January 31, 2014 / 11:02 AM / 4 years ago

SRM should include all euro zone banks -ECB's Lautenschlaeger

FRANKFURT, Jan 31 (Reuters) - European Central Bank Executive Board member Sabine Lautenschlaeger said all euro zone banks should be included in the resolution mechanism for closing down insolvent banks.

The single resolution mechanism (SRM) is part of a broader drive for a European banking union under which the ECB is to become the euro zone’s single banking supervisor from later this year, dubbed the single supervisory mechanism (SSM).

“On the scope of the SRM, I think it should include all credit institutions supervised directly or indirectly under the SSM,” Lautenschlaeger said in written responses to questions from members of the European parliament.

Lautenschlaeger has been put forward by the ECB for the position of vice chair of the SSM and for this she is due to appear in a parliamentary hearing on Monday.

Reporting by Eva Taylor

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