SSM: banks fret over giant supervisor's first steps

New watchdog a great idea in theory, banks say - but early months have been difficult

Rising up: SSM is part of, but independent of the ECB

The Single Supervisory Mechanism (SSM) – the eurozone's new big-bank watchdog – is an infant giant. Responsible for the oversight of 123 large banks based in 19 countries, it took its first, toddling, earth-shaking steps on November 4 last year, after hiring 800 supervisors during the course of 2014, and writing the 2,000-page manual that will guide their work.

As with all infants, its arrival has redefined the world around it. Banks are getting used to a new way of working, and their concerns

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