Bank supervision timetable doable: ECB's Asmussen

Reuters
ECB executive board member Asmussen speaks during the debate "European Economic Integration: Challenges and Opportunities" in Vilnius
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European Central Bank (ECB) executive board member Joerg Asmussen gestures as he speaks the debate "European Economic Integration: Challenges and Opportunities" in Vilnius July 18, 2013. REUTERS/Ints Kalnins

FRANKFURT (Reuters) - The European Central Bank will be able to begin its new banking supervision role on time if European lawmakers back legislation next week for it to take on the role, ECB Executive Board member Joerg Asmussen said on Wednesday.

Asmussen expects the so-called single supervisory mechanism (SSM) to begin work next autumn, he said earlier in a speech.

"The timetable (for the SSM) is ambitious, but doable under the premise that the EU parliament approves the legislation for the SSM next week," Asmussen said in a response to questions at a banking conference in Frankfurt.

He also said he expects to communicate details of a balance sheet review to banks this autumn and then the review to take place at the beginning of next year. The ECB is conducting the review to look into banks before it starts supervising them.

(Reporting by Eva Taylor; Writing by Paul Carrel)

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