FRANKFURT, March 7 The European Central Bank
appointed three out of four representatives to the new banking
watchdog's top board on Friday, including former ECB Executive
Board member Sirkka Hamalainen.
Banking supervision is being unified under the auspices of
the ECB, which gets to appoint four representatives to the new
watchdog's supervisory board and the vice chair.
Europe's move towards a banking union has been accelerated
by the euro zone's debt crisis, which highlighted the dependence
of many governments on banks buying their bonds, and the banks'
dependence on their governments picking up the bill if loans go
The ECB decided to send Sirkka Hamalainen, who was a member
of the ECB Executive Board between 1998 and 2003, Ignazio
Angeloni, who currently heads the ECB's financial stability
division, and Julie Dickson, Canada's chief banking regulator.
The fourth person will be appointed in due course.
Dickson, whose term at the helm of Canada's financial
services regulatory agency runs out this year, had been pegged
as a candidate to replace Bank of Canada governor Mark Carney
when he left to join the Bank of England.
Hamalainen became Finland's first female central bank
governor in 1992, a post she left in 1998 to join the ECB
Executive Board, where she was again the first female member.
Angeloni has led the preparations for the Single Supervisory
Mechanism (SSM) since August 2012. He worked at the Italian
central bank and finance ministry before he became an adviser to
the ECB Executive Board in 2008 and later a director general.
The SSM supervisory board consists of the representatives
from the national supervisors of the 18 euro zone countries and
four ECB representatives. It is chaired by Daniele Nouy and
Sabine Lautenschlaeger is the vice chair.
The board, which meets twice a month, plans and carries out
the supervisory tasks and undertakes the preparations before the
ECB take over responsibilities as the euro zone bank supervisor
(Reporting by Eva Taylor in Frankfurt and Sakari Suoninen in
Helsinki; Editing by Ruth Pitchford)