The Financial Supervision Authority discussed the organisation of capital supervision with supervisors from Frankfurt, Riga and Vilnius
A high-level meeting was held in Tallinn today, on 4 December, where the discussion focussed on the organisation of the supervision of less important credit institutions within the scope of the Single Supervisory Mechanism (SSM) that started operating with the European Central Bank on 4 November.
The meeting was attended by the representatives of the Directorate General Micro-Prudential Supervision III of the European Central Bank, the Latvian Finanšu un kapitāla tirgus komisija, the Lithuanian Lietuvos bankas and the Estonian Financial Supervision Authority.
During the discussion, colleagues were also given an overview of the Estonian, Latvian and Lithuanian banking market and the structure of capital supervision.
The Single Supervisory Mechanism (SSM) managed by the European Central Bank carried out direct supervision of important banking groups. The direction supervision by the European Central Bank covers 120 of the largest European banks whilst supervision of other banks is to be organised by local banking supervision authorities within the scope of the SSM.
The Financial Supervision Authority is a joint authority of Eesti Pank and the Ministry of Finance, which exercises state financial supervision over the regulated Estonian banking, insurance and securities market.