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European Central Bank becomes chief euro bank supervisor of all 17 member states

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Brussels:  The establishment of ECB supervision is set to become a prerequisite for banks to receive direct loans from the European Stability Mechanism.

All 17 member states have endorsed ECB’s regulatory role in the light of European Banking Authority that was set up in 2011 to integrate rules across the EU and has secured a new supervisory function. Draft legislation indicates that the ECB must conduct a “comprehensive assessment, including a balance-sheet assessment,” of any banks it will directly supervise.

Asad Haroon
A netpreneur, blogger and above all; A Human 🙂 Asad tweets from @aghaasadharoon and can also be approached on Google+

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