[45]Article 28 of the SSM Regulation requires the ECB to provide the necessary financial resources for its supervisory tasks, and Article 30 of the SSM Regulation empowers the ECB to levy fees on credit institutions to cover its expenditure on supervision. [46]Under the ESM Treaty, the ECB’s role is, generally speaking, as follows: (i) to assess together with the Commission the urgency of requests for stability support (Article 4(4)); (ii) to participate as an observer in the meetings of the Board of Governors and the Board of Directors (Articles 5(3) and 6(2)); (iii) the Commission, in liaison with the ECB, assesses requests for stability support (Article 13(1)); (iv) the Commission, in liaison with the ECB, negotiates an MoU detailing the conditionality attached to the financial assistance facility (Article 13(3)); and (v) the Commission, in liaison with the ECB, monitors compliance with the conditionality attached to the financial assistance (Article 13(7)). [47]Case C-370/12, Pringle v Ireland, ECLI:EU:C:2012:756, paras. 155-65. [48]Joined Cases C-8/15 P to C-10/15 P, Ledra Advertising Ltd and Others v Commission and ECB, ECLI:EU:C:2016:701. [49] See, in particular, Regulation (EU) No 472/2013 of the European Parliament and of the Council of 21 May 2013 on the  http://www.ecb.europa.eu/press/key/date/2017/html/sp170330.en.html[03.04.2017 15:53:14]  Central bank independence revisited  strengthening of economic and budgetary surveillance of Member States in the euro area experiencing or threatened with serious difficulties with respect to their financial stability (OJ L 140, 27.5.2013, p. 1). [50]Article 5 (1) and (2) of the Treaty. [51]Article 5 (1) and (2) of the Treaty.

The recovery in the property market is welcome but it should not decouple from economic fundamentals. 5 / 11  BIS central bankers' speeches  If property prices rise too rapidly, they will outpace the growth in income. Households will have to take on more leverage than they are able to manage; this risk will be compounded as interest rates rise over time. A rapid increase in prices also raises the risk of a destabilising market correction later when additional supply comes on-stream. MAS, the Ministry of National Development, and the Ministry of Finance, are closely monitoring developments in the residential property market, and remain committed to ensuring a sustainable market. FINANCIAL INDUSTRY TRANSFORMATION MAP: A MID-TERM REPORT CARD I will now move on to the financial services sector. The Financial Services Industry Transformation Map (ITM) sets out strategies co-created by MAS and the industry to make Singapore a leading global financial centre in Asia. We have set ambitious targets over the 5-year period from 2016 to 2020: value-added growth in financial services of 4.3% p.a. and creating 3,000 net jobs in financial services and 1,000 net jobs in FinTech p.a.. We are now exactly at the half-way mark of the ITM; let me give a report card on how the industry has fared so far. Financial services—defined as the finance and insurance industry excluding holding companies, slightly different from the DOS definition—grew an average of 3.3% per year during 2016 and 2017. This is below the 5-year target of 4.3% per annum.