The Supervisory Board is fully responsible for the planning and performance of the functions conferred upon the ECB relating to the prudential supervision of credit institutions. The Supervisory Board's functions are understood to be without prejudice to the powers of the decision-making bodies of the ECB. It currently meets every three weeks to discuss, plan and carry out the ECB’s supervisory tasks. It proposes draft decisions to the Governing Council for its approval under the non-objection procedure.
It consists of a Chair (appointed for a non-renewable term of five years), a Vice-Chair (chosen from among the members of the ECB’s Executive Board), four ECB representatives, and representatives of national supervisors. If the national supervisory authority designated by a Member State is not a national central bank (NCB), the representative of the competent authority can be accompanied by a representative from their NCB. In such cases, the representatives are together considered as one member for the purposes of the voting procedure. All Supervisory Board members must act in the interest of the Union as a whole.