19 November 2013

Council of the EU and ECB publish MoU on SSM

The Council of the European Union published a note regarding a Memorandum of Understanding to be entered into with the ECB on procedures related to the Single Supervisory Mechanism.

The SSM Regulation No 1024/2013 contains provisions on the ECB’s accountability and reporting under the SSM (Article 20) and on the appointment and removal of the Chair and vice-Chair of the ECB’s Supervisory Board (Article 26).  Earlier this month, the European Parliament and the ECB signed an Interinstitutional Agreement on the implementation of the related provisions in the Regulation. The General Secretariat therefore considers that the Council and the ECB should also sign an MoU for the same purpose.

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Note text

1. On 15 October 2013, the Council adopted Regulation (EU) No 1024/2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions.

2. That Regulation contains provisions on the ECB's accountability and reporting under the SSM (Article 20) and on the appointment and removal of the Chair and vice-Chair of the ECB's Supervisory Board (Article 26).

3. Noting that the European Parliament and the ECB signed in November 2013 an Agreement on the implementation of the related provisions in the Regulation, the Council and the ECB should also sign a Memorandum of Understanding for that same purpose. A draft MoU has accordingly been prepared as set out in doc. 15963/13 EF 223 ECOFIN 997.

4. It is therefore suggested that the Permanent Representatives Committee invite the Council to mandate the Presidency to sign the 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), as set out in doc. 15963/13 EF 223 ECOFIN 997.

Note

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MoU

The Council of the European Union mandated its President to sign a Memorandum of Understanding between the Council and the ECB on cooperation regarding procedures related to the single supervisory mechanism. 

The MoU addresses issues relating to the accountability of the ECB (in particular in relation to reporting, arrangements for hearings, and procedures for responding to questions) and selection and appointment procedures.

Memorandum of Understanding

© European Council