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Further, a new Guide to Banking Supervision has been drafted, setting down the procedures all SSM members are to follow. The SSM has been defined as an integrated system of bank surveillance, which will combine the leadership of the ECB with the active participation of national supervisory authorities. In any event, arrangements are in place to ensure that the assumption of these new functions by the ECB will not clash with its monetary policy responsibilities. As of June 2014, total euro area bank assets amounted to € trillion. Given the very high number of credit institutions (some 3,500) established in the euro area, the SSM regulation draws a distinction between “significant” institutions, which will be supervised directly by the ECB, and “less significant” institutions, which will remain the responsibility of national authorities and which the ECB will indirectly supervise. Finally, a list of 120 significant institutions has been drawn up, 15 of which are Spanish (14 once a merger currently under way has been completed), accounting for just over 90% of the assets of deposit institutions in Spain. BIS central bankers’ speeches  5  The 120 “significant” institutions represent 80–85% of total euro area bank assets; the Spanish banks that will be directly supervised by the SSM account for 14% of the total assets of these 120 significant institutions.