ECB Distances Itself From Danske Bank Oversight

Law360, London (November 5, 2018, 5:58 PM GMT) -- The European Central Bank does not have the power to carry out on-the-spot checks into the conduct of banks in Denmark, the head of the central bank’s supervisory board has clarified in response to mounting pressure to act in the wake of the Danske Bank scandal.

Daniele Nouy has clarified the ECB’s supervisory responsibilities in response to a query from Luke Ming Flanagan, an Irish member of the European Parliament, who had asked the ECB by letter on Oct. 9 whether it would investigate Danske Bank and its Estonian branch.

The bank had revealed in September multiple failings in its anti-money...

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