“I welcome the appointment by the Member States of Danièle Nouy as first Chairperson of the Supervisory Board of the Single Supervisory Mechanism (SSM) (IP/12/953). Her nomination was approved by the European Parliament last week.”
“As Chair of the Supervisory Board of the SSM, Danièle Nouy will play a central role in the banking union. She is an excellent choice for the tough job ahead. Building a brand new structure to supervise banks in Europe is a major challenge and Danièle Nouy has all the necessary skills and experience to rise to that challenge, having experience of national banking supervision and European and international coordination at the highest levels.
I am confident that, with Danièle Nouy at the helm, the SSM will develop a truly European supervisory culture, bring together different supervisors’ best practices, and address head on any problem with banks’ prudential soundness and risks to financial stability. Her role as the new Chairperson also brings valuable gender diversity to the board.”
The first pillar of the Banking Union is the Single Supervisory Mechanism (SSM), with the European Central Bank (ECB) at its centre.
The Single supervisory mechanism regulation confers upon the ECB specific supervisory tasks over credit institutions in the euro area.
The regulation entered into force on 4 November 2013 (MEMO/13/899), but the supervisory powers of the ECB will be fully effective and operational one year after its entry into force. In the meantime, the ECB is actively preparing to take up its new role of supervisor. The ECB is currently carrying out a comprehensive assessment of all banks which will be under its direct supervision and the balance sheets of those banks. In parallel it will have to recruit high quality supervisory staff and build up a new supervisory structure that integrates national supervisors before it commences its activities fully in November 2014.
Therefore, the ECB nominated Danièle Nouy as candidate for the Chair of the SSM supervisory board following an open selection procedure and her nomination was approved by the European Parliament on 10 December.
Danièle Nouy is the former secretary general of the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the joint French banking and insurance supervisor within the Banque de France. She actively steered the creation of the ACPR, and previously worked in various functions in banking supervision in the Banque de France. She also served as Chair of the Committee of European Banking Supervisors (CEBS – predecessor of the European Banking Authority1), and as Secretary General of the Basel Committee on Banking Supervision2.
For more information on the Single Supervision Mechanism