Ben Moshinsky in Bloombeg today reported that the European Central Bank would have veto powers over any bank mergers in nations that sign up to ECB-led supervision.
Mr Moshinsky went on to report that National supervisors would notify the ECB of a proposed banking acquisition at least 10 days before the deadline for a deal to be completed, according to a compromise plan obtained by Bloomberg News.
The ECB “shall decide whether to oppose the acquisition,” according to the draft measures drawn up in Cyprus, which holds the European Union’s presidency at this time. The proposals would also create a panel in the ECB to review its supervisory decisions.
For full report please click on Link to Bloomberg
www.bloomberg.com/news/2012-11-21/european-central-bank-may-get-merger-veto-in-banking-union-plan.html