FRANKFURT, April 28 (Reuters) - The European Central Bank’s health check of top euro zone banks will cost Erste Group Bank about 10 to 12 million euros ($14 to $17 million), the lender’s supervisory board chief said on Monday.
The unprecedented review of the top lenders’ balance sheets has created a substantial amount of extra work for the banks, many of which had to hire extra staff to carry out the required exercises.
“We don’t know exactly yet how much it will cost us, but probably around 10 to 12 million euros for a bank of our size,” Friedrich Roedler said in a panel discussion during a conference at the ECB in Frankfurt.
The ECB plans to introduce a fee for its supervision and will lay out a framework for the charges soon.
Roedler is a former executive of PwC, one of the “big four” accounting firms. The others are Deloitte, Ernst & Young and KPMG.
Erste made a net profit of 61 million euros last year. It is expected to raise that to 517 million euros this year, according to a Reuters poll. ($1 = 0.7227 Euros) (Reporting by Eva Taylor; Writing by Georgina Prodhan; Editing by Ruth Pitchford)