ECB Set to Directly Supervise 80% of Euro-Area Banking Assets
The European Central Bank is set to directly supervise about 150 banks, accounting for approximately 80 percent of the euro area’s banking assets, according to tentative estimates given by a European Union official.
The percentage of banking assets subject to direct ECB supervision will be highest in nations with highly concentrated banking industries such as the Netherlands, said the official who isn’t authorized to be identified, in line with EU policy.
The ECB will take on bank oversight duties by March 2014, or whenever the central bank says it is ready, under an accord reached by finance ministers last week.
The final figures on banks that will face direct ECB oversight will need to be calculated by the Frankfurt-based bank, the official said.
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