24/09/2013 (Agence Europe) - Bank supervisory agreement to be formalised shortly. Following the recent vote at the European Parliament (see EUROPE 10920), the Competitiveness Council on Thursday 26 September will conclude the legislative process for the Single Bank Supervision Mechanism under the aegis of the European Central Bank (ECB) after EU Permanent Representatives to the EU give the go-ahead on Wednesday. The legislation, an ECB regulation and a European Bank Authority regulation) then come into force in October, giving the ECB direct supervision over the 130 “too big to fail” banks in the eurozone from October 2014 onwards following in-depth assessment of the health of their balance sheets. (MB/transl.fl)