April 9, 2019 / 6:16 PM / 5 months ago

ECB picks board member Mersch for key bank supervisory role

FILE PHOTO: Yves Mersch, Member of the Executive Board of the European Central Bank delivers a speech during Lamfalussy Lectures Conference in Budapest, Hungary, February 4, 2019. REUTERS/Bernadett Szabo

FRANKFURT (Reuters) - The European Central Bank has nominated board member Yves Mersch to serve as the new vice chair of its bank supervision arm, the bank said on Tuesday, ending a two month vacancy in the post.

Pending approval in European Union bodies, Mersch will succeed Sabine Lautenschlaeger, whose term expired in February, serving in a key role that connects the ECB’s executive board and bank supervision arm.

One of the European Union’s newest institutions, the Single Supervisory Mechanism, oversees 119 of the bloc’s largest lenders with over 21 trillion euros in assets.

In addition to the vice chair’s position, three other posts on the supervisory board remain vacant, but the ECB did not say who would fill those seats.

Reporting by Balazs Koranyi; Editing by Alison Williams

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