Draghi: New ECB bank oversight will revive confidence, lending
Monday, December 17, 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.
▲ Hide Transcript
▶ View Transcript
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.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code