December 16, 2013 / 4:13 PM / in 4 years

ECB says Nouy appointed as head of banking supervisor

FRANKFURT (Reuters) - Daniele Nouy has been appointed to head the euro zone’s new banking watchdog at the European Central Bank, the ECB said on Monday, in a step towards closer financial integration in the bloc.

France's Daniele Nouy, newly elected euro zone bank supervisor, addresses the European Parliament Monetary Affairs Committee, in Brussels November 27, 2013. REUTERS/Yves Herman

Nouy will head the new institution being set up as part of a push for banking union which also requires a single mechanism to wind down non-viable banks to strengthen the financial system so it can weather potential future crises.

“The appointment of the Supervisory Board Chair marks an important milestone as the ECB establishes a single supervisory mechanism for banks in the euro area,” ECB President Mario Draghi said.

Nouy, who currently supervises France’s banks and insurers, was appointed for five years and will start her new role on January 1. The ECB then expects to take up banking supervision on November 4.

Reporting by Eva Taylor; Editing by Hugh Lawson

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