December 5, 2019 3:49 pm

ECB: Number of supervised banks declines

From January 2020, the European Central Bank will control only 117 financial institutions. That is two less than in the current year, as the Handelsblatt recently announced. According to the report, the ECB will, on the one hand, supervise subsidiaries of major banks such as J.P. Morgan or Goldman Sachs. On the other hand, the control of some banks is also dropped, as they now function as branches of large financial institutions. In addition, ABLV Luxembourg’s licence has been completely withdrawn.

Parallel to this development, supervisors assume that the control of existing credit institutions will become increasingly complex. In the meantime, for example, some banks have begun to relocate their operations to the eurozone ahead of Brexit – and the trend is upwards. The ECB has been responsible for controlling the major banks in the euro area since 2014. Dailystar

This post was written by Jens Secker

(Image rights: istockphoto.com/Meinzahn)

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