Danièle Nouy, Chair of the Supervisory Board of the European Central Bank (ECB), made a speech on September 15, 2015 at a Financial Markets Authority conference in Austria. She discussed the role of the Supervisory Board of the Single Supervisory Mechanism and stressed that “supervised banks should be subject to consistent prudential requirements based on their inner characteristics regardless of where their business is located”.

For approximately eight months the board has been developing a policy package tackling options and national discretions. The resulting draft legislation will be subject to a public consultation from the beginning of November this year.