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Draghi: New ECB bank oversight will revive confidence, lending

Monday, 17 Dec, 2012 - 02:57

Dec. 17 - New European Central Bank powers to oversee euro zone banks will help restore confidence in the sector and revive interbank lending, says its president, Mario Draghi.

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ROUGH CUT - NO REPORTER NARRATION Ministers clinched a deal last week to give the ECB powers to supervise the currency bloc's banks from 2014, embarking on the first step in a new phase of integration to help underpin the euro. Although the central bank will only have automatic oversight of around 150 of the bloc's 6,000-odd banks, it will have the authority to intervene in smaller banks if there are signs of trouble. A new body called the Single Supervisory Mechanism will be responsible for the oversight, including a supervisory board, which will be "substantively independent" from the ECB Governing Council.

Draghi: New ECB bank oversight will revive confidence, lending

Monday, 17 Dec, 2012 - 02:57

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