Spectator on facebook

Spectator on facebook

European Union to oversee eurozone banks

European Union finance ministers agreed on Thursday, December 13, the first step towards a eurozone banking union: they assigned the role of bank supervision to the European Central Bank (ECB). The ECB will oversee banks in the eurozone whose assets exceed €30 billion, or 20 percent of a country’s GDP, as well as those banks that the eurozone members have had to intervene to prop up.

European Union finance ministers agreed on Thursday, December 13, the first step towards a eurozone banking union: they assigned the role of bank supervision to the European Central Bank (ECB). The ECB will oversee banks in the eurozone whose assets exceed €30 billion, or 20 percent of a country’s GDP, as well as those banks that the eurozone members have had to intervene to prop up.

The ECB will gather the relevant expertise from July 2013 in an initial phase, and full oversight will begin by March 2014, the Sme daily wrote. In Slovakia, the ECB will oversee banks that belong to multinational groups: Slovenská Sporiteľňa, Tatra Banka, VÚB and ČSOB. Smaller banks will remain under the remit of the Slovak central bank, the NBS. The NBS will cooperate with the ECB when overseeing the main banks in the country, and will also participate in decision-making, state secretary (i.e. deputy minister) at the Finance Ministry Vazil Hudák told Sme. The control mechanism will not include Volksbank, whose parent company – Russia's Sberbank – is based outside the EU.

Source: Sme

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Messerschmidt created most of his character heads in Pressburg

Bratislava will name a square after the prominent artist

A replica of one head from the series Character Heads by F. X. Messerschmidt; ownership of the Slovak National Gallery

Christmas Bazaar returns to the Old Market hall

One of the events which presents diplomatic communities residing in Slovakia to the wider public is the already traditional Christmas Bazaar, which focuses on gastronomy and charity.

Christmas Bazaar 2016

Blog: The wanderer returns home

The places you visit, people you befriend, experiences that leave their mark, they all become a part of you.

Go east for real morality, Jean-Marc Barr says Photo

The French American actor/director, who plays in a Slovak co-production film, said during a recent visit to Bratislava that eastern Europe, and other eastern countries still have what America has already and what…

Jean-Marc Barr during IFF Bratislava 2017