Reuters: Regulatory News: ECB on course for bank oversight role-German daily

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ECB on course for bank oversight role-German daily Jun 14th 2012, 19:59 BERLIN, June 14 | Thu Jun 14, 2012 3:59pm EDT BERLIN, June 14 (Reuters) - The European Central Bank is on course to be granted a greater role in the supervision of banks in the euro zone, according to a report in the German business daily Handelsblatt's Friday edition, which cited unnamed European Union diplomats. The paper said German Chancellor Angela Merkel backed such a plan, though the Bundesbank had "reservations", while France's new Socialist government and its central bank also supported it. This would mean the end of the European Banking Authority (EBA), which would have no further reason for existence, said the paper in a preview of Friday's edition, citing EU diplomats. The EBA's role in the sovereign debt crisis was criticised this week by Merkel, who said member states' national interests prevented it from carrying out proper bank stress tests, leading to the need for a Spanish banking rescue. Handelsblatt said even non euro-zone member Britain, where the EBA is based, believed the ECB would be a more appropriate oversight body for euro zone banks.

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