July 23, 2019 / 12:26 PM / a month ago

Bank of Italy new board member to take on ECB supervisory role - sources

ROME (Reuters) - Italy’s central bank board member Alessandra Perrazzelli will take up a seat on the European Central Bank’s Single Supervisory Mechanism (SSM) board, Bank of Italy sources said on Tuesday.

Perrazzelli, who was appointed deputy governor of Italy’s central bank in May, will replace Fabio Panetta on the SSM after he became senior deputy governor at the Bank of Italy.

The SSM oversees the euro zone’s top 117 banks and its supervisory board includes members of the ECB and representatives of national supervisors from the 19 euro zone countries.

The sources said that Panetta, also head of Italy’s insurance regulator IVASS, will deputize for central bank governor Ignazio Visco at the meetings of the Group of Seven and Group of Twenty leading industrialised countries.

Reporting by Stefano Bernabei; Writing by Juliette Jabkhiro; Editing by Francesca Landini and Jane Merriman

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