ECB to Add About 70 Staff at Bank Watchdog for Brexit Workload

(Bloomberg) -- The European Central Bank said it will add about 70 staff at its banking supervision arm this year in anticipation of a higher workload as banks move from the U.K. to the euro area in preparation for Brexit.

More banks are making decisions on their Brexit plans and starting to relocate to the euro area, Daniele Nouy, head of the supervisory arm, told lawmakers in Brussels on Monday. That means an added burden for the ECB, which started as the euro zone’s banking supervisor in 2014 and already has projects underway including an examination of bank-risk models and a push to reduce bad loans.

The ECB’s Governing Council also endorsed additional resources for 2019 and 2020, the central bank said in the annual report of its supervisory arm.

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