ECB’s Mersch Takes Key Hurdle to Help Oversee Euro-Area Lenders

(Bloomberg) --

European Central Bank Executive Board member Yves Mersch was confirmed by European lawmakers to become the institution’s vice chair of banking supervision.

The vote on Wednesday means that the board of the ECB’s supervision arm will soon hit full capacity after three new members were appointed in July. Mersch was picked by the ECB Governing Council in April to become Andrea Enria’s deputy, but his confirmation in the European Parliament was held up because of elections for the assembly the following month.

In a hearing in front of the Economic and Monetary Affairs committee in Brussels, Mersch vowed to make sure that banks don’t accumulate another mountain of non-performing loans. He also promised that ECB banking supervisors will always act within their mandate, an issue on which they have clashed with the parliament in the past.

The approval of Mersch’s nomination will have to be confirmed by the EU parliament’s full assembly.

©2019 Bloomberg L.P.

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