Europe’s bank bosses push back against perceived ECB intrusion
European bank bosses are pushing back against what they see as increasingly intrusive behaviour from their regulator, the European Central Bank.
Chairs and senior executives have contacted the supervisor over its stance on a range of issues — from wanting to have a presence in bank boardrooms to increasing capital requirements and restricting shareholder returns — which bankers view as regulatory over-reach, according to people familiar with their thinking.
Lorenzo Bini Smaghi, chair of France’s Société Générale and a former ECB board member, wrote to the central bank in October questioning the need for its officials to be present at bank board meetings. He also called for a meeting between top bank chairs and Andrea Enria, the head of the financial supervision unit.
This story originally appeared on: Financial Times - Author:Sarah White
