As part of the Single Supervisory Mechanism (SSM), the CNB is subject to the application of Guideline (EU) 2021/2256 of the European Central Bank laying down the principles of an Ethics Framework for the Single Supervisory Mechanism. The Guideline sets out the core principles and values that all national competent authorities are required to incorporate into their operations in the performance of the supervisory tasks conferred on the European Central Bank.
The basic features of the SSM Ethics Framework are accountability, transparency and the highest ethical standards. Simplified, this means that employees of SSM member central banks are required to act within the framework of equivalent, strictly prescribed ethical rules and principles. The same principles, rules and values apply to all, and each of the individual central banks remains to choose the method and models through which it will implement this in its system.
The SSM Ethics Framework contributes to credibility, reputation and reliability, as well as public trust in the banking system. European banking supervision, characterised by a high degree of importance and confidentiality, is carried out by staff with integrity, ethics and independence, which contributes to making the fulfilment of central banks’ tasks and powers more transparent and of a higher quality.