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ECB supervision to be operational by January 2014 according to Mersch

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September 21
12:58 PM 2013

According to Executive Board member Yves Mersch, the European Central Bank would be able to provide expert staff to man the new supervisory authority by year's end. The ECB is scheduled to oversee the Eurozone's currency system in 6,000 banks by late 2014. The projected staff to be hired is expected to reach 1,000 employees.

In an interview with German paper Handelsblatt, he said "Our goal should be to have the organizational structure fully staffed and operational by January of next year." He added that the bank would be hiring as many as 300 supervisors this year.

The interview, set to be published by Monday, with many excerpts sent to news agencies last Saturday. Mersch reiterated that the ECB would not be conducting asset quality reviews until EU governments have placed appropriate backstops to their financial systems.

The goal to create a regulatory authority to govern banks in the EU was a way to avoid the repetition of the 2008 financial crisis.

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