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Bank charges: ECB hires more staff as regulations tighten

Regulator for banks in the European Union, the European Central Bank (ECB), will hire more staff as its watchdog responsibilities have increased.

A spokesperson told the Wall Street Journal that it was recommended that the bank hire 800 new supervision staff as it becomes the main banking watchdog for the European Union’s (EU) 17 member states.

While the UK has its own banking regulator, the Financial Services Authority (FSA), it will still be expected to comply with the same regulations as the watchdog for the euro.

Recently, the EU has been discussing changes to banking regulations in order to stop another financial crisis from happening. It has also been scrutinising banks further as the Libor scandal was revealed last year, where banks around the world were found to have been fixing the benchmark rate for financial transactions.

In the UK, Barclays and Royal Bank of Scotland were fined by regulators when they were found guilty of Libor rigging.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801557087-ADNFCR

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