Biggest banks to foot 85% of ECB supervision costs
Print Edition
THE eurozone’s biggest banks could face an annual bill of up to 15 million euros (US$20 million) apiece for being supervised by the European Central Bank.
The ECB said in a statement yesterday that the costs incurred in its new role as Europe’s common banking supervisor — which it begins in November — are expected to amount to 260 million euros in 2015.
As part of the new single supervisory mechanism, the ECB will directly supervise up to 130 institutions classified as “significant” with assets in excess of 30 billion euros.
Around 5,800 smaller banks will remain under the remit of the national supervisory authorities.
The 130 biggest banks will foot around 85 percent of the total bill and the other 5,800 the remaining 15 percent, according to the ECB’s estimate.
“It’s a fair system. The largest banks with the higher risk profile will pay the most,” the ECB’s head of budgeting and human resources Steven Keuning told a news conference.
The fees amounted to a fraction — some 0.001 percent — of the total assets under supervision, he pointed out.
Furthermore, the banks eventually stood to benefit because their borrowing costs were expected to fall as a result of being supervised and that would more than offset the supervision fees, he argued.
Of the overall sum of 260 million euros, staff costs would amount to around 60 percent, premise-related costs to 10 percent and the rest 30 percent would be accounted for by other operating expenditures, the ECB said.
The ECB is hiring around 1,000 new staff for its supervisory duties, who will be housed in its current Eurotower headquarters in Frankfurt, while the rest of the workforce will move to a brand new skyscraper under construction in the east of the German city.
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