BERLIN: The European Commission will propose next month giving the European Central Bank supervision over all of the euro zone's major banks, Handelsblatt daily reported on Friday, citing Commission sources.
That would include Germany's Sparkassen savings banks and Genossenschaftsbanken cooperative banks, which Germany had hoped would be exempt when it signalled it wanted supervision only over the biggest 25 banks, the paper reported.
The Commission's proposal, due on September 11, envisages national authorities supervising day-to-day business and the ECB only intervening where it sees "dangerous risks", Handelsblatt said.
Outside the euro zone, national banking supervisors would stay in charge of their banks, the paper reported.
European Union leaders agreed at the end of June to set up a single banking supervisor in Europe as a pre-condition to letting the euro zone's rescue funds directly inject cash into lenders, without lending to a government first.
indiatimes.com
That would include Germany's Sparkassen savings banks and Genossenschaftsbanken cooperative banks, which Germany had hoped would be exempt when it signalled it wanted supervision only over the biggest 25 banks, the paper reported.
The Commission's proposal, due on September 11, envisages national authorities supervising day-to-day business and the ECB only intervening where it sees "dangerous risks", Handelsblatt said.
Outside the euro zone, national banking supervisors would stay in charge of their banks, the paper reported.
European Union leaders agreed at the end of June to set up a single banking supervisor in Europe as a pre-condition to letting the euro zone's rescue funds directly inject cash into lenders, without lending to a government first.
indiatimes.com
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