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Dombret-Bundesbank should report to ECB on large bank supervision
July 9, 2014 / 7:22 AM / 3 years ago

Dombret-Bundesbank should report to ECB on large bank supervision

FRANKFURT, July 9 (Reuters) - Bundesbank banking supervision chief Andreas Dombret said the bank should report directly to the European Central Bank in its supervision of big banks, bypassing German financial regulator BaFin, who it currently reports to.

“In my opinion, the Bundesbank must remain at the same level as the other supervisory bodies,” Dombret said on Wednesday. “That is the only way we can have a functional supervision.”

From November onwards, the ECB will take over the supervision of 120 of the euro zone’s biggest banks, including 21 German ones. (Reporting by Alexander Huebner; writing by Alexandra Hudson)

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