On 19 October 2023, the Council of the European Union appointed Claudia Buch as the Chair of the Single Supervisory Mechanism (SSM) of the European Central Bank (ECB). She will assume her new role on 1 January 2024 for a five-year term of office.  Ms Buch’s current responsibilities as Vice-President of the Deutsche Bundesbank include banking and financial supervision as well as financial stability; in that capacity, she is already a member of the SSM. 

I would like to thank the Council of the European Union for my appointment as Chair of the Supervisory Board and for the trust placed in me. It will be a great honour for me to take on this role at the European Central Bank, Ms Buch said. “European Banking Supervision is a strong pillar of the Banking Union. I will build on these foundations and play my part in ensuring that the banking sector remains resilient and serves the people of Europe, closely cooperating with European institutions,” she stressed. 

Bundesbank President Joachim Nagel wishes Ms Buch great success for her future role: The Deutsche Bundesbank is honoured that our Vice-President, Claudia Buch, will assume responsibility for the Single Supervisory Mechanism for banks in Europe as from 2024. In this function, she will leverage her great expertise and extensive experience to ensure stability in the banking system. I am pleased by the decision taken by the relevant committees and wish Claudia Buch every success in her new role!

Under the SSM, the ECB directly supervises the most significant euro area banks. Currently, 109 banks from all euro area countries are directly supervised by the ECB. Institutions are supervised by Joint Supervisory Teams composed of experts from the ECB and the national supervisory authorities. Through its participation in the JSTs and involvement in numerous on-site inspections, the Bundesbank is contributing to the effective supervision of Europe’s significant credit institutions. “I very much look forward to a trustful cooperation with all national authorities and ECB colleagues. A strong common supervisory culture and extensive expertise are key to tackling future challenges and addressing risks in a timely manner, Claudia Buch said.