios Psaroudakis S. 1129-1136

„… Intervention. ECB LegalConference 2015 (ECB, Frankfurt 2015), 205; Christos Hadjiemmanuil, ‘Bank Stakeholders …” „… Conference 2015 (ECB, Frankfurt 2015), 225; Martin Hellwig, ‘The Problem of Bank ResolutionRemains Unsolved …” „… Union on the way toCapital Markets Union. New opportunities for European Intervention. ECB Legal …”

Art. 35 SRMR General investigations Klaus Lackhoff and Mikulas Prokop S. 932-935

„… available to the ECB or to the nationalcompetent authority before making such request. See supra, → paras …” „… investi-gation powers is identical to the list of the ECB’s general investigation powers underArt. 11 SSMR. For a …”

Art. 27 SRMR Bail-in tool Christos Hadjiemmanuil S. 767-847

„… Conference 2018 (ECB,Frankfurt am Main 2018), 139; George S. Zavvos and Stella Kaltsouni, ‘The Single …” „… Article 2. Theassessment shall be completed in agreement with the national competent authorityor the ECB …” „… shall be done in agreement with the national competent authorityor the ECB, where relevant.Within two …”

Art. 95 SRMR Amendment to Regulation (EU) No 1093/2010 Christos V. Gortsos S. 1219-1222

„… was adopted in the prospect of confer-ring to the ECB specific supervisory tasks within the SSM.9 In …” „… of theCommission, the ECB’s Supervisory Board, the ESRB, the ESMA and the EIOPA. Votingrights therein …”

Art. 17 SRMR Order of priority of claims Jens-Hinrich Binder S. 653-666

„… Resolution Financing:Principle and Ambiguities of Bail-in’ in: ECB (edn), ECB Legal Conference 2015 (2015 …” „… Hadjiemmanuil, in: ECB (ed), ECB Legal Conference 2015 (2015), 225, at p. 236 (arguingthat the ‘very detailed …” „… other instruments of ownership would3.22 Cf., again, also Hadjiemmanuil, in: ECB (ed), ECB Legal …”

Art. 58 SRMR Budget Andreas Witte S. 1023-1030

„… thesituation for EU institutions, with the exception of the ECB: Art. 314(1) TFEU). Conse-quently, the …” „… (with the excep-tion of the ECB) and that of many other EU agencies, including, for instance, the EBA4 …” „… with the ECB on the basis ofArt. 7 SSMR. This would make the Member State concerned a participating …”

Art. 67 SRMR General provisions Christos V. Gortsos S. 1088-1095

„… role of the ECB and the EBA’, Working50 Art. 15(2)-(3) SRF Agreement. The non-participating Member …” „… decision of the ECB on close cooperation are not borneby the SRF. If the ECB, in its comprehensive …” „… Christos V. Gortsos13141516If close cooperation with the ECB is terminated, contributions transferred by a …”

Art. 34 SSMR Entry into force Christos V. Gortsos S. 451-453

„… partici-pating ones.3On the other hand, the SSM‑FR (ECB/2014/17) was adopted by the ECB, on the basisof Art. 6(7 …”

Art. 96 SRMR Replacement of national resolution financing arrangements Christos V. Gortsos S. 1222-1223

„… ECB’s Supervisory Board, the ESRB, the ESMA and the EIOPA. Votingrights therein are limited to the heads …”

Art. 70 SRMR Ex-ante contributions Christos V. Gortsos S. 1100-1109

„… year, the Board shall, after consulting the ECB or the national competent au-thority and in close …” „… participating Member States. It is up to the Board (after consulting the ECB or theNCA and in close cooperation …” „… rate applied by the ECB to its principal refinancing operations, in force onthe first calendar day of …”

Art. 24 SRMR Sale of business tool Jens-Hinrich Binder S. 741-754

„… counterfactual to the resolution plan. It also de-scribes (3) the resolution procedure involving the ECB, the …” „… qualifying holdings generally has been allocated to the ECB (Arts. 4(1)(c)and 15 SSMR), but NCAs retain the …” „… power to process relevant applications, carry out thesubstantive assessment, and prepare an ECB decision …”

Art. 41 SRMR Disclosure, nature, enforcement and allocations of fines and periodic penalty payments Chryssa PapathanassiouDisclosure, nature, enforcement and allocations of fines S. 948-950

„… from the ECB’s sanctioning regime as laid down in Art. 132 SSMFR. Pub-lication can occur anonymously if …”

Art. 63 SRMR Implementation of the budget, presentation of accounts and discharge Andreas Witte S. 1054-1061

„… limited to the operational efficiency of the management of the ECB.Art. 63 SRMR Implementation of the …” „… audit isnot unusual; it can be found also, e.g., in the institutional set-up of the ECB and the …” „… . in CaseC-301/02 P, Tralli v ECB, ECLI:EU:C:2005:306, para. 59 and Case T-324/05, Estonia v Commission …”

Art. 32 SRMR Consultation of, and cooperation with, non-participating Member States and third countries Georgios PsaroudakisConsultation of, and cooperation with, non-participating Member States S. 918-921

„… appro-priate.2. The Board, the ECB and the resolution authorities and competent authorities ofthe …” „… broader MoUbetween the SRB and the ECB in respect of cooperation and information exchange,made on 22 …”

Art. 69 SRMR Target level Christos V. Gortsos S. 1097-1100

„… Sentiment Indicator from theEuropean Commission, and GDP Growth from ECB’s Macroeconomic Projections forthe …”

Art. 88 SRMR Professional secrecy and exchange of information Christos V. Gortsos S. 1187-1190

„… prevent the Board, the Council, the Commission, the ECB,the national resolution authorities or the …” „… Commission, the ECB, the NRAs or the NCAs, including their em-ployees and experts, from sharing information …”

Art. 12c SRMR Eligible liabilities for resolution entities Minimum Requirements S. 575-579

„… authorities, including the ECB, the Board shalltake the decisions referred to in paragraph 5 or 7.When taking …” „… determined by the Board,after consulting the competent authorities, including the ECB, on the basis of …”

Art. 83 SRMR Staff exchange Christos V. Gortsos S. 1156-1162

„… from the national competent authority as regards entitiesand groups not subject to direct ECB …” „… /2018/15.28 Art. 39 Board Decision SRB/PS/2018/15.29 It is reminded that JST coordinators are designated ECB …”

Art. 22 SRMR General principles of resolution tools Jens-Hinrich Binder S. 732-738

„… Plan’,.2 Cf. ECB, Press Release: ‘ECB determined Banco Popular Español S.A. was failing or …”

Art. 14 SRMR Resolution Objectives Jens-Hinrich Binder S. 619-631

„… (together with the relevant NRAs) with the ECB or theNCAs for the sake of obtaining the above-mentioned …” „… institution or group concerned, theBoard has the following powers, informing the ECB and the relevant NCAs and …” „… measures in supportof the financial sector in the EU and the USA’, ECB Occasional Paper Series No. 117/July …”

Art. 12a SRMR Application and calculation of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 574

„… liabilities laid down in paragraph 1 of this Article.6. The Board shall inform the ECB and EBA of the …”

Art. 12f SRMR Application of the minimum requirement for own funds and eligible liabilities to resolution entities Minimum Requirements S. 585

„… Board, after consulting the competent authorities, including the ECB, maydecide to apply the requirement …”

Art. 28 SRMR Monitoring by the Board Christos Hadjiemmanuil S. 847-854

„… significant institutions that the ECB has exceptionally decid-ed to supervise directly, and all cross-border …” „… or following a communication bythe ECB or an NRA indicating the institution’s impending failure or a …”

Art. 50 SRMR Tasks Janina Heinz S. 980-988

„… European Parliament, the Council, the Commission, andthe ECB;(b) adopt and monitor the annual budget of the …” „… transmitted for in-formation to the European Parliament, the Council, the Commission, and the ECB. Thefact …”

Art. 62 SRMR Internal audit and control Andreas Witte S. 1047-1054

Art. 12b SRMR Exemption from the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 574-575

„… liabilities laid down in paragraph 1 of this Article.6. The Board shall inform the ECB and EBA of the …”

Art. 12e SRMR Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs Minimum Requirements S. 584-585

„… competent authorities, including the ECB, maydecide to apply the requirement laid down in this Article to an …”

Art. 12j SRMR Breaches of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 588-589

„… HaentjensFurthermore, the Board or the ECB may carry out an assessment of whether theinstitution is failing or is …”

Art. 6 SRMR General Principles Jens-Hinrich Binder S. 497-506

„… scenario withbanks subject to direct supervision by the ECB and, hence, subject to SRB decisions un-der …” „… accordance with Article 6(4) ofRegulation (EU) No 1024/2013; or(ii) in relation to which the ECB has decided …”

Art. 94 SRMR Review Christos V. Gortsos S. 1209-1219

„… 2018, which were declared failing or likely to fail bythe ECB, but the Board found that resolution …” „… ECB and the Board, the Commission has developed best practices on1.a)14 Report (2019), Section II, pp …”

Art. 12g SRMR Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities Minimum Requirements S. 585-587

„… Board, after consulting the competent authorities, including the ECB, maydecide to apply the requirement …”

Art. 80 SRMR Privileges and immunities Christos V. Gortsos S. 1148-1150

„… The same applies to the ECB and the European Investment Bank (Art. 343 sent. 2 TFEU).3 OJ L 152 …”

Art. 85 SRMR Appeal Panel Ann-Kathrin Kaufhold S. 1163-1173

„… creditinstitution that is supervised by the ECB, which need no implementation, but directlyaffect the addressees and …” „… ] SRMR), while the ECB shall merely “take into account the opinion of the Ad-ministrative Board” (Art …”

Art. 5 SRMR Relation to Directive 2014/59/EU and applicable national law Jens-Hinrich Binder S. 483-497

„… cooperation with the ECB has taken place; (b) the existence of ongoingresolution actions on the date of …” „… under Art. 16 SSMRare allocated to national competent authorities and, within the SSM, to the ECB and …”

Art. 46 SRMR National parliaments Fabian Amtenbrink S. 965-968

„… , which only refers in a rather non-committal way to a “request” for a reply by the ECB that national …”

Art. 23 SRMR Resolution SchemeThe information and views set out in this publication are those of the author and do not necessarily reflect the official opinion of the Commission. The Commission does n... S. 738-741

„… resolution procedure involving the ECB, the Board, and the Commissionunder Art. 18 SRMR, (4) the valuation …”

Art. 93 SRMR Exercise of the delegation Christos V. Gortsos S. 1206-1209

„… appropriate consultations duringits preparatory work with the ECB and the Board in their fields of …”

Art. 26 SRMR Asset separation tool Jens-Hinrich Binder S. 763-767

„… 111/4. Forfurther discussion on these and related initiatives by the ECB and EBA, cf. Lamandini …”

Art. 90 SRMR Access to documents Christos V. Gortsos S. 1195-1199

„… of views betweenthe Board and national resolution authorities (NRAs), the Commission, the ECB …”

Art. 51 SRMR Meeting of the plenary session of the Board Janina Heinz S. 988-994

„… Vice-Chair and the representative from each the Commission and theECB as permanent observers as well as the …”

Art. 60 SRMR Part II of the budget on the Fund Andreas Witte S. 1035-1041

„… pre-cludes borrowing from the Eurosystem (ECB or a national central bank), since the SRBis an agency of the …”

Art. 33 SRMR Recognition and enforcement of third-country resolution proceedings Georgios Psaroudakis S. 921-927

„… the information available to the ECB or to the national competentauthorities, require the following …”

Art. 79 SRMR Use of deposit guarantee schemes in the context of resolution Georgios Psaroudakis S. 1141-1148

„… The same applies to the ECB and the European Investment Bank (Art. 343 sent. 2 TFEU).3 OJ L 152 …”

Art. 19 SRMR State aid and Fund aid Seraina Neva Grünewald and Christos V. Gortsos S. 690-699

„… on receiving a FOLTF-communication from the ECB pursuant toArt. 18(1) SRMR or on its own initiative …”

Art. 87 SRMR Liability of the Board Ann-Kathrin Kaufhold S. 1178-1187

„… prevent the Board, the Council, the Commission, the ECB,the national resolution authorities or the …”

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The European Banking Union

Jens-Hinrich Binder, Christos V. Gortsos

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INTERINSTITUTIONAL AGREEMENT BETWEEN THE EUROPEAN PARLIAMENT AND THE EUROPEAN CENTRAL BANK ON THE PRACTICAL MODALITIES OF THE EXERCISE OF DEMOCRATIC ACCOUNTABILITY AND OVERSIGHT OVER THE EXERCISE OF THE TASKS CONFERRED ON THE ECB WITHIN THE FRAMEWORK OF THE SINGLE SUPERVISORY MECHANISM S. 241-248

„… Central Bank (ECB)specific tasks concerning policies relating to the prudential supervision of credit …” „… Supervisory Mechanism (SSM);B. whereas Article 9 of Regulation (EU) No 1024/2013 establishes that the ECB is …” „… byappropriate accountability requirements; under Article 20 of Regulation (EU) No1024/2013 the ECB is therefore …”

REGULATION (EU) No 468/2014 OF THE EUROPEAN CENTRAL BANK S. 125-172

„… the ECB material draft supervisory decisions, on which the ECBmay express its views;(b) cooperation …” „… ac-cordance with the calendar applicable to the ECB.PART IIORGANISATION OF THE SSMTITLE 1 STRUCTURES FOR THE …” „… the ECB.Article 32 REGULATION (EU) No 468/20141365. For the purpose of this article, confidential …”

COUNCIL REGULATION (EU) No 1024/2013 S. 77-108

„… such a decision, the concerned authority shall duly notify its intention to the ECB.Where the ECB …” „… within a single supervisory mechanism composed of the ECBand national competent authorities. The ECB …” „… pursuant to this para-graph and closely coordinate those measures with the ECB.The national competent …”

DECISION OF THE EUROPEAN CENTRAL BANK of 17 September 2014 S. 221-226

„… ‘ECB-CONFIDENTIAL’ or ‘ECB-SECRET’ under the ECB's confidentiality regime; other confidential information, including …” „… Decision sets out the arrangements complying with the requirement to separate the ECB'smonetary policy …” „… or task of the ECB, which in case of information labelled as ‘ECB-CONFIDENTIAL’ shall be broad enough …”

RECOMMENDATION FOR A COUNCIL REGULATION AMENDING REGULATION (EC) NO 2532/98 CONCERNING THE POWERS OF THE EUROPEAN CENTRAL BANK TO IMPOSE SANCTION S. 263-272

„… European Central Bank (ECB)and the fact that the scope of the ECB’s powers to impose sanctions was extended …” „… provisions that are of direct relevance to the ECB’spowers to impose administrative penalties relating to the …” „… THE EUROPEAN CENTRAL BANK TOIMPOSE SANCTIONS(ECB/2014/19)(presented by the European Central Bank)(2014 …”

The two main pillars of the European Banking Union: the legal framework in a ‘nutshell’ S. 17-68

„… tasks conferred onthe ECB by the SSMR.The Memorandum of Understanding between the Council and the ECBIn …” „… exercise of the specific tasks conferred on the ECB,cc)dd)2.a)21 OJ L 320, 30.11.2013, pp. 1-6. The two …” „… time,Article 3 of the SSMR lays down specific cooperation principles for the ECB.The ECB must carry out its …”

DECISION OF THE EUROPEAN CENTRAL BANK of 31 January 2014 S. 197-202

„… establishment of a close cooperation and upon request by the ECB,and at any time thereafter, also all …” „… Central Bank (ECB)Statement pursuant to Article 7(2)(c) of Regulation (EU) No 1024/2013 relating to the …” „… be obliged to adopt any measure in relation to supervised entities requested bythe ECB.ANNEX II …”

COUNCIL REGULATION (EU) No 2015/159 S. 109-114

„… adopted by the ECBin the exercise of its supervisory tasks.2. Where the ECB, in carrying out its tasks …” „… Council to establish the limits and the conditions for the European Cen-tral Bank (hereinafter the ‘ECB …” „… confined to the infringements of regulations and decisionsadopted by the ECB. For infringements of directly …”

REGULATION (EU) No 1163/2014 OF THE EUROPEAN CENTRAL BANK S. 181-188

„… REGULATION (EU) No 1163/2014OF THE EUROPEAN CENTRAL BANKof 22 October 2014on supervisory fees(ECB …” „… European Central Bank (ECB) and national competent authorities (NCAs).(2) Pursuant to Regulation (EU) No …” „… 1024/2013, the ECB is responsible for the effective andconsistent functioning of the SSM for all credit …”

DECISION OF THE EUROPEAN CENTRAL BANK of 22 January 2014 S. 189-196

„… appointtheir chairpersons. As a rule, the chairperson shall be a staff member from the ECB.Both the Governing …” „… . ECBOpinions shall be signed by the President. For ECB Opinions to be adopted in rela-tion to the prudential …” „… DECISION OF THE EUROPEAN CENTRAL BANKof 22 January 2014amending Decision ECB/2004/2 adopting the …”

DECISION OF THE EUROPEAN CENTRAL BANK of 21 January 2015 S. 231-234

„… consultations within the ECB, or for exchanges of views between the ECBand NCBs, NCAs or NDAs, shall be refused …” „… DECISION OF THE EUROPEAN CENTRAL BANKof 21 January 2015amending Decision ECB/2004/3 on public …” „… access to European Central Bankdocuments (ECB/2015/1)(2015/529/EU)THE GOVERNING COUNCIL OF THE EUROPEAN …”

DECISION OF THE EUROPEAN CENTRAL BANK of 11 February 2015 S. 235-240

„… of such data by NCAs to the ECB.This Decision applies to fee debtors and NCAs.DefinitionsFor the …” „… determination and collection of dataregarding fee factors used to calculate annual supervisory fees(ECB …” „… (EU) No 1163/2014 of the European Central Bank of 22 October 2014on supervisory fees (ECB/2014/41)2 …”

REGULATION (EU) No 469/2014 OF THE EUROPEAN CENTRAL BANK S. 173-176

„… 2157/1999 on the powers of the EuropeanCentral Bank to impose sanctions (ECB/1999/4)(ECB/2014/18)THE …” „… Central Bank (ECB) has applied Regulation (EC) No 2157/1999 of the EuropeanCentral Bank (ECB/1999/4)2 to …” „… information.(2) Council Regulation (EU) No 1024/20133 entitles the ECB to impose on the credit institutions …”

Titelei/Inhaltsverzeichnis S. I-XVI

„… powers to the supranational level at an unprecedent-ed scale. With the ECB assuming its powers as sole …” „… ’ .............................................................aa)19Legal acts of the ECB ..............................................bb) 19The …” „… Interinstitutional Agreement between the EuropeanParliament and the ECB …”

MEMORANDUM OF UNDERSTANDING BETWEEN THE COUNCIL OF THE EUROPEAN UNION AND THE EUROPEAN CENTRAL BANK ON THE COOPERATION ON PROCEDURES RELATED TO THE SINGLE SUPERVISORY MECHANISM (SSM) S. 249-252

„… authority for the exclu-sive purpose of carrying out the supervisory tasks conferred upon the ECB;C. whereas …” „… of the ECB's staff involved in the execution of the ECB'ssupervisory tasks from staff involved in the …” „… any event within five weeks of their transmission to the ECB.II. SELECTION AND APPOINTMENT PROCEDURES …”

CODE OF CONDUCT FOR THE MEMBER STATES OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK S. 257-262

„… or members of the ECB.Article 11 OJ L 80, 18.3.2004, p. 33.2 Council Regulation (EU) No 1024/2013 of …” „… set by Regulation(EU) No 1024/2013 and shall not interfere with other tasks of the ECB.Independence4.1 …” „… financial transactions adopted by the ECB for ECBmembers of staff. With regard to members of the Supervisory …”

DECISION OF THE EUROPEAN CENTRAL BANK of 2 July 2014 S. 217-220

„… toCommission Implementing Regulation (EU) No 680/2014(ECB/2014/29)(2014/477/EU)THE GOVERNING COUNCIL OF THE …” „… designated authorities(SSM Framework Regulation) (ECB/2014/17)2, and in particular Article 21 and Article …” „… framework of Article 6 of Regulation (EU) No 1024/2013, the European CentralBank (ECB) is exclusively …”

DECISION OF THE EUROPEAN CENTRAL BANK of 14 April 2014 S. 211-216

„… to them by mail; (c) byinviting them to examine the accessible file in the offices of the ECB.Costs …” „… Administrative Board of Review and itsOperating Rules(ECB/2014/16)(2014/360/EU)THE GOVERNING COUNCIL OF THE …” „… decisions taken by the European CentralBank (ECB) in the exercise of the powers conferred upon it under …”

DECISION OF THE EUROPEAN CENTRAL BANK of 6 February 2014 S. 209-210

„… European Central Bank to theSupervisory Board(ECB/2014/4)(2014/427/EU)THE GOVERNING COUNCIL OF THE EUROPEAN …” „… institutions1, and in particular Article 26(1), (2) and (5) thereof,Having regard to Decision ECB/2004/2 of 19 …” „… Council shall ap-point four representatives of the European Central Bank (ECB) to the Supervisory Board …”

DECISION OF THE EUROPEAN CENTRAL BANK of 17 December 2014 S. 227-230

„… Committee and its Rules of Procedure(ECB/2014/59)(2015/433/EU)THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL …” „… BANK,Having regard to Decision ECB/2004/2 of 19 February 2004 adopting the Rules of Procedure of theEuropean …” „… Bank (ECB), the European Systemof Central Banks (ESCB), the Eurosystem and the Single Supervisory …”

DECISION OF THE EUROPEAN CENTRAL BANK of 4 February 2014 S. 203-208

„… are subject to the comprehensiveassessment(ECB/2014/3)(2014/123/EU)THE GOVERNING COUNCIL OF THE …” „… assumption of its supervisory tasks, the European Cen-tral Bank (ECB) may require the national competent …” „… relevant information for the ECB to carryout a comprehensive assessment, including a balance-sheet …”

The European Banking Union – Rationale and Key Policy Issues S. 1-16

„… ), ecb.europa.eu/pub/pdf/scpwps/ecbwp1488.pdf>; D. Schoenmaker, Governance of International Banking– The Financial Trilemma (2013), 69 …” „… .; K. Neumann, The supervisory powers of national authorities and cooperation with theECB – a new epoch …” „… ), Ch. 10; G. Schuster (2014), Thebanking supervisory competences and powers of the ECB, EuZW …”

REGULATION (EU) No 673/2014 OF THE EUROPEAN CENTRAL BANK S. 177-180

„… ) No 1024/2013, the European Central Bank (ECB)will create a mediation panel responsible for resolving …” „… of a Mediation Panel and its Rules of Procedure(ECB/2014/26)THE GOVERNING COUNCIL OF THE EUROPEAN …” „… without prejudice to the procedure in whicha non-euro area participating Member State notifies the ECB of …”

Bibliography S. 69-76

„… ), available at http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1488.pdfPrati, Alessandro and Garry Schinasi (2000 …” „… Per-spective, ECB Legal Working Paper No. 12, available at http://ssrn.com/abstract=1807174Avgouleas, Emilios …” „… the Single Supervisory Mechanism to the BankingUnion. The Role of the ECB and the EBA, LUISS Guido …”

REGULATION (EU) No 806/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 287-366

„… credibility in the banking sector, the European Central Bank (ECB)is currently conducting a comprehensive …” „… pursuant to whichbanks in the participating Member States are supervised either centrally by the ECB or by …” „… establishment of theSRM.(15) This Regulation applies only in respect of banks whose home supervisor is the ECB …”

RULES OF PROCEDURE OF THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK S. 253-256

„… supervision ofcredit institutions1, and in particular Article 26(12) thereof,Having regard to Decision ECB …” „… representative of the European Cen-tral Bank (ECB) and five representatives of the national competent authorities …” „… whenever a Member State adopts the euro or establishes aclose cooperation with the ECB. The rotation of …”

INTERGOVERNMENTAL AGREEMENT (8457/14) ON THE TRANSFER AND MUTUALISATION OF CONTRIBUTIONS TO THE SINGLE RESOLUTION FUND S. 273-286

„… Regulation(EU) No 1024/20138, conferring specific tasks on the European Central Bank (ECB) con-cerning policies …” „… relating to the prudential supervision of credit institutions, and conferringupon the ECB, acting jointly …” „… euro which have established a close coopera-tion with the ECB for supervision purposes (the …”

REGULATION (EU) No 1022/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 115-124

„… provide for a single supervisory mechanism involving the European CentralBank (ECB). In its conclusions of …” „… President of the Commission, the President of the Eurogroupand the President of the ECB, a specific and …” „… confers specific tasks on the ECB concerning policies relating to the prudential super-vision of credit …”

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Central Banks as a Bank Supervisor

Stanyo Dinov

Reihe: Wissenschaftliche Beiträge aus dem Tectum Verlag: Rechtswissenschaft

Band 90 2018

Treffer in den folgenden Teilen:

5. The European Central Bank S. 63-90

„… ECBadministration. should encompass all areas of finance and not just the banks. According to the Report, the ECB …” „… . The members of the ECB-Governing Council have to elect a chairperson of the Supervisory Board153 from …” „… ECB-Regulation. 152 Article 4(4) ECB-Regulation. 153 Article 26(1)(3) SSM-Regulation. 154 Article 19(2 …”

6. Conclusion S. 91-96

„… devided between the PRA and the FCA is similar to those between the ECB and the EU-NCAs. The relation …” „… between ECB and EBA could be compared with this between the FPC of BoE and the PRA, considering the fact …” „… the EU, the ECB- General Council has the final say in monetary and supervi‐ sory decisions.219 However …”

Bibliography S. 97-108

„… , ˂http://www.publications.parliament.uk /pa/ld200809/ldselect/ldeconaf/101/10102.htm˃ accessed on 2th of June 2015 ECB-Guide to Banking …” „… Supervision 2014 ECB-Code of Conduct Memorandum of Understanding between the HM the Treasury the Bank of …” „… Framework Regulation) (ECB/2014/17), OJ L 141 97 Parliament and Council Regulation (EU) No 1092/2010 of 24 …”

Titelei/Inhaltsverzeichnis S. 1-14

„… and the Proposals of the European Commission for conferring supervision tasks on the ECB and the new …” „… ) TFEU ..............5.3.1.3.1. 75 Competences of the ECB, the ESRB and the EBA …” „… Business Organization Law Review EC European Commission ECB European Central Bank ECFR European Company and …”

2. The Central Banks and their function S. 19-26

„… opposite to the Federal Reserve (Fed) and the European Central Bank (ECB) which were set up as a publicly …” „… . Differently, the ECB was formed using the US federal model but with the idea to be a central and inde‐ pendent …” „… like: BoE, Fed and ECB this involves also carrying out banking supervision.20 However, all CBs …”

3. The Bank of England S. 27-44

„… only for the banking supervision what is its entire nature in com‐ parison to other CBs such as the ECB …”

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Central Banks as a Bank Supervisor

Stanyo Dinov

Reihe: Wissenschaftliche Beiträge aus dem Tectum Verlag: Rechtswissenschaft

Band 90 2017

Treffer in den folgenden Teilen:

4. The Federal Reserve S. 47-88

„… by the MSs through the ECBadministration. The Role of the European Central Bank The ECB become an …” „… members of the ECB-Governing Council have to elect a chairperson of the Supervisory Board150 146 …” „… Roadmap towards a Banking Union’ 148 Article 19-12, 15 ECB-Regulation. 149 Article 4(4) ECB-Regulation …”

6. Conclusion S. 89-92

„… US-model. Oppositely, in the EU, the ECB-General Council has the final say in monetary and supervisory …” „… different integrated intensity between the ES- RB, the ECB, and the national CBs. Furthermore, the ECB is …” „… , Article 7 ESCB-Statue, the ECB is a po- 200 FOMC. 201 According Article 26(6) SSM-Regulation the decision …”

Bibliography S. 93-102

„… , ˂http://www.publications.parliament.uk /pa/ld200809/ldselect/ldeconaf/101/10102.htm˃ accessed on 2th of June 2015 ECB-Guide to Banking …” „… Supervision 2014 ECB-Code of Conduct Memorandum of Understanding between the HM the Treasury the Bank of …” „… national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB …”

2. The Central Banks and their function S. 19-28

„… (Fed) and the European Central Bank (ECB) which were set up as a publicly directed institutions. The …” „… created of twelve important US banks in the most powerful US states. Differently, the ECB was formed using …” „… the national banking system. For some CBs like: BoE, Fed and ECB this 18 Cf. Charles Goodhart/Dirk …”

Abstract S. 5-10

„… and the Proposals of the European Commission for conferring supervision tasks on the ECB and the new …” „… Competences of the ECB, the ESRB and the EBA .............................................. 5.3.4.2. 80 …”

Index of abbreviations S. 11-16

„… ECB European Central Bank ed. editor edn. edition ECFR European Company and Financial Law Review …”

3. The Bank of England S. 29-46

„… the ECB but for the whole financial sector including security firms and insurance companies.In this …”

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Jahrbuch der Europäischen Integration 2021

Werner Weidenfeld (Hrsg.), Wolfgang Wessels (Hrsg.)

Reihe: Jahrbuch der Europäischen Integration

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Gabriel Glöckler Währungspolitik S. 305-310

„… _ecb_listens_event/ecb_listens_summary .pdf (letzter Zugriff: 29.7.2021). 22 Frankfurter Allgemeine Zeitung: Bundesregierung: EZB hat …” „… a pandemic [Blog], The ECB Blog, 1.4.2021, abrufbar unter: https://www.ecb …” „… .europa.eu/press/blog/date/2021/html/ecb.blog210401~6407b23d87.en.html (letzter Zugriff: 29.7.2021). 306 Jahrbuch der Europäischen …”

Martin Selmayr Europäische Zentralbank S. 117-130

„… https://www.ecb.europa.eu/home/search/review/html/ ecb.strategyreview_monpol_strategy_statement.en.html (letzter Zugriff: 19.10.2021). Jahrbuch der …” „… : Beschluss (EU) 2021/752 vom 30.4.2021, in: Amtsblatt der EU L161, 7.5.2021, S. 1. 4 Martin Arnold: ECB …” „… unter: https://www.ecb.europa.eu/mopo/implement/app/html/index.de.html (letzter Zugriff: 19.10.2021). 8 …”

Roland Döhrn, Wim Kösters Wirtschaftspolitik S. 317-322

„… 2021. European Central Bank: An overview of the ECB’s monetary policy strategy, in: ECB …”

Siegfried Magiera, Matthias Niedobitek Rechnungshof S. 131-134

„… Auditor’s Report vom 10. Februar 2021, in: European Central Bank: Annual Accounts of the ECB 2020 …”

Manuel Müller Die Auswirkungen der Covid-19-Pandemie S. 55-64

„… : https://www.ecb.europa.eu/mopo/implement/pepp/html/index.en.html (letzter Zugriff: 1.11.2021). Vgl. hierzu auch den Beitrag „Europäische Zentralbank“ in diesem …”

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