09/09/2024
On 5-6 September, the Chair of the ECB’s Single Supervisory Mechanism (SSM) for banking supervision, Claudia Buch, visited Estonia. During her visit Ms Buch met the management board of Finantsinspektsioon and the leaders of the Estonian banks.
The meetings focused mainly on the risk outlook, the supervision of the Estonian banking sector, and cybersecurity at the banks, with particular attention given to the banks that are directly supervised by the SSM. There are four such banks In Estonia, which are Luminor Bank, Swedbank, SEB Pank, and LHV Pank.
This year marks the 10th anniversary of the SSM, and Claudia Buch said that banking supervision in Europe has become significantly more harmonised during that time., The banking sector of each country has retained its unique characteristics however, and national supervisory authorities continue to play an important role in the single supervision.
Chair of the Finantsinspektsioon board Kilvar Kessler was involved in creating the SSM and sits on its supervisory board. He commented that the SSM’s strengths are its competence, diversity, and open cooperation, which have combined the best practices of various supervisors into a strong whole.
Claudia Buch took over as Chair of the SSM at the beginning of 2024. For more information on European banking supervision, see the Finantsinspektsioon website and the ECB’s Banking Supervision website.