ECB to cut supervision fees for smaller lenders

The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - The European Central Bank will cut supervision fees for smaller banks from next year, it said on Tuesday, after lenders complained that charges have become too high and place an excessive burden on earnings.

“Starting from the 2020 fee period, the ECB will reduce the minimum fee for smaller, less significant institutions,” it said, adding that the change would apply to lenders with total assets of 1 billion euros or less.

The ECB will also collect fees only after the conclusion of a given year, on the basis of actual costs incurred by the supervisor rather than estimated costs, it added.

Reporting by Balazs Koranyi; editing by John Stonestreet