The ECB conducted a comprehensive assessment (CA) of significant credit institutions before fully taking charge of prudential supervision on November 4, 2014.
The single supervisory mechanism (SSM), groups the ECB and national competent authorities (NCA) of the participating Member States and has responsibility for prudential supervision of all credit institutions in these States.
Before fully taking charge of supervisory functions and therefore bearing overall responsibility for prudential supervision in the euro area, the ECB carried out a comprehensive assessment of significant entities over which it would exert direct supervision, in order to have an overview of the status of these entities (balance sheets and risk profiles).
The results confirmed how this exercise was successful and achieved its objectives at the European level. It also showed that the reform and restructuring of the Spanish banking system undertaken in recent years was adequate and entities face the future with strong balance sheets and solid solvency.
The main features of the CA and the results published by the ECB are presented below.
The CA was a breakthrough in the area of transparency as it increased the quantity and quality of information available in order to promote financial stability in the euro area.
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