February 14, 2018 / 3:18 PM / 2 months ago

European Commission proposes ECB's Jazbec as candidate for bank watchdog SRB

LJUBLJANA, Feb 14 (Reuters) - The European Commission proposed on Wednesday to appoint European Central Bank governing council member Bostjan Jazbec to the board of the European Union’s body in charge of disposing of failing banks.

Jazbec, who is also Slovenia’s central bank governor, would serve as director of resolution planning and decisions on the Single Resolution Board (SRB), the commission said.

His appointment for the five-year post has to be confirmed by the European parliament, the commission’s spokeswoman Maja Pavlovic told Reuters. She was unable to give an indication of when this would happen.

Jazbec started a six-year mandate of the governor of the Bank of Slovenia in 2013. If his position on the SRB is confirmed, a new Slovenian central bank governor will have to be nominated by the Slovenian President Borut Pahor and approved by parliament.

Jazbec declined to comment, while the cabinet of President Pahor was not able to give an immediate comment.

As the central resolution authority within the EU’s banking union, the SRB helps ensure an orderly resolution of failing banks while minimising costs for taxpayers. (Reporting By Marja Novak; Editing by Raissa Kasolowsky)

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