18 Dec 2018
The European Central Bank (ECB) will take over the direct supervision of the Irish units of Barclays and Bank of America Merrill Lynch following an anticipated increase in size due to Brexit, the supervisor said.
Banks that are considered to be ‘significant’ are directly supervised by the ECB, whereas less significant credit institutions are supervised by their national competent authorities, subject to the oversight of the ECB.
“Barclays Bank Ireland was newly classified as significant and will be directly supervised by the ECB from 1 January 2019. This follows a request by the Central Bank of Ireland, which anticipates an expansion of the bank’s activities due to Brexit,” the ECB said.
“In Ireland, a subsidiary of Bank of America Merrill Lynch was newly classified as significant following a request by the Central Bank of Ireland in anticipation of an increase in the bank’s total assets, thereby placing it under direct supervision of the ECB.”
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