Danièle Nouy, Chair of the Supervisory Board of the SSM, is visiting the FSA
Ms Danièle Nouy, Chair of the Supervisory Board of Single Supervisory Mechanism of Europe, will visit the Financial Supervision Authority on Monday and Tuesday, 12–13 October.
The objective of the visit is to learn about the banking market in Estonia and discuss questions related to day-to-day supervision.
Kilvar Kessler, Chairman of the Management Board at the Financial Supervision Authority, “The visit of Ms Nouy confirms that close communication takes place not only between the experts on day-to-day tasks but also at the level of higher management in the euro area single banking supervision system. I believe that the business-closeness of Estonian supervision, healthy conservatism and the stable banking market have not gone unnoticed in the new system.”
Danièle Nouy will meet with the Estonian Banking Association and the employees of the Financial Supervision Authority in Tallinn.
The Single Supervisory Mechanism is a financial supervisory system that comprises the European Central Bank and national supervisory authorities of the participating EU Member States. The main aim of the Single Supervisory Mechanism is to ensure the safety and soundness of the banking system and increase financial stability in Europe.
SSM supervises over 225 significant banks across Europe. These banks hold almost 85% of the banking sector assets in the euro area.
Of the banks operating in Estonia, the subjects of the Single Supervisory Mechanism of the European Central Bank are Swedbank and SEB Pank. The other banks are subject to decisions made by the Financial Supervision Authority, in cooperation with the European Central Bank, if necessary.
It is within the competence of the Single Supervisory Mechanism to monitor compliance with all capital supervisory regulations and management of on-site and distant inspections of banks subject to direct supervision and implementation of sanctions.
The Single Supervisory System does not include supervision over compliance with capital requirements of other financial institutions, supervision over financial services, supervision over the implementation of norms in the anti-money laundering area, and other matters.