September 17, 2012 / 5:37 PM / in 5 years

ECB'S Nowotny says don't rush into bank supervision

VIENNA, Sept 17 (Reuters) - The European Central Bank should not be rushed into assuming responsibility for supervision of the euro zone’s banks before it is ready, ECB policymaker Ewald Nowotny said on Monday.

“On the question of bank supervision, quality must come before speed. I consider it very dangerous to present apparent solutions under time pressure,” Nowotny said during a panel discussion on Europe’s future perspectives.

Nowotny said the ECB would not be ready to oversee all the euro zone’s banks by mid-2013, and said it would be ambitious even to oversee the major banks by then.

“With all respect for the political guidelines, we are the ones with the responsibility. We will only take it over when we are properly equipped,” he said. (Reporting by Georgina Prodhan; editing by Ron Askew)

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