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EU’s banking supervision mechanism has ‘matured’ and is ‘functioning well’

( April 18, 2023, 14:58 GMT | Official Statement) -- MLex Summary: The EU’s banking supervisor is “functioning well” and has become a “mature, established supervisory authority” that can adapt to challenges including the Covid-19 pandemic, the European Commission said today. In a report to the European Parliament and member countries, the commission concluded that the Single Supervisory Mechanism — which refers to the system of banking supervision in Europe comprising the European Central Bank and national supervisors — delivers on its objectives. There is close cooperation between the ECB and national authorities, the commission said, acknowledging some shortcomings. For example, there is a lack of resource in processing bank model applications, which can lead to delays, as well as a lack of IT resource and expertise in cyber-related risks.Report attached....

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