BERLIN Nov 29 The new European banking
supervisory body, to be set up under the roof of the European
Central Bank, will not be ready to operate fully before 2014, an
ECB Executive Board member said on Thursday.
Making the ECB the supervisor for lenders chiefly in the 17
countries that use the euro would be the first of three pillars
in a banking union and one EU leaders had committed to complete
by this year, at least on a legal basis.
Joerg Asmussen, one of the ECB's key negotiators for a
closer integration of the euro zone, said he was confident that
a meeting of finance ministers on Tuesday could deliver basic
political agreement on the matter.
"After that there will be considerable work on details and
implementation and realistically I expect that the European
banking supervision will not be able to operate fully before the
beginning of 2014," Asmussen said in a speech to be given at the
annual reception of the Association of German pfandbrief banks.
Alongside the supervisory body, a resolution and
restructuring mechanism to shore up or wind down troubled banks
should set up as soon as possible, Asmussen said.
(Reporting by Stephen Brown, writing Eva Kuehnen)