In a follow-up letter to Mario Draghi, Sharon Bowles listed a number of specific questions relating to the ECB's internal preparation for supervision. An ECB spokesperson said the ECB would answer within 5-6 weeks.
The questions are as follows [abridged]:
7. How will the ECB ensure that the planned asset quality review covers the whole part of the banking system under the supervisory responsibility of the SSM and not only the 130 institutions cited in teh note regarding the comprehensive document? What arrangements, including the framework as foreseen in Article 6 of the ECB regulation, will be made to guarantee the coherence with the exercises carried out by the EBA and other supervisory authorities in the EU?
8. In the absence of common backstop mechanisms and in order to ensure a smooth transition to a full-fledged Banking Union, what is the view of the ECB regarding the measures to be taken in the case that potential needs for capital arise from the asset quality review?
Full letter
Working Group participants
Further reporting: ECB-to Respond to EU Lawmakers' Letter Within Six Weeks, 5.11.13 © Bloomberg
ECB/Draghi's reply, 15.11.13
© European Parliament
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