ECB names Oliver Wyman as bank supervision consultant

24th September 2013, Comments 0 comments

The European Central Bank on Tuesday appointed Oliver Wyman to help assess the eurozone banks that the ECB will directly oversee in its new role of EU bank supervisor.

The US management consultancy firm has been chosen by the ECB "to support the preparation and implementation of the comprehensive assessment of the significant banks that will be directly supervised by the ECB," it said in a statement.

"Oliver Wyman will support the ECB's management and coordination and will provide financial advisory services for this project, notably in refining the methodology for the assessment."

In the coming weeks, the ECB will provide further information on the timeline and methodology of the exercise, the statement added.

The ECB is preparing to take on new banking supervision tasks as part of a single supervisory mechanism.

The single supervisory mechanism or SSM will create a new system of financial supervision comprising the ECB and the national competent authorities of participating EU countries.

Under the new system of supervision, the ECB will directly supervise significant credit institutions.

It is expected that the ECB will assume its new banking supervision responsibilities in late 2014.

© 2013 AFP

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