The ECB will be the regulator of banks with assets of more than €30bn, or banks constituting at least one fifth of their home country’s GDP. The thresholds were chosen to include the three biggest banks in each country. The estimates last night range from a total number of 150 to 200 banks in the eurozone.
The ECB can intervene in smaller banks (under a procedure that has yet to be made known, or yet to be worked out)
The governance structure will consist of a separate supervisory body, the ECB governing council as final arbiter, and a steering committee to solve disagreement.
Agreement to be finalised in February 2013 – as this requires support from the European parliament. The single supervisory mechanism (SSM) kicks in March 2014.
The EBA will continue to be in charge of harmonising rules at EU-level, and there will be safeguards for the non-eurozone members through a double majority – one inside the banking union, one outside.
No direct bank recapitalisation by the ESM until at least 2014.
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