ECB Appoints Canada’s Dickson to New Supervisory Board Position

The European Central Bank appointed Julie Dickson, currently Canada’s top financial-industry regulator, to a new panel overseeing European lenders.

Sirkka Haemaelaeinen, a former ECB board member from Finland, and Italy’s Ignazio Angeloni, currently the ECB’s Director General for Financial Stability, were also named to the Supervisory Board, which will assist the central bank in its role as watchdog of the euro area’s lenders from November. One more position has yet to be allocated.

The appointments bring the ECB one step closer to completing preparations for the start of the Single Supervisory Mechanism, the first pillar of Europe’s nascent banking union. Around 130 lenders across the euro area will report directly to the Frankfurt-based institution from the end of this year, with the rest remaining under the day-to-day oversight of local regulators.

Dickson, 56, is scheduled to finish her term as head of the Office of Superintendent for Financial Institutions in Ottawa in July, after a seven-year term. Haemaelaeinen, 74, served as a member of the ECB’s Executive Board from 1998 to 2003, one of just three women to ever hold a post there. She has sat on the board of Kone Oyj, a manufacturer of escalators, since 2004.

Angeloni, 60, has been a key figure in the ECB’s work preparing for the start of supervision since being promoted by ECB President Mario Draghi in October 2012.

The appointments to the Supervisory Board were held up partly due to a disagreement on the ECB’s Governing Council over the manner of Angeloni’s nomination, people with knowledge of the matter said in February.

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