European Union

12/06/2018 | Press release | Distributed by Public on 12/06/2018 05:14

ECB: Council appoints Andrea Enria head of the supervisory board

The Council today adopted a decision appointing Andrea Enria as head of the supervisory board of the European Central Bank. He will hold the position for a period of five years, starting from 1 January 2019.

Mr Enria, who currently heads the European Banking Authority, will replace Danièle Nouy who was the first-ever chair of the single supervisory mechanism (SSM) was established on 1 January 2014.

The ECB has direct oversight of the most significant eurozone banks under the SSM. Currently, 118 banks are under the ECB's direct supervision. These banks are either the largest in their home country, have more than €30 billion in total assets or have substantial cross-border operations. Other, less significant banks remain under the supervision of national banking authorities.

As a supervisor, the ECB has the authority to carry out inspections to check banks' compliance with EU rules, demand banks set aside additional capital to mitigate risks and can even withdraw banking licences.

The ECB's proposal for Mr Enria's appointment was approved by the European Parliament on 29 November.

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