September 8, 2014 / 11:25 AM / 5 years ago

Former top Bundesbanker to join new euro zone banking watchdog

FRANKFURT, Sept 8 (Reuters) - A former Bundesbank board member will join a five-member team dealing with euro zone banks’ complaints about the new European Central Bank (ECB) watchdog, the ECB said on Monday.

Edgar Meister, who was on Germany’s central bank Executive Board between 1993 and 2007 and led the EU’s Banking Supervision Committee from 1998 to 2007, will be part of the Single Supervisory Mechanism’s (SSM) administrative board of review.

Since then, he has been a supervisory board member at Hypo Real Estate, Commerzbank and Deutsche Bank’s fund management arm DWS, and is an independent board member at Standard & Poor’s Credit Market Services Europe.

The ECB takes over from national watchdogs as the euro zone’s single banking supervisor on Nov. 4 as part of a push for closer European financial integration to try to avert any future financial crisis, and is reviewing the bloc’s 120 largest banks.

Banks can challenge the watchdog’s decisions through the new board as an alternative to using the European Court of Justice.

The board’s opinions will be reviewed by the ECB watchdog’s top board and are non-binding. Nor can it suspend ECB decisions.

None of the five panel members can be part of any European institution, national supervisor or the ECB. They are:

* Javier Arístegui Yáñez, former Deputy Governor of the Bank of Spain

* Concetta Brescia Morra, law professor

* André Camilleri, former Director General of the Malta Financial Services Authority

* Edgar Meister, former Member of the Executive Board of Germany’s Bundesbank, Attorney at Law

* Jean-Paul Redouin, former First Deputy Governor of the Banque de France and Chair of the Commission Bancaire

For the complete statement, click on: here (Reporting by Eva Taylor; Additional reporting by Arno Schuetze; Editing by Louise Ireland)

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