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BCE overhauls annual supervisory review to make it more effective
The European Central Bank (ECB) will revamp its annual bank review to make it shorter and closer to real-time supervision, it said on Thursday.
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Economia BCE
The chair of the ECB’s Supervisory Board, Claudia Buch, explained in a ‘post’ published today on the ECB’s blog that the central bank of the European countries has decided to reform the Supervisory Review and Evaluation Process (SREP) with changes that will be implemented gradually from the second half of 2024 and will be completed by 2026.
The SREP is the process by which the ECB annually monitors the risks faced by commercial banks, checking that they are prepared to manage them adequately and that the necessary supervisory measures are taken.
With the new framework, the ECB intends to make this process more targeted, efficient, predictable and transparent, as well as shorter and closer to real-time supervision.
The new SREP will not mean less supervision or a “light-touch” approach. On the contrary, it will allow the ECB’s banking supervision to continue to fulfil its mandate of keeping banks safe and sound. This fundamental objective will not change, but supervision will be more effective, according to Buch.
The person responsible for banking supervision in the euro area explained that the new framework has six objectives, including focusing risk assessments, better integrating supervisory activities and using the full range of instruments at its disposal.
It also aims to improve communication with banks, make existing methodologies more stable and, where possible, simpler and more transparent, and make better use of information technology (IT) systems and analytics.
"As risks evolve, so must supervision. Supervisors need to understand the risks, take a forward-looking perspective, communicate clearly with banks and be intrusive in their actions to ensure that they address weaknesses," Buch explained.
With the aim of reassessing the annual process of reviewing banks’ supervision, the ECB set up a group of five independent experts in 2022, who in April 2023 recommended that the body focus supervision on business models and governance, while stressing that the current capital requirements were adequate.
Read also: European stock markets mixed awaiting ECB inflation expectations (Portuguese version)
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