The Supervisory Board of the European Central Bank or ECB Supervisory Board is the main operational decision-making within the European Central Bank on bank supervision matters, within the framework of European Banking Supervision. It meets twice a month to discuss, plan and carry out the ECB's supervisory tasks. [1] It is not, however, the ultimate decision-making body, as it only prepares draft decisions for the Governing Council under a no-objection procedure.
The Supervisory Board is composed of a Chair, appointed for a non-renewable term of five years; a Vice Chair, chosen from among the members of the ECB's Executive Board; four members directly appointed by the ECB, known as ECB representatives; and representatives of national competent authorities. If the national supervisory authority designated by a Member State is not the country's national central bank, the representative of the competent authority can be accompanied by a representative from that national central bank. In such cases, the representatives are together considered as one member for the purposes of the voting procedure. [1]
The Supervisory Board's Steering Committee supports its activities and prepares its meetings. It is composed of the Supervisory Board's Chair and Vice Chair, one of the ECB representatives, and five representatives of national competent authorities. The latter five representatives are appointed by the Supervisory Board for one year based on a rotation system that ensures a fair representation of countries. [1]
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