July 11, 2019 / 4:11 PM / 10 days ago

ECB hires ex-Goldman Sachs banker as watchdog

FILE PHOTO - The skyline with its financial district and the headquarters of the European Central Bank (ECB) are photographed in the early evening in Frankfurt, Germany, December 4, 2018. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - The European Central Bank has hired Elizabeth McCaul, a former Goldman Sachs banker who later led an audit of the Vatican’s scandal-ridden bank, as one of its top banking supervisors, it said on Thursday.

She is one of three new ECB representatives on the Single Supervisory Board, which oversees the euro zone’s 114 largest banks.

McCaul will join the ECB from Promontory Financial Group, a prominent U.S. consultancy firm which agreed to pay $15 million to New York’s banking regulator in 2015 to settle accusations of whitewashing a report on Standard Chartered Bank (STAN.L).

At Promontory, now owned by IBM (IBM.N), McCaul helped audit the Vatican’s bank during a clean-up ordered by Pope Francis in 2013 and also did consultancy work for the ECB during the set-up of the Single Supervisory Mechanism.

Before that, McCaul was Superintendent of Banks for the State of New York, having joined that department after a decade as a banker at Goldman Sachs.

A mother of seven, McCaul is married to former Goldman Sachs partner Frank Ingrassia.

She will be joined on the Single Supervisory Board by Edouard Fernandez-Bollo, who currently works for the French banking watchdog, and Kerstin af Jochnick, until Thursday the first deputy governor of the Swedish central bank. [nL8N24C450]

Reporting by Francesco Canepa; Editing by Gareth Jones

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