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    ECB Consults on Guide to Inspections and Internal Model Investigations

    July 27, 2017

    ECB is consulting on a draft guide to onsite inspections and internal model investigations. Inspections are a critical tool for banking supervision worldwide. The guide provides an overview of the general framework under which inspections are conducted, describes the different inspection phases, and sets out the principles of inspections to be followed by both banks and the inspection teams. ECB also published a frequently asked questions, or FAQ, document on this guide. Consultation ends on September 15, 2017.

    This guide, which was drafted in close cooperation with the national competent authorities, is intended to explain how ECB Banking Supervision conducts inspections and to provide a useful document for banks subject to such inspections. The guide applies to the on-site inspections conducted at institutions supervised by the ECB directly—the significant credit institutions. In case ECB decides to exercise its right to take on the direct supervision of less significant institutions, the guide would also apply to these banks. An inspection of a bank aims to provide an in-depth analysis of its various risks, internal control systems, business models, and governance. It has a predefined scope and timeframe and takes place on the premises of the inspected bank or a related legal entity. An inspection should be intrusive while adhering to the principle of proportionality and aims to provide a detailed snapshot of the situation of a given bank, including a forward-looking analysis.

     

    Related Link: Consultation and Related Documents

    Comment Due Date: September 15, 2017

    Keywords: Europe, EU, Banking, Banking Supervision, Onsite Inspections, FAQ, ECB

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