September 4, 2019 / 4:52 PM / 11 days ago

ECB's Mersch gets backing for bank supervision role

FILE PHOTO: Yves Mersch, member of the Executive Board of the European Central Bank (ECB), presents the new 100- and 200-euro banknotes at the ECB headquarters in Frankfurt, Germany, September 17, 2018. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - The European Parliament’s committee on economic affairs on Wednesday overwhelmingly backed the nomination of European Central Bank board member Yves Mersch to become the deputy chief of the bank’s supervision arm.

Mersch succeeds Sabine Lautenschlaeger in the role and will serve as the key link connecting the ECB’s executive board with its Single Supervisory Mechanism.

The role has been vacant for most of this year after ECB chief Mario Draghi failed to select a nominee in time and the parliament’s summer recess delayed Mersch’s confirmation vote.

The ECB supervises 114 of the euro zone’s biggest banks with nearly 23 trillion euros ($25.6 trillion) of assets.

Reporting by Balazs Koranyi; ; editing by John Stonestreet

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