At the time that the Single Supervisory Mechanism (SSM) came into force in November 2014, BDO established an EU Banking Union Desk. The creation of a European banking union, comprising the SSM, the Single Resolution Mechanism (SRM) and potentially a common system for deposit protection, has been seen as the EU’s most ambitious integration project since the introduction of the euro.

The principal pillars of the banking union are the Capital Requirements Directive (CRD IV), the Bank Recovery and Resolution Directive (BRRD) and the Deposit Guarantee Scheme Directive (DGSD). These Directives have also been transposed into German domestic legislation. The considerable challenges and regulatory changes that the banking union represents are a matter of concern beyond the institutions currently under the direct supervision of the European Central Bank (ECB).

Our EU Banking Union Desk is intended to provide support to institutions in their strategic, procedural, accounting and regulatory compliance with the requirements of the banking union. The EU Banking Union Desk is BDO’s European competence centre for:

• Continuous monitoring of regulatory developments in the financial sector and appraisal of their effects on market participants
• Identifying specific challenges and support in connection with the SSM and SRM
• Intensive information exchange between BDO and the ECB and national supervisory authorities as well as with the Single Resolution Board (SRB) and national resolution authorities
• On-site support for affected banks in all European markets in collaboration with BDO Financial Services Teams
• Ensuring a single point of contact where cross-border support is needed for internationally operating banks
• Coordinating available BDO expertise for multinational engagements
• Close integration into the BDO Global Financial Services Sector Group

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