Some ECB Officials Push to Curb Scope of Bank Oversight Arm

Several top European Central Bank officials are seeking to narrow the remit of its powerful banking supervision arm to reduce red tape for the bloc’s lenders, according to people familiar with the matter.

The officials are urging a newly formed ECB task force to look into changes to criteria that determine if a bank is “significant” and merits supervision from Frankfurt, rather than by national authorities, said the people. They asked to remain anonymous as the matter is private.