The Twenty-Seven appoint the German Buch as Enria's successor at the head of the ECB's banking supervision

BRUSELAS, 19 Oct. (EUROPA PRESS) -

The Twenty-seven have appointed this Thursday the German Claudia Buch, current vice president of the Bundesbank, as the new president of the supervisory board of the European Central Bank (ECB), who will hold the position for five years starting January 1, 2024, replacing the Italian Andrea Enria, whose mandate expires at the end of the year.

The decision adopted by the Council confirms the appointment of the German, who already obtained the support of the European Parliament on October 3, although by a minimal margin and despite the discomfort expressed by all political groups after her unanimous support for the Spanish Margarita Delgado, who was finally discarded.

Now that his designation has been endorsed, the Council's decision will be published in the Official Journal of the EU and will come into force this Thursday.

The ECB directly supervises a total of 109 banks under the Single Supervisory Mechanism (SSM). The supervised banks are the largest in their country of origin, or have total assets of more than €30 billion, or carry out significant cross-border operations. These banks hold almost 82% of the banking assets in these countries.

As a supervisor, the ECB works to closely monitor the health and integrity of the European banking system and has the authority to carry out inspections to check banks' compliance with EU rules, require banks to set aside additional capital for mitigate risks and can even withdraw banking licenses.