Lithuanian Presidency to sign Memorandum of Understanding between Council and ECB on cooperation in bank supervision

02 December 2013, Last updated at, 11:36 EEST
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author: Reuters/Scanpix

The Council of the EU has on December 2 in Brussels approved the Memorandum of Understanding between the Council and the European Central Bank (ECB) on cooperation on procedures related to Single Supervisory Mechanism (SSM) and the mandate to the Lithuanian Presidency to sign it. The Memorandum has been prepared noting that similar Agreement between European Parliament and ECB has been signed earlier in November.

The Memorandum is to be signed by the President of the Council (ECOFIN), Minister of Finance of Lithuania Rimantas Šadžius on the Council side and President of the ECB Mario Draghi.

Aim to advance with the establishment of the SSM as quickly as possible, the Council has supported the intention by the Parliament and the ECB to progress rapidly with the first selection procedure for the appointment of the Chair of the Supervisory Board.

The SSM Regulation, adopted by the Council on October 15, contains provisions on the ECB accountability and reporting under the SSM (Article 20) and on the appointment and removal of the Chair and vice-Chair of the ECB Supervisory Board (Article 26). In line with these provisions, the Memorandum foresees more detailed procedures of cooperation between ECB and the Council.

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