EU auditors find that ECB supervision of troubled banks has some flaws
The European Court of Auditors publishes their findings in a report on the ECB's oversight on banks
- Found deficiencies in ECB's process to identify troubles at banks under its oversight
- ECB has not developed sufficient guidelines to respond to bank crisis
- Recommendations are made to the ECB, with target implementation dates stretching into 2019
- ECB "refused to provide important evidence" and this had a "negative impact on the audit work"
- This meant that the auditors were unable to confirm the "operational efficiency" of the ECB, in practice, of its crisis management
Well, if the ECB isn't prepared to handle a bank crisis then I guess we're all doomed anyway. More regulatory news, nothing too substantial to markets.