Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

European Commission Seeks Phase-In of ECB Bank Oversight Powers

Don't Miss Out —
Follow us on:

Aug. 30 (Bloomberg) -- The European Commission will propose that a plan to hand supervisory powers to the European Central Bank should be phased in gradually, beginning with banks stabilized by the euro area’s rescue funds.

Under the proposal, which will be released on Sept. 12, the ECB would oversee rescued lenders starting on Jan. 1, 2013, said Stefaan De Rynck, a spokesman for Michel Barnier, the EU’s financial services chief.

The central bank’s supervisory role would be extended on July 1 of next year to all so-called systemically important banks in the 17-nation euro area, De Rynck said, confirming details given by Barnier in an interview with Sueddeutsche Zeitung.

The final stage would begin on Jan. 1, 2014, when the ECB would start supervising all euro-area banks, De Rynck said. The central bank would delegate day-to-day oversight for most banks to national regulators.

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.