The Council today adopted a decision appointing Claudia Buch as chair of the supervisory board of the European Central Bank. She will hold the position for five years, starting from 1 January 2024.
Claudia Buch, who is currently vice-president of the Deutsche Bundesbank, will replace Andrea Enria, who was chair from 1 January 2019.
The ECB has direct oversight of the most significant banks under the Single Supervisory Mechanism (SSM). Currently, 109 banks are under the ECB’s direct supervision. The banks are either the largest in their home country, or which have assets of more than €30 billion in total assets or have substantial cross-border operations. These banks hold almost 82% of banking assets in these countries.
As a supervisor, the ECB works to closely monitor the health and integrity of the European banking system. It has the authority to carry out inspections to check banks’ compliance with EU rules, demand banks set aside additional capital to mitigate risks and can even withdraw banking licenses.
The ECB’s proposal for Claudia Buch’s appointment was approved by the European Parliament on 3 October 2023.