ECB Annual Report on supervisory activities

An <strong>ECB</strong> representative participated in SRB meetings, while the SRB Chair was
invited to several meetings of the Supervisory Board, promoting a high-level dialogue
between the two boards. Constructive participation by <strong>ECB</strong> and SRB staff in the
committee structures of the SRB and the <strong>ECB</strong> respectively also enabled increased
cooperation at the technical level, in parallel with the interaction between Joint
Supervisory Teams and Internal Resolution Teams regarding individual banks. At the
end of the year, the <strong>ECB</strong> made a technical change to its systems, allowing SRB staff
and Board members direct access to the supervisory information IT system and the
data stored in the supervisory platform in line with the provisions of the
Memorandum of Understanding, replacing the previous practice of manually sharing
the information. This makes information exchange more efficient and ensures that
the reporting burden on banks is kept to a minimum.
<strong>ECB</strong> Banking Supervision
contributed to several regulatory
initiatives
In 2016 <strong>ECB</strong> Banking Supervision contributed to European and international fora
which are developing policies related to crisis management. For instance, <strong>ECB</strong>
Banking Supervision provided input to the European Commission’s legislative
proposal published in November 2016 to amend, among other aspects, the MREL
framework and the creditor hierarchy in the BRRD. In addition, the <strong>ECB</strong> participated
in the committees of the EBA and FSB responsible for developing regulatory
standards on crisis prevention and management.
Furthermore, in the fourth quarter of 2016 the <strong>ECB</strong> participated in an exercise
involving the heads of relevant authorities from the United Kingdom, the United
States and within the banking union to enhance cooperation between jurisdictions in
the event of a failure of a major cross-border bank, building on ongoing work by
international authorities.
3.1.3 EBA Review Panel
<strong>ECB</strong> Banking Supervision actively participated in the EBA Review Panel, which is
responsible for conducting peer reviews to strengthen consistency in supervisory
outcomes.
In 2016 the EBA Review Panel performed a peer review on the Implementing
Technical Standards (ITS) on supervisory reporting requirements (Commission
Implementing Regulation (EU) No 680/2014 of 16 April 2014).
The objective of the peer review was to assess the supervisory practices of the
competent authorities regarding the supervisory reporting obligations of institutions.
The review assessed the processes that have been put in place, such as the
procedures and IT systems for collecting data, ensuring the quality of that data,
updating the reporting framework and using the EBA Q&A tool, and also looked into
issues of governance.
The peer review concluded that the <strong>ECB</strong> has fully comprehensive processes in place
in all the areas assessed.
<strong>ECB</strong> <strong>Annual</strong> <strong>Report</strong> on supervisory activities 2016 − The SSM as part of European and
global supervisory architecture 46