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Banks, Financial

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Categorized | Economy

Citibank’s Ireland arm to fall under ECB supervision

Posted on November 21, 2016

Citibank’s Irish subsidiary has been identified as a “systemically” important lender which will come under the scope of the European Central Bank’s regulatory supervision.

The ECB, which is the supervisory authority for the eurozone’s most important banks, said Citibank Holdings Ireland will fall under its direct purview from next year as the total number of lenders it supervises falls to 127 from 129.

Banks not considered systemically important fall under the regulatory scope of national authorities.

The ECB carries out regular assessments of Europe’s banks to decide which will be included under its new Single Supervisory Mechanism, established as part of the eurozone’s banking union plans.

The total number of banks considered systemically important has fallen due to the merger of German lenders WGZ Bank and DZ Bank and the restructuring of State Street Bank Luxembourg and RFS Holding, said the ECB.

As part of its regulator powers, the ECB has the power to set higher capital requirements, grant banking licenses and enforce compliance with EU rules for banks under its remit.