In a press release dated October 23, the ECB announced that it will undertake a comprehensive assessment of large banks prior to assuming full responsibility for supervision as part of the SSM.

The assessment will include a risk assessment, an asset quality review and a stress test to examine the banks’ balance sheet’s resilience.  The assessment will start in November 2013 and will be completed in 12 months, in collaboration with the relevant national competent authorities. 

The UK Prime Minister stated that the UK will not participate in the SSM.  Press Release.